Genetic testing involves analyzing human DNA changes that are associated with inherited diseases. It helps determine changes in genes, chromosomes, or proteins. Genetic testing is used to diagnose or confirm suspected genetic conditions and identify gene mutations associated with disease risk. Growing application of genetic testing in predicting disease risk helps in preventive healthcare as people take precautions based on the results. The global genetic testing market is estimated to be valued at US$ 18.24 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the genetic testing are 23&Me Inc., Qiagen NV, Eurofins Scientific, PerkinElmer Inc., Illumina Inc., Danaher Corporation, Myriad Genetics Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Quest Diagnostics Incorporated, BioRad Laboratories Inc., and DiaSorin S.p.A. (Luminex Corporation), among others. The market is being driven by increasing use of genetic testing for ancestry testing and disease risk assessment. Growing demand for direct-to-consumer genetic testing which provides health and ancestry information directly to customers without involving a healthcare professional. Technological advancements have made genetic testing widely affordable, accessible and less time-consuming reducing the cost and increasing availability.

Market Trends

Personalized medicine is increasingly being adopted for selection of suitable drugs, drug dosages and treatment options based on a person's genetic makeup. Rising popularity of nutrigenomics which applies genetic testing to provide customized diet and nutrition plans. Growing preference for non-invasive prenatal testing using cell-free DNA analysis from maternal blood samples has emerged as an alternative to delicate invasive procedures like amniocentesis.

Market Opportunities

Increasing incidence of chronic diseases like cancer provides scope for mainstreaming genetic testing in risk assessment. Untapped emerging markets in Asia, Africa and Latin America have huge growth opportunities due to increasing healthcare awareness and affordability. Growing popularity of genetic testing among sports personalities and athletes to develop personalized exercise and nutritional plans based on their genetic strengths and weaknesses.

Impact of COVID-19 on Genetic Testing Market Growth

The COVID-19 pandemic has significantly impacted the growth of the genetic testing market. During the initial outbreak, testing volumes declined substantially as non-essential testing was postponed or cancelled. The shift to telemedicine reduced in-person visits required for genetic sample collection. Supply chain disruptions also constrained availability of testing kits and reagents. However, genetic testing played a crucial role in virus research. Genetic sequence data helped understand the transmission dynamics and evolutionary changes in the SARS-CoV-2 virus. It facilitated vaccine development by revealing virulence factors and immune evasion mechanisms.

As the pandemic continued, genetic testing volumes recovered steadily and surpassed pre-COVID levels. There was increased focus on genetics research related to disease susceptibility, progression and treatment responses. Carriers of certain genetic variants were found to be at higher risk of severe COVID-19. Testing was extensively used to study these genetic risk factors and their interactions. The pandemic also accelerated the adoption of direct-to-consumer genetic testing as people turned to home sampling options. Telehealth services improved access to genetic counseling. Overall, while short term volumes declined initially, COVID-19 heightened disease awareness and long term demand.

Regional Concentration of Genetic Testing Market

North America represents the largest regional market for genetic testing in terms of value. This is attributed to theavailability of advanced healthcare facilities and infrastructure in the US and Canada. Favorable reimbursement policies have increased genetic testing rates in this region. Growing awareness about personalized medicine and genetic disease diagnosis is further driving the North American market.

Asia Pacific is emerging as the fastest growing regional market for genetic testing. Factors such as increasing healthcare investments, rising disposable incomes, growing population and urbanization are fueling market growth in Asia Pacific. Rapid economic development of countries like China and India is improving access to genetic services. Furthermore, prevalence of chronic diseases and cancer is rising in Asia, boosting genetic testing adoption for diagnosis, prognosis and therapy guidance.