Genetic Testing Services Market
“The Business Research Company recently released a comprehensive report on the Global Genetic Testing Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The genetic testing services market size has grown rapidly in recent years. It will grow from $17.29 billion in 2023 to $19.19 billion in 2024 at a compound annual growth rate (CAGR) of 11%. The growth in the historic period can be attributed to increasing demand for personalized and precision medicine, growing prevalence of genetic disorders, high demand for prenatal testing during pregnancy, increasing population, and increased awareness and education.
The genetic testing services market size is expected to see rapid growth in the next few years. It will grow to $29.47 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to the growing demand for non-invasive prenatal testing (NIPT), the rise of pharmacogenomics, the growing focus on preventive healthcare, increasing direct-to-consumer (DTC) testing, and the focus on rare diseases and personalized therapies. Major trends in the forecast period include artificial intelligence (AI) and machine learning, advancements in user-friendly testing kits and online platforms, next-generation sequencing, microarray analysis, polymerase chain reaction (PCR), and advanced healthcare infrastructure.
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Market Drivers and Trends:
The increasing prevalence of genetic disorders is expected to propel the growth of the genetic testing services market going forward. Genetic disorders are conditions caused by abnormalities in an individual’s DNA, leading to physical or developmental abnormalities. The increasing prevalence of genetic disorders can be attributed to factors such as increased awareness, improved diagnostic techniques, expanded genetic screening, and the rising trend of consanguineous marriages in some populations. Genetic testing services are increasingly utilized in the diagnosis, prognosis, and treatment decision-making for individuals with genetic disorders, enabling personalized medical care and family planning strategies based on an individual’s genetic makeup. For instance, in February 2023, according to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations responsible for international public health, congenital diseases caused an estimated 240,000 baby deaths globally within 28 days of birth each year. Moreover, according to the Centers for Disease Control and Prevention, a US-based government agency, about 6,000 babies are born with Down syndrome in the United States each year, which is about 1 in every 700 babies. Therefore, the increasing prevalence of genetic disorders is driving the genetic testing services market.
Major companies operating in the genetic testing services market are focusing on developing advanced technological solutions such as cancer screening tests, to enhance accuracy, expand testing capabilities, and improve overall patient outcomes. Cancer screening tests refer to routine, periodic tests conducted on individuals without symptoms to detect signs of cancer early. These tests aim to identify cancer or precancerous conditions before symptoms manifest, making treatment more effective. For instance, in June 2022, Prenetics Group Limited, a Hong Kong-based diagnostic and genetic testing company, launched ColoClear, a non-invasive stool DNA test in Hong Kong, which offers a highly sensitive screening method for detecting early signs of colorectal cancer. This innovative test combines advanced stool DNA technology with a fecal immunochemical test (FIT) to provide a convenient and effective alternative to colonoscopy. ColoClear has shown a sensitivity of 96% in detecting colorectal cancer and 64% in advanced adenoma detection in clinical studies.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics Incorporated, Eurofins Scientific SE, SGS SA, Agilent Technologies, Hologic Inc., Illumina Inc., PerkinElmer Inc., bioMérieux SA, Bio-Rad Laboratories Inc., QIAGEN N.V., Natera Inc., Myriad Genetics Inc., BGI Genomics Co. Ltd., Invitae Corporation, NeoGenomics Laboratories Inc, 23andMe Holding Co, Berry Genomics Co. Ltd, Pacific Biosciences of California Inc, Ambry Genetics Corporation, Biocartis SA, CENTOGENE N.V., Blueprint Genetics Oy, Igenomix, Veritas Genetics
Genetic Testing Services Market 2024 Key Insights:
• The genetic testing services market size is expected to see rapid growth in the next few years. It will grow to $29.47 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• Increasing Prevalence Of Genetic Disorders Fuels Growth In Genetic Testing Services Market
• Advancements In Cancer Screening Tests By Leading Genetic Testing Companies
• North America was the largest region in the genetic testing services market in 2023
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This release was published on openPR.
