$38.554 Billion Genetic Testing Global Market Opportunities and Strategies to 2032 Featuring Myriad Genetics, Illumina, Abbott Laboratories, Eurofins Scientific, & Danaher

DUBLIN, March 29, 2023 /PRNewswire/ -- The "Genetic Testing Global Market Opportunities And Strategies To 2032" report has been added to  ResearchAndMarkets.com's offering.

The genetic testing market reached a value of nearly $15,363.4 million in 2022, having grown at a compound annual growth rate (CAGR) of 7.5% since 2017. The market is expected to grow from $15,363.4 million in 2022 to $25,086.7 million in 2027 at a rate of 10.3%. The market is then expected to grow at a CAGR of 9.0% from 2027 and reach $38,554.6 million in 2032.

Growth in the historic period resulted from increasing healthcare expenditure, rise in cancer prevalence, increase in demand for personalized medicine and emergence of novel infectious diseases. Factors that negatively affected growth in the historic period were low healthcare access, challenges due to regulatory changes, high costs of genetic testing and coronavirus pandemic.

Going forward, increasing government support, rising prevalence of genetic disorders, rising geriatric population and increase in chronic diseases prevalence will drive the growth. Factors that could hinder the growth of the genetic testing market in the future include limited number of testing centers and lack of skilled/trained molecular biologists.

The genetic testing market is segmented by type into predictive testing, carrier testing, prenatal and newborn testing, diagnostic testing, pharmacogenomic testing, nutrigenomic testing and other types. The prenatal and newborn testing market was the largest segment of the genetic testing market segmented by type, accounting for 30.1% of the total in 2022. Going forward, the predictive testing segment is expected to be the fastest growing segment in the genetic testing market segmented by type, at a CAGR of 11.0% during 2022-2027.

The genetic testing market is also segmented by technology into cytogenetic testing, biochemical testing and molecular testing. The molecular testing market was the largest segment of the genetic testing market segmented by technology, accounting for 56.9% of the total in 2022. Going forward, the cytogenetic testing segment is expected to be the fastest growing segment in the genetic testing market segmented by technology, at a CAGR of 10.8% during 2022-2027.

The genetic testing market is also segmented by application into cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis and other applications. The cancer diagnosis market was the largest segment of the genetic testing market segmented by application, accounting for 45.2% of the total in 2022. Going forward, the cancer diagnosis segment is expected to be the fastest growing segment in the genetic testing market segmented by application, at a CAGR of 10.6% during 2022-2027.

The genetic testing market is also segmented by end user into hospitals and clinics, diagnostic laboratories and centers and other end users. The hospitals and clinics market was the largest segment of the genetic testing market segmented by end user, accounting for 42.0% of the total in 2022. Going forward, the other end users segment is expected to be the fastest growing segment in the genetic testing market segmented by end user, at a CAGR of 10.6% during 2022-2027.

North America was the largest region in the genetic testing market, accounting for 43.7% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the genetic testing market will be Asia Pacific and North America where growth will be at CAGRs of 11.1% and 10.4% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 10.0% and 9.4% respectively.

The Global genetic testing market is fragmented, with a large number of players. The top ten competitors in the market made up to 22.79% of the total market in 2021. Technological innovations in the recent past helped the companies to strengthen their market presence.

Myriad Genetics Inc. was the largest competitor with 3.77% share of the market, followed by Illumina Inc. with 3.63%, Abbott Laboratories with 2.60%, Eurofins Scientific with 2.45%, Danaher Corporation with 2.15%, F. Hoffmann-La Roche Ltd with 2.07%, Quest Diagnostics Incorporated with 2.07%, Qiagen NV with 1.67%, Thermo Fisher Scientific Inc. with 1.62%, and BioRad Laboratories Inc. with 0.77%.

Market-trend-based strategies for the genetic testing market includes introducing new programs such as genetic counseling and informatics programs that will assist develop the next generation of genetic testing, technological advancement and launching direct-to-consumer genetic tests.

Player-adopted strategies in the genetic testing market includes expanding genetic testing portfolio through introduction of additional testing platforms, reducing the turnaround time of DNA sequencing through the launch of new products, diversifying business through strategic acquisitions and enhancing business capabilities through receiving regulatory approvals.

To take advantage of the opportunities, the publisher recommends the genetic testing companies to focus on introducing new programs, focus on technology advancements, increase focus on direct-to-consumer genetic tests, expand in developed markets, focus on strategic collaborations and acquisitions, provide competitively priced offerings, participate in medicine seminars and conferences, target hospitals and pharmacies to spread awareness, continue to target fast-growing end-users.

Competitive Landscape And Company Profiles

• Myriad Genetics Inc
• Illumina Inc
• Abbott Laboratories
• Eurofins Scientific
• Danaher Corporation

Key Topics Covered:

1. Executive Summary

2. Table Of Contents

3. List Of Figures

4. List Of Tables

5. Report Structure

6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Genetic Testing Market Definition And Segmentations
6.4. Market Segmentation By Type
6.4.1. Predictive Testing
6.4.2. Carrier Testing
6.4.3. Prenatal And Newborn Testing
6.4.4. Diagnostic Testing
6.4.5. Pharmacogenomics Testing
6.4.6. Nutrigenomic Testing
6.4.7. Other Types
6.5. Market Segmentation By Technology
6.5.1. Cytogenetic Testing
6.5.2. Biochemical Testing
6.5.3. Molecular Testing
6.6. Market Segmentation By Application
6.6.1. Cancer Diagnosis
6.6.2. Cardiovascular Disease Diagnosis
6.6.3. Other Applications
6.7. Market Segmentation By End User
6.7.1. Hospitals And Clinics
6.7.2. Diagnostic Laboratories And Centres
6.7.3. Other End Users

7. Major Market Trends
7.1. Introducing New Programs
7.2. Technology Advancements
7.3. Direct-to-Consumer Genetic Tests

8. Global Market Size and Growth
8.1. Market Size
8.2. Historic Market Growth, 2017 - 2022, Value ($ Million)
8.2.1. Market Drivers 2017 - 2022
8.2.2. Market Restraints 2017 - 2022
8.3. Forecast Market Growth, 2022 - 2027, 2032F Value ($ Million)
8.3.1. Market Drivers 2022 - 2027
8.3.2. Market Restraints 2022 - 2027

9. Global Genetic Testing Market Segmentation
9.1. Global Genetic Testing Market, Segmentation By Type, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.2. Global Genetic Testing Market, Segmentation By Technology, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.3. Global Genetic Testing Market, Segmentation By Application, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.4. Global Genetic Testing Market, Segmentation By End User, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)

10. Genetic Testing Market, Regional and Country Analysis
10.1. Global Genetic Testing Market, By Region, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)

For more information about this report visit https://www.researchandmarkets.com/r/1whhul

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]   

For E.S.T Office Hours Call +1-917-300-0470 
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716 

Logo:  https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg 

SOURCE Research and Markets