Genetic Testing Services Market Analysis Report |Growth, Size & Share Outlook

[Research Report] The genetic testing services market size is projected to grow from US$ 3,425.23 million in 2022 to US$ 10,556.29 million by 2030; it is estimated to record a CAGR of 15.1% during 2022–2030.

Market Insights and Analyst View:

Genetic testing, also called DNA testing or genetic analysis, is a medical and scientific procedure that involves examining and analyzing an individual's DNA to gain insights into the individual's genetic makeup and genetic information. Genetic testing can reveal specific genetic variations, mutations, or alterations within an individual's genome, providing information about their genetic predispositions, inherited traits, risk of certain diseases, and more. Genetic testing is conducted for various purposes, including diagnosing genetic disorders, assessing disease risk, identifying carrier status for inherited conditions, understanding ancestry and genealogy, and guiding personalized medical treatments. Genetic testing generally involves the analysis of a sample of genetic material, such as blood, saliva, buccal swabs, or tissue samples, to examine the individual's DNA.

Growth Drivers:

Personalized medicine is the field that utilizes patients' genetic and environmental data to deliver optimal healthcare. It is based on the principle that every patient is unique and requires individualistic pharmacological treatment. Since it is a rapidly evolving area, it is presently incorporated into several healthcare systems. The successful completion of the Human Genome Project (HGP) in 2003 and the fast-decreasing human genome sequencing costs encouraged the development of a new medical approach, which is called personalized medicine. With an expanding repository of personalized data at the molecular level, molecular diagnostics companies are exceptionally positioned to unlock value. The awareness of personalized medicine has increased since the commencement of the Precision Medicine Initiative, announced by Barack Obama in 2015. Not only in the US but also in Germany, personalized medicine, better known as individualized medicine (IM), has gained traction. By the end of 2010, the German Federal Ministry of Education and Research (BMBF) named personalized medicine as one of the six priorities. It introduced the Action Plan called "Individualized Medicine." Moreover, the 100,000 Genomes Project is also strengthening the National Health Service's position as one of the most advanced healthcare systems in the world. Also, the project is consolidating the foundation for personalized medicine, and this, in turn, contributes to the genetic testing services market growth.

Large-scale drug discovery is a key to increasing the viability and usefulness of personalized medicines for the diagnosis of diseases and disorders. Genomics is one of the fastest-growing divisions of medical science. It is driving a paradigm shift in the research methodology of a disease, as well as diagnosing and treating illness. Genetic testing has been extensively used in pharmacogenomics, also known as drug-gene testing. It helps in accelerating drug discovery and its development.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Get 10% FREE CUSTOMIZATION

Genetic Testing Services Market: Strategic Insights

Genetic Testing Services Market

• 
  CAGR (2022 - 2030)

  15.1%
• Market Size 2022
  US$ 3.43 Billion
• Market Size 2030
  US$ 10.56 Billion

Market Dynamics

GROWTH DRIVERS

• XXXXXXX
• XXXXXXX
• XXXXXXX

FUTURE TRENDS

• XXXXXXX
• XXXXXXX
• XXXXXXX

OPPORTUNITIES

• XXXXXXX
• XXXXXXX
• XXXXXXX

Key Players

• Laboratory Corporation of America Holdings
• F. Hoffmann-La Roche Ltd
• Illumina, Inc.
• Quest Diagnostics Incorporated
• Exact Sciences Corp (Genomic Health)
• NeoGenomics Laboratories, Inc.
• Eurofins Scientific
• Ambry Genetics
• Centogene AG

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Service Type

• Predictive Testing
• Carrier Testing
• Prenatal Testing
• Newborn Screening
• Diagnostic Genetic Testing
• Others

Disease

• Cancer
• Metabolic Diseases
• Cardiovascular Diseases
• Other Diseases

Service Provider

• General Testing Services and Liquid Biopsy-Based CGP
• MRD
• MCED Service

Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South and Central America

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

France also developed a national plan for personalized medicine known as "Genomic Medicine France 2025." The program was presented to Prime Minister Manuel Valls by Yves Lévy, President of the National Alliance for Life and Health Sciences—Aviesan and CEO of Inserm, in June 2016. It appeals to healthcare and manufacturing firms to pilot genomic sequencing platforms. The plan was supported by the government and launched with a public financing of US$ 760.8 million (€ 670 million) in 2020 for genomics and personalized medicine programs. It is expected to place France as a leader among countries involved in genomic medicine within the next ten years.

April 2023 marked the 20th anniversary of the completion of the Human Genome Project, a major milestone in the history of science by the National Human Genome Research Institute. Now, new research shows that precision prescribing using genetic testing has ultimately reached a global tipping point for adoption. Published by Cambridge University Press, the peer-reviewed research examines the maturation of critical factors required for the use of clinical genetics at scale. These advancements pave the way for supporting genome-informed clinical decision-making to be recognized as the new standard of care. Genetically informed prescribing offers one of the realistic mechanisms to successfully reduce the overall costs of the healthcare system and improve individual patient care. Genetic testing encourages the adoption of a personalized medicine approach by understanding the science behind the disease, the impact of treatment, and the development of therapies for specific individual characteristics. It also helps healthcare personnel make informed decisions about disease diagnosis, treatment, and prevention by employing genetic testing results, leading to enhanced patient outcomes. 

Report Segmentation and Scope:

The genetic testing services market is segmented on the basis of service type, disease, service provider, and geography. On the basis of service type, the genetic testing services market is categorized into predictive testing, carrier testing, prenatal testing, newborn screening, diagnostic genetic testing, and others. The genetic testing services market, based on disease, is segmented into cancer, cardiovascular diseases, metabolic diseases, and other diseases. The genetic testing services market, based on service providers, is classified into general testing services and liquid biopsy-based CGP, MRD, and MCED services. The genetic testing services market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

The genetic testing services market, based on service type, is segmented into prenatal testing, predictive testing, carrier testing, newborn screening, diagnostic genetic testing, and others. In 2022, the diagnostic genetic testing segment held the largest share of the market and is projected to register the highest CAGR in the market from 2022 to 2030. Diagnostic testing is performed to identify a specific genetic or chromosomal disease. This test detects a specific gene alteration but is often unable to determine disease severity or age of onset. A mutation in a single gene may result in many diseases, for example, Down's syndrome, cystic fibrosis, and Huntington's disease. Genetic testing often confirms a diagnosis when a specific condition is suspected based on physical signs and symptoms. Diagnostic testing can be done before birth or at any time during a person's life. The results of diagnostic tests can influence a person's choices about healthcare and disease or disorder management. Advancements in genetic testing have transformed the risk assessment and diagnostic landscape for many hereditary and genetic diseases. Advanced tools introduced to test genetic diseases allow diagnostic service providers to better understand and detect multiple illnesses, including rare diseases. In oncology, genetic variations can determine whether a patient is at an increased risk for a specific type of cancer. For instance, patients with a family history of breast cancer may be tested for genetic risk factors that correlate with a high risk of breast cancer.

Based on the disease, the genetic testing services market is categorized into cancer, cardiovascular diseases, metabolic diseases, and other diseases. The cancer segment held the largest share of the market in 2022 and is projected to register the highest CAGR from 2022 to 2030.

Based on service providers, the genetic testing services market is segmented into general testing services and liquid biopsy-based CGP, MRD, and MCED services. In 2022, the general testing services segment held the largest share of the market and is anticipated to register the highest CAGR during 2022–2030.

Regional Analysis:

The genetic testing services market is primarily divided into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. North America captured a major share of the market in 2022, followed by Europe. European countries have undertaken several initiatives to increase awareness among people about the advantages of genetic testing. The ultimate aim is to ensure that all facets of genetic testing are of high quality, thus providing precise and reliable results for the patients. In Europe, Germany held a significant share of the genetic testing services market. Medical genetics has become a vital part of clinical practice. It has provided doctors with a valued diagnostic and an analytical pre-symptomatic tool, which they can use more effectively to manage patients' diseases and even take preventive actions. As per a study titled "Awareness and Knowledge of Rare Diseases in German Dentists, Dental Specialists, and Oral and Maxillofacial Surgeons," published in 2022, rare diseases affect about four million patients in the country. Moreover, the rising prevalence of rare diseases and the development of custom-made testing kits for niche therapeutic areas, along with the adoption of genetic testing kits, are aiding the rapid growth of the market.

As per Globocan 2020, ~69,697 new breast cancer cases were reported in 2020 in Germany, representing 11.1% of all registered cancer cases. It caused 20,579 fatalities, and the five-year prevalence rate of breast cancer in all ages was 707.38 per 100,000 population. Nearly 16% of women with triple-negative breast cancer carry a BRCA mutation in Germany. In 2018, the government of the country announced a strategy to include BRCA genetic testing in Germany's national cancer plan, which was initiated in 2008 with the goal of ensuring women with high genetic risk of breast cancer are legally entitled to intensified screening and risk-reducing options. The increasing focus by the government to regulate and create awareness regarding genetic tests has effectively resulted in the faster adoption of tests across the country.

In Germany, noninvasive prenatal testing became available as a publicly reimbursed test in 2022. In addition, the introduction of reimbursement programs, increasing demand for efficient treatment options, and implementation of innovative technologies in research centers are expected to drive market expansion in the country. Growing awareness about the advantages of genetic testing, knowledge among healthcare professionals, and the rise in consumer spending on healthcare propels the genetic testing services market.

Industry Developments and Future Opportunities:

Several initiatives taken by key market players operational in the global genetic testing services market are listed below:

1. In October 2023, 23andMe Holding Co announced a nonexclusive data license collaboration with GSK plc, which enables GSK to conduct drug target discovery and other research using the 23andMe database.
2. In April 2023, Ambry Genetics Corp collaborated with LifeStrands Genomics to offer clinical genetic testing services in Singapore. Both companies will support the Clinical Implementation Pilots (CIPs) for Phase II of Singapore's National Precision Medicine (NPM) program.
3. In April 2022, CENTOGENE released FilterTool, a web-based application for interpreting genetic data. FilterTool connects with CentoCloud to effectively show, filter, select, and categorize pertinent genetic variations found through Next Generation Sequencing (NGS) data processing.

Genetic Testing Services Market Report Scope

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Competitive Landscape and Key Companies:

Laboratory Corporation of America Holdings; Illumina, Inc.; F. Hoffmann-La Roche Ltd; Exact Sciences Corp (Genomic Health); Quest Diagnostics Incorporated; NeoGenomics Laboratories, Inc.; Eurofins Scientific; Centogene AG; Ambry Genetics; 23andMe; and Bio-Rad Laboratories are among the top 10 players genetic testing companies in the genetic testing services market. These companies focus on presenting new high-tech products, technological advancements, and geographic expansions to meet the growing consumer demand worldwide.