Genetic testing involves analysing human DNA to determine individual differences and risks of genetic disorders. It is used for disease diagnosis, carrier testing, biomarker identification, and new-born screening.
The global genetic testing market was valued at US$ 16.22 Bn in 2023 and is forecast to reach a value of US$ 41.48 Bn by 2030 at a CAGR of 12.4% between 2023 and 2030.
Market Dynamics:
The genetic testing market is witnessing high growth owing to increased adoption of direct-to-consumer genetic tests. Direct-to-consumer genetic tests allow customers to purchase and receive genetic testing directly without involving a healthcare provider. They are relatively inexpensive and provides health and ancestry information instantly which has boosted their adoption in recent years. Furthermore, advancement in genetic technologies such as next-generation sequencing (NGS) have allowed high-throughput and low-cost sequencing which is supporting the growth of the genetic testing market. NGS has enabled sequencing of whole human genomes within few hours which was not possible earlier.
Genetic Testing Market: Major Market Drivers
The increasing prevalence of various genetic disorders and different types of cancer has led to a rise in demand for genetic testing globally. Genetic testing helps in determining the risk of developing certain genetic disorders like cystic fibrosis, sickle cell anemia, etc. It also plays a vital role in cancer diagnostics and management. As per various estimates, around 6-10% of cancers are hereditary. Genetic testing helps determine the risk of developing breast cancer, colon cancer, and other common cancers. With growing disease burdens, genetic testing is increasingly being used for disease management and prevention strategies.
Genetic Testing Market: Major Market Restrain
While genetic testing offers several health benefits, it also raises various ethical and social challenges. Genetic information is highly personal and sensitive. Unauthorized access to or misuse of genetic data could impact the social relationships and livelihoods of individuals. There are also concerns around genetic discrimination in areas like insurance or employment based on genetic predispositions. Some tests can provide ambiguous results or reveal family secrets, which can cause psychological distress. Evolving regulations around privacy, consent, return of results, and clinical validity have slowed market expansion to some extent. Addressing social and ethical concerns will be crucial for the long-term growth of the genetic testing industry.
Genetic Testing Market: Major Market Opportunity
Many emerging economies in regions like Asia Pacific, Latin America, Middle-East, and Africa are witnessing rapid economic growth and increasing healthcare investments in recent years. Governments as well as private players are focusing on improving diagnostic infrastructure and strengthening healthcare systems. This plays an important role in enhancing access to advanced technologies like genetic testing. Growing medical tourism and rising affluence have also boosted healthcare spending in developing nations. The availability of low-cost yet high-quality genetic testing services could help address the large unmet needs in emerging markets. This provides vast opportunities for global as well as local diagnostic players.
Genetic Testing Market: Major Market Trend
Genetic testing companies are continually expanding and improving their testing panels to provide comprehensive health risk assessments. They are adding new genetic markers and multi-gene panel tests covering several health conditions. This trend allows evaluating the risks of various ailments from a single sample. Companies are also harnessing new technologies like next-generation sequencing (NGS) to develop advanced panels evaluating thousands of genes in one go. Genome-wide and exome sequencing are witnessing increased adoption. Expanding test menus with new markers are helping diagnostic firms gain market share. It is also improving the clinical utility and cost-effectiveness of genetic testing. This trend will continue to support the growth of the genetic testing industry in the coming years.
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