The global genetic testing services market is projected to top at a value of US$ 40 billion in 2023 and further propel at 8% CAGR from 2023 to 2033. Revenue generated from sales in the market is expected to reach a total of US$ 87 billion by 2033.
Rising prevalence of cancer is expected to drive demand for genetic testing services in the next ten years. These services are used to diagnose, treat, and monitor cancer. Advanced testing kits for specialized therapeutics fields such as genomics and personalized medicine, are also driving demand for genetic testing services. With such testing kits, medical professionals can accurately detect, monitor, and treat diseases such as cancer. This trend is expected to bolster in the forecast period as advanced testing kits become available.
Advancements in technology have further enabled the development of new genetic tests that are increasingly being used to diagnose and treat a variety of diseases. These tests involve the analysis of a person’s deoxyribonucleic acid and offer better accuracy & reliability, as compared to traditional methods. As these tests become widely available, demand for genetic testing services is expected to accelerate in the assessment period.
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New technologies such as next-generation sequencing (NGS) and polymerase chain reaction (PCR), are revolutionizing the field of genetic testing by offering quick results, great accuracy, and a low cost. Emergence of personalized genomics, which is becoming increasingly popular for cancer diagnostics, has further boosted demand for genetic testing services. As new detection technologies become popular, demand for genetic testing services is expected to spur throughout the estimated time frame.
Key Takeaways:
- North America is set to hold around 2/5th of share in the global genetic testing services market during the forecast period.
- Japan is slated to expand at a CAGR of 8.4% in the global market throughout the forecast period.
- Based on test type, it is anticipated that demand for newborn screening is poised to account for 3/5th of revenue from 2023 to 2033.
- On the basis of application, the oncology category is predicted to hold a sizeable portion of the global genetic testing services market.
- In Europe, Germany is projected to generate the lion’s share in the genetic testing services market by 2033.
Growth Drivers:
- Rising incidence of autoimmune disorders is anticipated to drive demand for genetic testing services.
- Increasing crime rates and vital functions provided by genetic testing in forensic investigations are likely to contribute to expansion.
- Surging knowledge regarding easy availability of improved diagnostic treatments is set to boost demand.
- Government programs that favor genetic testing are likely to increase demand for genetic testing services
Competitive Dashboard:
Key companies in the market for genetic testing services are concentrating on improving carrier status detection and user friendliness for accurate genetic testing. These companies are also making investments in research and development initiatives to generate novel testing methodologies. In order to expand their market share, manufacturers are concentrating on creating innovative procedures.
For instance,
- In July 2022, Apollo Health Group partnered with 1health.io Inc., a significant software company. They aim to introduce Apollo’s specialized top-achieving next-generation sequencing testing procedures such as pharmacogenetics screenings (PGx) and hereditary cancer genetic screenings (CGx), for the rapidly expanding clinical industry. 1health.io Inc. enables diagnostic labs to expand their laboratory tests in both the clinical, as well as direct-to-consumer marketplaces quickly and safely.
- In March 2022, the University of Mississippi Medical Center’s new laboratory technique was launched. It enables doctors to analyze deoxyribonucleic acid samples from select cancer patients more quickly and affordably than in the past, all on-site.
Market Titans
- Myriad Genetics Inc.
- Danaher Corporation
- Illumina Inc.
- PerkinElmer Inc.
- Eurofins Scientific
- BioRad Laboratories Inc.
- Quest Diagnostics Incorporated
- Hoffmann-La Roche Ltd.
- Qiagen NV
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More Valuable Insights on Genetic Testing Services Market
In the latest study, Fact.MR offers a detailed study on global genetic testing services market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of genetic testing services through detailed segmentation as follows:
By Test Type:
- Prenatal Testing
- New Born Screening
- Predictive and Presymptomatic Testing
- Pharmacogenomic Testing
- Others
By Application:
- Oncology
- Infectious Diseases
- Autoimmune Diseases
- Others
By Service Provider:
- Hospital-based Laboratories
- Diagnostic Laboratories
- Specialty Clinics
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Covered in the Genetic Testing Services Market Report
- What is the projected value of the genetic testing services market in 2023?
- At what rate will the global genetic testing services market grow until 2033?
- Which are the factors hampering the growth in genetic testing services market?
- Which region is expected to lead in the global genetic testing services market from 2023 to 2033?
- Which are the factors driving the genetic testing services market during the forecast period?
- What is the expected market value of the genetic testing services market during the forecast period?
Check out more related studies published by Fact.MR Research:
https://www.globenewswire.com/news-release/2023/02/14/2607922/0/en/Global-Hernia-Mesh-Devices-Market-Is-Projected-To-Reach-US-6-99-Billion-by-the-End-of-2033-Fact-MR-Analysis.html
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