Genetic Testing Market to Reach $28.24 Billion by 2030, Redefining Medical Diagnostics

According to a new market research report titled, ‘Genetic Testing Market by Offering (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) – Global Forecast to 2030,' published by Meticulous Research^®, the genetic testing market is projected to reach $28.24 billion by 2030, at a CAGR of 10.4% from 2023 to 2030.

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Genetic testing is done to look at changes in the DNA, sometimes called variants or mutations, that can lead to chronic diseases. It provides crucial information that can help predict, diagnose, and treat diseases and plays a vital role in determining the risk of certain inherited diseases. Genetic testing is performed for different reasons, including pre-symptomatic and predictive testing, pharmacogenetics, diagnostic testing, carrier testing, prenatal testing, preimplantation testing, and newborn screening.

Genetic testing has applications in different areas of healthcare and has various advantages, such as determining the likelihood of parents passing the genetic mutation to their offspring. Genetic tests are also performed prenatally or post-birth to identify various disorders in newborns, such as organic acid metabolism disorders, amino acid metabolism disorders, hemoglobin disorders, endocrine disorders, fatty acid oxidation disorders, cystic fibrosis, congenital heart disease, glaucoma, Fragile X syndrome, and down syndrome. Genetic testing is also done for the identification of tumor genomes in cancer patients.

The genetic testing market is segmented by offering (consumables & reagents, instruments, and services), test type (prenatal testing, predictive and presymptomatic testing, diagnostic testing, carrier testing, newborn screening, and preimplantation testing), method (molecular tests, chromosomal tests, and biochemical tests), end user (hospitals & clinics, diagnostic laboratories, and other end users), and geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.

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Based on offering, in 2023, the consumables & reagents segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the growing need for consumables & reagents in pharmacogenomics, increasing frequencies of screening tests, rise in the number of genetic testing labs, and product launches by key market players. In addition to this, laboratories' increasing capacity to perform multiple tests at the same time is expected to trigger the need for consumables & reagents.

Based on test type, in 2023, the prenatal testing segment is expected to account for the largest share of this market. The increasing prevalence of congenital disabilities and awareness about the advantages of prenatal testing among the general population and doctors are increasing the demand for prenatal testing. Additionally, prenatal testing is currently the best way to understand the genetic risk associated with an infant's health. Due to this, its use is increasing rapidly in developed and developing countries.

Based on method, in 2023, the molecular tests segment is expected to account for the larger share of this market. The largest market share of this segment is attributed to factors such the increased government funding for innovation in molecular testing, increased research activities by genetic testing companies, and the rise in cases of rare diseases worldwide, leading to demand for molecular testing.

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Based on end user, in 2023, the hospitals & clinics segment is expected to account for the largest share of this market. The large market share of this segment is attributed to factors such as the availability of advanced tests and devices, high rates of hospitalizations in cases of cancer and related rare diseases, and government and private insurance schemes for healthcare in developed and developing countries.

Based on geography, the genetic testing market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. In 2023, North America is expected to account for the largest share of the genetic testing market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Key factors such as high healthcare expenditure, favorable reimbursement scenario, awareness among patients about the advantages of genetic testing, and increased supports and investments for enhancing genome sequencing infrastructure are some of the factors primarily contributing to the larger share of this region in the genetic testing market.

However, Asia-Pacific is projected to register the highest CAGR over the forecast period. The rapid expansion of the market in this region results from high investments in the healthcare sector, increasing affordability of genetic testing, high prevalence of rare diseases, a large pool of geriatric population, and growing adoption of advanced genomics technologies.

Some of the key players dominating this market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), OPKO Health Inc. (U.S.), Natera, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Centogene N.V. (Germany), Konica Minolta, Inc. (Japan), Fulgent Genetics, Inc. (U.S.), and Laboratory Corporation of America Holdings (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/genetic-testing-market-5370

Scope of the Report:

Genetic Testing Market, by Offering