23-May-2024

Genetic Testing Market Set for Major Growth, Achieving a 9.7% CAGR Through 2032

The global genetic testing market, valued at USD 15.9 billion in 2022, is projected to grow significantly, reaching USD 39.2 billion by 2032 with a high CAGR of 9.7% between 2023 and 2032. Genetic testing, a specialized medical testing method, identifies changes in genes, proteins, or chromosomes. This market’s growth is driven by factors such as increasing awareness of personalized medicine, advancements in genetic research, and the rising prevalence of genetic disorders. However, challenges like regulatory hurdles and ethical concerns regarding genetic data privacy may impede market growth. Recent developments, including the integration of AI and machine learning in genetic testing and the expansion of direct-to-consumer genetic tests, are enhancing the market’s capabilities and accessibility.

Key Takeaways

In 2022, the Global Genetic Testing Market was valued at USD 15.9 billion.
The market is estimated to reach USD 39.2 billion in 2032, with a CAGR of 9.7% from 2023 to 2032.
Increasing genetic disorders and the rise of personalized medicine are key growth drivers.
The demand for genetic testing is fueled by cancer, a leading cause of death worldwide.
Personalized medicines developed through genetic testing are becoming increasingly popular.
High testing costs and longer result waiting times are significant restraining factors.
The genetic testing market was negatively impacted by COVID-19 but is recovering post-pandemic.
Consumables account for the majority of revenue in the product segment, with a share of 59.6%.
Next-generation sequencing is expected to grow at the highest CAGR of 22.8% among technologies.
Health and wellness predisposition is the dominant application segment, holding 46.8% of the market.
Hospitals and clinics are the primary end-users, with a major share of 45.8%.
Continuous technological advancements in genetic testing provide significant growth opportunities.
Rising health awareness is driving the growth of the genetic testing market.
North America leads the market with a revenue share of 42.6%, followed by Asia Pacific.
Key players in the market include Abbott Molecular, Circle DNA, 24 Genetics, and others.

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Genetic Testing Market Key Segments

By Product

Consumables
Equipment
Software & Services

By Technology

PCR-based Testing
Next Generation Sequencing
Array Technology
FISH
Other Technologies

By Application

Genetic Disease Carrier Status
Ancestry & Ethnicity
New Baby Screening
Traits Screening
Health and Wellness-Predisposition

By End-User

Hospitals & Clinics
Diagnostic Laboratories
Other End-Users

Key Regions

North America (The US, Canada, Mexico)
Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)

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Key Players Analysis

Genetic Testing Market Key Players:

Abbott Molecular
Circle DNA
24 genetics
Tellmegen
MyDNA
Sorenson Genomics LLC
Bayer Diagnostics
Biocartis
BioHelix
HTG Molecular Diagnostics
PacBio
Other Key Players

Genetic Testing Market Report Scope >> Market Value (2022): USD 15.9 Billion || Forecast Revenue (2032): USD 39.2 Billion || CAGR (2023-2032): 9.7% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.

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