Genetic Testing Market Research Report - Forecast till 2027

Genetic Testing Market: Information By Type (Prescribed Genetic Testing and Direct-to-Consumer Genetic Testing), Method (Molecular Genetic Tests/ DNA Tests, Chromosomal Genetic Tests and Biochemical Genetic Tests), By Application (Reproductive Health (Newborn Screening, Prenatal Screening and Carrier Screening), Cancer Screening (Hereditary Cancer, Breast Cancer, Ovarian Cancer and Colon Cancer), Ancestry, Predictive and Pre-Symptomatic Testing and others) - Forecast till 2027

ID: MRFR/HC/1477-CR | February 2021 | Region: Global | 150 pages

Genetic Testing Market Overview


According to the analysis conducted by Market Research Future (MRFR), the Genetic Testing Market is projected to thrive at a CAGR of 10.30% and is expected to acquire a market value of USD 30.10 Billion by 2027.


Genetic testing is used in prenatal screening, diagnostics, and as a predictive tool. The genetic testing market is predicted to propel due to the on-going development in the field to produce useful testing kits. Overall, the genetic testing market is likely to experience significant expansion due to its growing requirement, rising acquisitions, and partnerships among key players.


The outbreak of COVID-19 has severely impacted the genetic testing market. The worldwide lockdown to follow social distancing resulted in various challenges in the genetic testing market. COVID-19 resulted in the shutdown of testing labs and clinics, which has restricted face-to-face genetic counseling that is likely to impact the market negatively.


Market Dynamics


The growing demand for genetic testing in oncology and the rising adoption of genetic tests into clinical care is predicted to propel the genetic testing market during the projection tenure. The surging need for personalized medicine is another salient cause that can augment the genetic testing market size.


However, concerns regarding the standardization of genetic testing-based diagnostics and strict rules implemented for product approvals are expected to obstruct the genetic testing market growth during the assessment period.


Drivers


Rising Prevalence of Genetic Disorders


The rising awareness about the benefits of genetic testing and the increasing prevalence of genetic disorders are primary drivers for the growth of the genetic testing market. The increasing need to find a cure to cancer is expected to create a demand for effective testing that can augment the global cancer testing market. Additionally, the rapid expansion of the biotechnology sector are expected to propel the genetic testing market significantly in the assessment period.


Opportunities


Integration of AI in Testing Procedures


The integration of AI and other smart technologies in genetic testing is expected to offer various market expansion opportunities during the forecast period. Besides, the innovation in product design and strong distribution partnerships are other factors that can provide lucrative chances to grow the trade.


Restraints


Lack of Expertise to Hinder the Market Growth


Despite the presence of various lucrative opportunities that can grow the market, the shortage of trained technicians is a significant factor that can hinder the genetic testing market in emerging economies.


Challenges


Lack of Medical Solutions for all the Diseases Diagnosed


The biggest challenge for the genetic testing market is the lack of solutions for all the diseases diagnosed. However, funded research in prognosis post the detection can counter the challenge mentioned above.


Cumulative Growth Analysis


The genetic testing market is expected to expand rapidly during the forecast period due to the rising awareness of genetic disorders. The industry is anticipated to witness various opportunities for expansion in the coming period.


Market Segmentation


By Type


Prescribed Genetic Testing Segment to Hold Maximum Market Share


Based on type, the global genetic testing market has been segmented into direct to consumer genetic testing and prescribed genetic testing. Among all genetic testing market segments, the prescribed genetic testing market is anticipated to expand at the highest CAGR while acquiring the USD 21653.91 million market value by 2024.


By Method


Molecular Genetic Test/DNA Tests to Hold the Maximum Market Share


Based on the method, the global genetic testing market has been segmented into chromosomal genetic tests, molecular genetic tests/ DNA tests, and biochemical, genetic tests. Among all, the molecular genetic/DNA tests is expected to lead the global market while thriving at a CAGR of 11.78% during the forecast period.


By Application


Reproductive Health Segment to Acquire the Largest Market Share


Based on application, the global market has been segmented into cancer screening, reproductive health, ancestry, predictive and pre-symptomatic testing, and others. Among all, the reproductive health segment is expected to dominate the market.


Regional Analysis


The Americas to Dominate the Market Owing to the Increasing Incidences of Genetic Disorders


The Americas is expected to dominate the market for genetic testing due to the growing incidences of a genetic disorder and increasing demand for personalized genetic testing. The growing government support and the presence of the advanced healthcare sector is expected to boost the regional market during the forecast period.


APAC is expected to be the fastest-growing market due to the expanding patient pool and untapped market opportunities in the evolving countries. Besides, the growing initiatives to develop healthcare infrastructure to meet the demand for the rising geriatric population can further propel the regional market during the review tenure.


The European market for genetic testing is projected to be the second-largest during the forecast period. Recent developments and advances in molecular medicines in Europe are critical factors for the growth of this genetic testing market. The increasing prevalence of genetic diseases and disorders has expanded the scope for the development of different genetic tests.


MEA is expected to grow due to the aging population, a rise in the number of chronic diseases such as cancer, and innovations in genetic testing.


Competitive Landscape


Product Innovation in Genetic Testing Platforms to Grow Competition among the Key Players


The market for genetic testing is highly competitive and comprises several established players. The on-going innovation and technical development in genetic testing platforms by various renowned players are likely to enhance the competitiveness of the market.


Industry News


November 2020: Taysha Gene Therapies, a US-based company, and Invitae, another US-based health startup, have announced a partnership to support Invitae’s Detect Lysosomal Storage Diseases ( Detect LSDs) and Behind the Seizure programs by offering free genetic testing to patients.


Behind the Seizure is a cross-company collaboration among the companies of the US and Canada, which is designed to increase access to genetic testing for children who experience seizures during their childhood.


Key Players



  • PerkinElmer Inc. (US)

  • Myriad Genetics Inc. (US)

  • Abbott Laboratories (US)

  • Illumina Inc. (US)

  • Bio-Rad Laboratories Inc. (the US)

  • QIAGEN (Germany)

  • Eurofins Scientific (US)

  • Quest Diagnostics Incorporated (US)

  • Hoffmann-La Roche Ltd (Switzerland)

  • Thermo Fisher Scientific Inc. (US)

  • Blueprint Genetics (Finland)

  • BGI Genomics (China)


Recent Developments


December 2020: A Singapore-based Medtech company, known as Cell ID Pte. Ltd., has developed a palm-sized portable genetic test that uses an app on a laptop to detect if the person has COVID-19. The test uses biotechnology to perform two-tests at a time outside of the laboratory.


November 2020: Agios Pharmaceuticals, a public American pharmaceutical company, announced that it had partnered with PerkinElmer Genomics, a US-based renowned molecular genetics laboratory, on a genetic testing program for patients with anticipated hereditary anemias.


December 2020: Illumina, Inc, a renowned America genetic testing company, and Harvard Pilgrim Health Care, another US-based key player, announced a risk-sharing agreement to make whole-genome sequencing (WGS) available to few Harvard Pilgrim members. The program will leverage WGS to support a faster diagnosis of genetic diseases in children.


November 2020: Sanofi, a renowned French multinational pharmaceutical company, announced that it would sponsor Parkinson’s Foundation’s genetic study with 1 million for free testing.


Report Overview


The global genetic testing market is anticipated to witness significant growth during the forecast period owing to the rising demand for genetic testing and the rising prevalence of genetic disorders.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 30.10 Billion
  CAGR   10.30% (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Method, Application, Cancer Screening,
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   PerkinElmer Inc. (US), Myriad Genetics Inc. (US), Abbott Laboratories (US), Illumina Inc. (US), Bio-Rad Laboratories Inc. (the US), QIAGEN (Germany), Eurofins Scientific (US), Quest Diagnostics Incorporated (US), Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (US), Blueprint Genetics (Finland), BGI Genomics (China)
  Key Market Opportunities   Integration of AI in Testing Procedures
  Key Market Drivers   Rising Prevalence of Genetic Disorders


Frequently Asked Questions (FAQ) :


Genetic testing market volume by 2027 would be USD 30.10 Billion

The genetic testing market would attain a CAGR of 10.30% By 2027

High cost and inaccuracy could prevent the genetic testing market growth.

The Americas would have a maximum genetic testing market share.

Japan had a 27.7% share of the Asia Pacific genetic testing market in 2018.



This table of content is tentative and subject to change as the research progresses.

Please Note:  Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.