Genetic Testing Services Market is expected to reach US$ 12.48 Billion by 2031

Predictive Testing Segment to Lead Genetic Testing Services Market Based on Type During 2023–2031

According to our new research study on “Genetic Testing Services Market Forecast to 2031 – Global Analysis – by Type, Disease, and Service Provider,” the market was valued at US$ 3.86 billion in 2023 and is projected to reach US$ 12.48 billion by 2031; it is expected to register a CAGR of 15.8% from 2023 to 2031. Major factors driving the market growth include the increasing prevalence of genetic diseases, rising awareness and acceptance of personalized medicines, and growing preference for direct-to-consumer genetic testing. However, the social and ethical implications of genetic testing and the affordability of genetic services hinder market growth. In addition, the untapped emerging markets in developing countries are contributing to the growing genetic testing services market size.

Genetic Testing Services Market Analysis Based on Segmental Evaluation:

Based on type, the genetic testing services market is categorized into predictive testing, carrier testing, prenatal testing, newborn screening, diagnostic genetic testing, and others. In 2023, the predictive testing segment held a significant genetic testing services market share and is expected to register the highest CAGR in the market during 2023–2031. Predictive genetic testing examines any genetic changes or mutations that are linked to disease. These tests are done prior to an individual displaying any signs of a disease. Predictive testing can be helpful to people who have a family history of a treatable genetic disorder and display no signs of illness. This testing can identify mutations that increase an individual's risk of developing disorders with a genetic foundation, such as certain types of cancer. An example is testing for the BRCA1 and BRCA2 gene variants (altered genes) linked with an increased risk of breast cancer. The results of predictive testing can provide information about the probability of developing a specific disorder and help in making decisions about medical care.

Genetic Testing Services Market, by Region, 2023(%)

Source: The Insight Partners Analysis

Breast cancer is one of the most common types of cancer in the US. A report published by Breastcancer.org in January 2022 stated that ~287,850 new incidences of invasive breast cancer, along with 51,400 new cases of noninvasive breast cancer, were detected in women in the US in 2022. Similarly, in 2022, according to the Canadian Cancer Society, ~28,600 Canadian women were diagnosed with breast cancer, accounting for nearly 25% of all new cancer cases in women. The expanding prevalence of multiple types of cancer is driving the market for the predictive testing segment.

The increasing demand for genetic counseling is expected to fuel the market for predictive testing as more people understand the importance of genetics in disease etiology. The ongoing advancements and upgrading of platforms to improve the efficiency of genome analysis techniques are expected to boost the adoption of predictive testing solutions. A growing focus on reducing the growing healthcare burden of rare genetic diseases and rapid integration of technologies such as artificial intelligence and machine learning will enhance product development and fuel the need for predictive testing to assess and prevent future complications arising from diseases effectively, thereby positively influencing the overall growth of the genetic testing services market.

The scope of the genetic testing services market report includes the assessment of the market performance in North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In terms of revenue, North America dominated the genetic testing services market share in 2023. The presence of major companies, increasing government funding, and rising incidence of genetic diseases among the population are a few of the key factors propelling the genetic testing services market growth in North America. According to the Centers for Disease Control and Prevention (CDC), ~1,603,844 new cancer cases were diagnosed in 2020, with 602,347 cancer deaths in the US. Additionally, as per the International Agency for Research on Cancer, new cancer incidences were projected to reach 30.2 million by 2040. Cancer is the second highest death-causing disease worldwide, after heart disease. Several types of cancers are inherited from one generation to another generation due to genes. Genetic tests help in providing information on risk factors associated with the development of cancers among individuals with a family history of cancers. Thus, genetic testing is extensively applicable to study its pattern for prevention, treatment, and drug discovery.

Moreover, the increasing incidences of cancer have resulted in a higher demand for genetic testing services and prenatal testing in Canada. According to the data published by Statistics Canada, ~233,900 people in the country were diagnosed with cancer in 2022, and it caused 85,100 cancer-related mortality. The most commonly diagnosed cancers in the Canadian population are lung, breast, prostate, and colorectal. Additionally, in 2022, as per the Canadian Cancer Society, ~28,600 women were diagnosed with breast cancer, representing 25% of all new cancer cases in women in the country. It is also estimated that about one in eight Canadian women will develop breast cancer during their lifespan. Since breast cancer is the second leading reason of cancer deaths, genetic testing for the BRCA1 and BRCA2 gene variants linked with an increased risk of breast cancer can identify mutations that increase an individual's risk of developing cancer with a genetic foundation. Therefore, it is expected that the incidences of cancer are likely to increase, which will fuel the demand for genetic testing services.

Various regulatory authorities in the country also recommend prenatal and newborn genetic testing to prevent the underlying risks of various diseases at early life stages. For instance, The Society of Obstetrics and Gynecology of Canada advises pregnant women to undergo a range of prenatal screening to identify the risk of pregnancies and determine specific chromosome abnormalities. Furthermore, various healthcare providers and private laboratories are including prenatal genetic testing in their diagnostic offerings, which is expected to increase the demand for noninvasive prenatal test kits in Canada. For instance, in October 2015, LifeLabs became the first laboratory in Canada to perform noninvasive prenatal tests in Canada. In addition, in June 2022, Devyser won a breakthrough contract in Canada for noninvasive fetal RHD testing. It is used to determine fetal RHD status from maternal plasma in early pregnancy. Thus, owing to the factors mentioned above, the market for genetic testing services is expected to grow over the years to come.

Therefore, the presence of regulatory policies associated with the use and sale of genetic testing products and the development of innovative genetic testing products are anticipated to fuel the genetic testing services market growth during the forecast period.

Artificial intelligence-powered genetic testing to diagnose rare genetic diseases more efficiently and effectively is projected to bring new genetic testing services market trends in the coming years.

Laboratory Corporation of America Holdings; F. Hoffmann-La Roche Ltd; Illumina, Inc.; Quest Diagnostics Inc.; Exact Sciences Corp; NeoGenomics Inc.; Eurofins Scientific; Ambry Genetics; Centogene NV; 23andMe, Inc; Ancestry Genomics Inc.; Gene By Gene Ltd; SIVOTEC BioInformatics LLC; Progenesis; Fulgent Genetics, Inc.; Veritas Intercontinental; and GeneDx, LLC are among the leading companies profiled in the genetic testing services market report.

Based on type, the genetic testing services market is classified into predictive testing, carrier testing, prenatal testing, newborn screening, diagnostic genetic testing, and others. By disease, the market is classified into cancer, metabolic diseases, cardiovascular diseases, and other diseases. Based on the service provider, the genetic testing services market is categorized into hospital-based laboratories, diagnostic laboratories, and others. Geographically, the market is categorized into North America (US, Canada and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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