Genetic Testing Market size to record USD 7.10 billion growth from 2023-2027, Advancements in next-generation sequencing is one of the key market trends, Technavio

NEW YORK, May 1, 2024 /PRNewswire/ -- The global genetic testing market size is estimated to grow by USD 7.10 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of about 12.78% during the forecast period.

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Key Trends Fueling Growth

• Advancements in next-generation sequencing: 
• Advancements in genetic testing technologies and increasing market competition have slashed the cost of genetic testing. Start-ups, unable to match established players like Abbott Laboratories, Illumina, and Thermo Fisher Scientific, focus on cost reduction to stay afloat. For instance, some start-ups offer BRCA tests for breast cancer diagnosis at just $50.
• High-throughput genetic testing and NGS technologies have significantly lowered sequencing costs from $90-100 million in 2000 to $900-1,000 in 2020. Companies like 23andMe have cut test prices by 80-90% using advanced sequencing tech. This cost reduction has expanded access to genetic testing, especially for those with limited budgets, boosting consumer bases.
• Additionally, since some tests like ancestry and predictive testing aren't covered by insurance globally, cheaper tests help companies overcome reimbursement challenges. These factors are driving rapid growth in the global genetic testing market.

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Major Challenges:

• Varying regulations on genetic testing and research globally 
• Regulatory standards vary globally for genetic testing, posing challenges for market vendors. Accurate test results are crucial in healthcare decisions. Compliance with regulations from US FDA, EMEA, ATGA, WHO, ISO, and CFDA ensures product quality and safety. However, differing regulations, like acceptable DNA limits in qPCR studies, complicate compliance.
• Genetic test definitions lack global consensus, affecting policymaking. Regulations also differ for predictive and diagnostic tests, and for PCR kits—US FDA regulates under 21 CFR, while Europe uses IVD Directive.
• Clinical labs must adhere to validation requirements, and test results must meet CMS, CLIA, and EMA standards. These variations hinder compliance, potentially impacting market growth.

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Analyst Review

The Genetic Testing Market encompasses various aspects, including genetic diseases, pharmacogenomics testing, clinicians, medications, optimal dose determination, and associations like the Association for Molecular Pathology (AMP). The market addresses genetic testing costs, which may pose challenges, particularly in developing countries where health insurance plans may not cover such expenses. Nevertheless, with genome mapping programs and technological advancements in DNA sequencing technologies, including array technology and DNA-based array technology, genetic testing has become more accessible.

The market caters to predictive genetics, consumer/wellness genomics, and personalized medicine, with a focus on understanding genetic makeup and inherited traits. It encompasses various segments such as consumables, reagents, accessories, and services, including molecular genetic testing provided by private diagnostic laboratories, hospitals, and clinics. Newborn screening for genetic disorders is also a significant segment.

Moreover, advancements in telehealth have enabled telehealth visits and in-house hospital services, making genetic testing more convenient for patients. Despite challenges such as the high cost of genetic tests and lack of awareness, research activities conducted by institutions like the National Library of Medicine and the Genetic Testing Registry continue to drive the market forward.

Market Overview

The genetic testing market encompasses various segments, including healthcare expenditure, cancer types, gene sequences, and ancestral DNA. Businesses in this market cater to carrier disease genetic testing, toxicology research, and direct-to-customer companies through OTC channels. Costs involve equipment expenses, consumables like reagents and accessories, and services.

Genetic testing facilitates identifying inherited conditions, predicting disease risks, and understanding ancestry. Healthcare expenditure in this field covers a range of services from testing to interpretation. Cancer types are investigated through gene sequences, aiding in diagnosis and treatment planning. Genetic research contributes to advancements in understanding diseases and developing tailored treatments.

Direct-to-customer companies provide accessible testing options, while toxicology research focuses on identifying genetic factors in drug response. Overall, the genetic testing market serves diverse needs, from medical diagnostics to consumer interests in ancestry and health.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape

• Product 
• Equipment
• Consumables
• Technology 
• Molecular Testing
• Cytogenetic Testing
• Biochemical Testing
• Geography 
• North America
• Europe
• Asia
• Rest Of World (ROW)

 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio