Global Genetic Testing Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
The global genetic testing market is expected to grow significantly from USD 8,531.4 million in 2017 to USD 19,112.4 million in 2024, at an exponential CAGR of 12.2% from 2018 to 2024.
The growth in the market is attributed to the increasing demand for personalized medicine, and growing incidence of genetic disorders. Moreover, increasing research and development activities, growing awareness among people, and rising government initiatives are further propelling the market growth.
The years used for the assessment are as follows;
Historical year: 2014, 2015, and 2016
Base year: 2017
Forecast period: 2018 – 2024
The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total genetic testing market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global genetic testing market
Finalizing the overall size and share of the global genetic testing market
To analyze market trends, opportunities, drivers, and restraints associated with the global genetic testing market
To study market response with respect to the mergers and acquisitions in the industry
To profile key companies operating in the genetic testing market and provide their competitive landscape
The research scope for global Genetic testing market is as follows:
Predictive and Presymptomatic Testing
Research genetic Testing
Central & South America
Middle East and Africa (MEA)
Genetic testing is used to identify mutations or changes in genes, chromosomes, and proteins. Genetic tests are applied in the analyses of multiple genes to determine risk of various diseases, such as cancer and diabetes in early stage, which may eliminate the need for additional unnecessary clinical investigations. Moreover, there is a growing demand for genetic testing in developing countries due to increasing number of genetic disorders, and non-communicable chronic diseases such as cancer, diabetes, stroke and cardiac diseases. These non-communicable chronic diseases have subgroups with significant genetic risk components. Additionally, advancements in genetic technologies are rapidly changing the health care services in the developed and developing countries.
The growth in the genetic testing market is attributed to the increasing demand for personalized medicine, and growing incidence of genetic disorders. Moreover, increasing research and development activities, growing awareness among people, and rising government initiatives are further propelling the market growth.
Geographically, North America held the largest share of the market in 2017. The growth in the region is attributed to the growing research and development activities in genetic testing, increasing investments and the presence of major market players in the region. The growth of the genetic testing market in Europe is primarily due to advances in genomic technology, and growing awareness among people about the benefits of genetic testing. Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the high prevalence of infectious diseases, and large pool of patients. The growth of genetic testing market in the Middle East and Africa is primarily due to high incidence of various genetic disorders, and increasing number of chronic diseases.
Some of the key companies operating in the market include NeoGenomics Laboratories, Inc., QIAGEN N.V., Genomic Health, Inc., Cepheid, Laboratory Corporation of America Holdings, Luminex Corporation, 23andMe, Inc., Quest Diagnostics Incorporated, F. Hoffmann-La Roche Ltd, Illumina, Inc, Cancer Genetics Inc. among others.