May 27, 2024

Genetic Testing Market With Analysis Of New Business Opportunities After Covid-19 Impact

The genetic testing market is poised to unlock valuable clinical insights by analyzing DNA sequences and genetic variations that affect health, disease risk and medications. Global genetic testing market is estimated to be valued at US$ 18.24 Billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period of 2023 to 2030.

Genetic testing analyzes human DNA to identify gene mutations and variants associated with disease risk or diagnosis. It helps identify genetic disorders, determine family history risk and enables tailored therapy options to address inherited conditions. With advancements in genomic technologies, genetic tests have become affordable, widely accessible and scalable through whole genome sequencing. The rising awareness about genetic disorders and availability of non-invasive test options are driving greater adoption of genetic testing for disease risk analysis, prenatal testing, cancer treatment and assessing response to medications.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/genetic-testing-market-5802

Key Takeaways

Key players operating in the genetic testing market are 23&Me Inc., Qiagen NV, Eurofins Scientific, PerkinElmer Inc., Illumina Inc., Danaher Corporation, Myriad Genetics Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Quest Diagnostics Incorporated, BioRad Laboratories Inc., and DiaSorin S.p.A. (Luminex Corporation), among others. These companies are investing in widespread direct-to-consumer offerings as well as partnerships with hospitals, clinics and research organizations to expand access to genetic testing.

The growing demand for personalized healthcare and precision medicine is fueling heightened demand for genetic testing globally. Genetic testing data helps physicians customize treatment and medication plans according to individual patient profiles to improve outcomes. Rising prevalence of chronic diseases such as cancer and cardiovascular diseases along with growing geriatric population susceptible to inherited conditions is propelling the genetic testing market.

The genetic testing market is witnessing increased global expansion with companies offering direct-to-consumer testing kits as well as established regional facilities and laboratories. Emerging nations across Asia Pacific and Latin America are anticipated to present lucrative opportunities for genetic testing companies due to growing healthcare expenditure, increasing adoption of advanced diagnostics and rising medical tourism.

Market Key Trends

Direct-to-consumer genetic testing is gaining widespread popularity with the availability of at-home testing kits and online portals for interpretation of results that allow discrete access to genetic screening. Companies are developing artificial intelligence and machine learning algorithms to provide comprehensive genetic risk reports and ancestry insights seamlessly to consumers. Growing application of genetic testing data in drug development is also opening new avenues with biopharma companies leveraging genomic insights to accelerate precision medication trials. The integration of genetic testing with electronic health records and big data analytics tools will further drive market opportunities over the next decade.

Porter’s Analysis

Threat of new entrants: The genetic testing market has moderate barriers to entry as it requires huge research & development costs and collaborative partnerships.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several genetic testing companies providing substitutable products and services.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as they operate in a competitive market with availability of substitute raw materials.

Threat of new substitutes: New substitutes pose low threat as genetic testing has few alternative diagnostic options with similar clinical utility and expanding applications.

Competitive rivalry: The market is highly competitive due to presence of major companies providing advanced products and solutions.

Geographical Regions

North America currently holds the largest share of the genetic testing market owing to rising prevalence of diseases, increasing awareness about genetic disorders, and growing acceptance of personalized medicine in the region.

Asia Pacific is poised to witness the fastest growth during the forecast period due to improving healthcare infrastructure, raising disposable incomes, growing population that increases the risk of genetic disorders, and expanding medical tourism industry in countries such as China, India, and Japan.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it