The global genetic testing services market was estimated to be US$ 15.73 Billion in 2022 and is expected to reach US$ 36.23 Billion by 2032 at a CAGR of 8.7% between 2023 to 2032.
Genetic testing services refer to the medical services provided by laboratories or healthcare institutions that involve analyzing an individual's DNA to identify variations or mutations in specific genes or chromosomes. These tests are conducted to assess the risk of developing certain genetic disorders, diagnose genetic conditions, determine carrier status for genetic diseases, guide personalized treatment plans, and provide insights into an individual's genetic makeup.
Genetic Testing Services Market Growth Drivers
The adoption of genetic testing for cancer risk assessment is on the rise, with the analysis of specific gene mutations associated with hereditary cancers becoming increasingly common. Myriad Genetics is an example of a company that offers tests like BRACAnalysis, which identifies mutations in BRCA1 and BRCA2 genes related to breast and ovarian cancers. This type of testing enables informed decisions on preventive measures, surveillance, and treatment options. There is a growing demand for early and accurate disease diagnosis through genetic testing.
Companies like Invitae provide comprehensive genetic testing panels for various disorders such as cardiovascular conditions, neurological disorders, and rare genetic diseases. These tests aid in precise diagnoses, allowing for timely intervention and personalized treatment plans.
Research and development activities in genomics are intensifying, leading to advancements in genetic testing technologies. Initiatives like the Genotype-Tissue Expression (GTEx) project, funded by the NIH, explore the relationship between genetic variation and gene expression across different tissues.
Such research provides valuable insights into the underlying mechanisms of diseases and expands our understanding of the role genetics play in various conditions. Overall, these factors highlight the growing significance of genetic testing in cancer risk assessment, early disease diagnosis, and genomics research, leading to improved healthcare outcomes and personalized treatment approaches.
Application Segmentation of Global Genetic Testing Services Market
Oncology is the largest application segment in the market
In terms of the largest segment based on application in the global genetic testing services market, oncology stands out as a prominent and significant segment. The field of oncology involves the study and treatment of cancer, which is a prevalent and highly impactful disease worldwide.
Genetic testing plays a crucial role in oncology by assessing an individual's risk of hereditary cancers and identifying specific gene mutations associated with different types of cancer. The demand for genetic testing in oncology has grown substantially due to the increasing awareness of personalized medicine and the importance of targeted therapies. Genetic testing enables the identification of specific genetic alterations in tumors, allowing for more precise and effective treatment strategies.
Additionally, the rising incidence of cancer globally has further fueled the demand for genetic testing services in oncology. As a result, the oncology segment is expected to be one of the largest and most influential segments within the global genetic testing services market, driving advancements in cancer diagnosis, treatment, and management.
Regional Trends of the Global Genetic Testing Services Market
Rising demand for personalized medicine is driving the market growth
Geographically, the global genetic testing services market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trends in these regions –
North America: North America has been a significant market for genetic testing services, characterized by advanced healthcare infrastructure, strong research and development activities, and a high level of awareness among the population. The region has witnessed a substantial adoption of genetic testing, driven by factors such as increasing prevalence of genetic disorders, rising demand for personalized medicine, and a growing focus on preventive healthcare.
Moreover, the presence of key players in the genetic testing industry and favorable reimbursement policies have further propelled market growth in North America.
Europe: Europe is another prominent market for genetic testing services, driven by factors such as a growing geriatric population, increasing prevalence of genetic diseases, and the emphasis on precision medicine. The region has witnessed significant investments in genomic research and advancements in genetic testing technologies.
Countries like the United Kingdom, Germany, and France are at the forefront of the European market, owing to their strong healthcare systems, well-established laboratories, and supportive regulatory frameworks.
Asia-Pacific: The Asia-Pacific region represents a rapidly expanding market for genetic testing services. The increasing awareness about genetic disorders, rising healthcare expenditure, and growing emphasis on early disease diagnosis and personalized medicine have fueled the demand for genetic testing in the region.
Countries like China, Japan, India, and South Korea are witnessing significant growth in the genetic testing market due to factors such as improving healthcare infrastructure, increasing disposable income, and advancements in genomic research.
Middle East and Africa: The Middle East and Africa region is witnessing a gradual but steady growth in the genetic testing services market. Factors such as increasing healthcare investments, growing awareness about genetic diseases, and the adoption of advanced healthcare technologies have contributed to market expansion.
Countries like the United Arab Emirates, Saudi Arabia, and South Africa are leading the market in the region. However, the market is still relatively nascent in comparison to other regions, with factors such as limited access to genetic testing facilities and a lack of awareness acting as challenges.
South America: South America has also witnessed notable growth in the genetic testing services market. Factors such as a rising burden of genetic disorders, increasing awareness about personalized medicine, and advancements in healthcare infrastructure have contributed to market expansion in the region. Brazil, Argentina, and Colombia are the key markets in South America, driven by the presence of well-established healthcare facilities and a growing focus on precision medicine.
Key players and market strategies:
Companies operating in the global genetic testing services market adopt various growth strategies to expand their market presence and increase their competitive advantage.
Here are some major growth strategies adopted by these companies, along with relevant industry examples:
Partnerships and Collaborations: Companies form strategic partnerships and collaborations with other organizations to enhance their capabilities, access new markets, and develop innovative solutions. In 2020, Invitae partnered with ArcherDX to expand its oncology testing portfolio by incorporating ArcherDX's next-generation sequencing (NGS) assays, thereby strengthening their presence in the oncology genetic testing market.
Mergers and Acquisitions: Companies engage in mergers and acquisitions to expand their customer base, acquire new technologies, and increase market share. In 2021, Eurofins Scientific acquired Beacon Genetics, a leading provider of genetic testing services for inherited and rare diseases. This acquisition expanded Eurofins' capabilities in the genetic testing market and strengthened its position in the field of rare disease diagnostics.
Product Portfolio Expansion: Companies focus on expanding their product offerings by introducing new genetic tests or upgrading existing ones to cater to a broader range of genetic disorders and conditions. Myriad Genetics launched myChoice CDx Plus, a comprehensive genetic test that combines tumor and germline testing for identifying patients with advanced ovarian cancer who may benefit from targeted therapies. This expanded their product portfolio and addressed the growing demand for comprehensive genetic testing in oncology.
Geographic Expansion: Companies aim to enter new geographical markets or expand their presence in existing markets to reach a larger customer base and leverage regional growth opportunities. Natera expanded its global presence by launching its non-invasive prenatal testing (NIPT) products in Canada, offering pregnant women access to advanced genetic testing options for prenatal screening and diagnosis.
Focus on Direct-to-Consumer (DTC) Testing: Companies tap into the growing demand for DTC genetic testing by offering convenient and accessible testing options directly to consumers. 23andMe, a prominent player in the genetic testing market, provides various DTC genetic testing services, including ancestry testing and health-related genetic reports, allowing consumers to access and understand their genetic information easily.
Abbott Laboratories (United States), Agilent Technologies (United States), BGI Genomics Co., Ltd. (China), Bio-Rad Laboratories, Inc. (United States), Eurofins Scientific (Luxembourg), F. Hoffmann-La Roche Ltd (Switzerland), Illumina, Inc. (United States), Laboratory Corporation of America Holdings (LabCorp) (United States), Myriad Genetics, Inc. (United States), Natera, Inc. (United States), NeoGenomics Laboratories, Inc. (United States), PerkinElmer, Inc. (United States), Quest Diagnostics Incorporated (United States), Thermo Fisher Scientific Inc. (United States), Veritas Genetics (United States) and many more.
Global Genetic Testing Services Market Segmentation:
Based on Test Type:
- Predictive Testing
- Carrier Testing
- Prenatal Testing
- Newborn Screening
- Diagnostic Testing
- Pharmacogenomic Testing
Based on Service Provider:
- Hospital-Based Laboratories
- Diagnostic Laboratories
- Specialty Clinics
- Research Institutes
Based on Application:
- Oncology
- Cardiology
- Neurology
- Rare Diseases
- Obstetrics and Gynecology
- Other
Based on Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
