Genetic Testing Market to Reach $40.9 Billion by 2032, Exhibiting a CAGR of 10.2% from 2023 to 2032: Allied Market Research

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Nov 06, 2023, 13:51 ET

Rise in prevalence of chronic diseases such as genetic disorders, cancer, and others, technological advancement in the healthcare sector, and rise in adoption of genetic testing for detection of early diseases is anticipated to drive the growth of the global genetic testing market.

PORTLAND, Ore., Nov. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Genetic Testing Market by Type (Predictive & Pre-Symptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing), and Application (Cancer Diagnosis, Genetic Disease Diagnosis, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global genetic testing market was valued for $15.5 Billion in 2022 and is estimated to reach $40.9 Billion by 2032, exhibiting a CAGR of 10.2% from 2023 to 2032.

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Prime determinants of growth

Rise in prevalence of genetic diseases such as down syndrome sickle cell disease, phenylketonuria and others and increase in number of adoptions of genetic testing for diagnosis of cancer is anticipated to boost the growth of the market. However, high cost of genetic tests is anticipated to hinder the growth of the market. On the contrary, high presence of market players who manufacture genetic testing devices and rise in awareness among the people regarding use of genetic testing are expected to witness growth during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$15.5 billion
Market Size in 2032	$40.9 Billion
CAGR	10.2 %
No. of Pages in Report	428
Segments covered	Type, Technology, Application and Region.
Drivers	Rise in prevalence of Chronic disease such as genetic diseases, cancer and others High presence of genetic testing device manufacturers
Opportunities	Rise in adoption of number of strategies by market players of genetic testing devices
Restraints	High cost of genetic test

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The prenatal and newborn testing segment to maintain its leadership status throughout the forecast period.

Based on type, the prenatal and newborn testing segment held the highest market share in 2022, accounting for more than one-third of the global genetic testing market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the high presence of market players who manufacture genetic testing devices. However, the pharmacogenomic testing segment is projected to attain significant growth with a CAGR of 10.9% from 2023 to 2032, owing to the increase in awareness among the population regarding genetic testing.

The molecular testing segment to maintain its leadership status throughout the forecast period.

Based on technology, the molecular testing segment held the highest market share in 2022, accounting for more than half of the global genetic testing market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of molecular testing for genetic disease diagnosis. However, the cytogenetic testing segment is projected to attain a significant CAGR of 10.8% from 2023 to 2032.

The genetic disease diagnosis segment to maintain its leadership status throughout the forecast period.

Based on application, the genetic disease diagnosis segment held the highest market share in 2022, accounting for more than two-fifths of the global genetic testing market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to increase in prevalence of genetic testing and rise in adoption of genetic tests for diagnosis of genetic testing. However, the cancer diagnosis segment is projected to attain a significant CAGR of 10.6% from 2023 to 2032, owing to rise in awareness among the genetic tests for cancer diagnosis.

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North America to maintain its dominance by 2032.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global genetic testing market revenue. This is attributed to high presence of genetic testing device manufacturers in North America and rise in prevalence of chronic disease such as genetic testing, cancer and others. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.9% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to rise in population suffering from cancer and increase in awareness regarding genetic testing.

Leading Market Players:

Abbott Laboratories
Bio-Rad Laboratories, Inc.
Myriad Genetics, Inc.
Danaher Corporation
F. Hoffmann-La Roche Ltd.
Illumina, Inc.
Thermo Fisher Scientific, Inc.
Qiagen N.V
CSL Limited
Luminex Corporation

The report provides a detailed analysis of these key players of the global genetic testing market. These players have adopted different strategies such as agreement, partnership, acquisition, and business expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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