What’s Driving Growth in the Genetic Testing Services Market? Insights into Key Trends and Opportunities
Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
What is the Anticipated CAGR of the Genetic Testing Services Market, and What Factors Will Drive It?
There has been a brisk expansion in the size of the genetic testing services market in the last few years. It is projected to rise from $19.19 billion in 2024 to $21.42 billion in 2025, proliferating at a compound annual growth rate (CAGR) of 11.6%. Factors contributing to this spurt during the historical period include a rising demand for precision and tailored medicine, an uptick in genetic disorders, a surge in prenatal testing during pregnancy, population growth, and heightened awareness and education.
The market for genetic testing services is anticipated to undergo accelerated expansion in coming years, reaching a valuation of $32.77 billion by 2029, growing at a compound annual growth rate of 11.2%. The expected surge in this period is credited to an increase in non-invasive prenatal testing (NIPT), the emergence of pharmacogenomics, amplified emphasis on preventative healthcare, a rise in direct-to-consumer (DTC) testing, and an increased focus on rare illnesses and tailored therapies. The forthcoming period will see trends such as the integration of artificial intelligence (AI) and machine learning, advancements in easy-to-use testing kits and digital platforms, next-generation sequencing, microarray analysis, polymerase chain reaction (PCR), and enhanced healthcare infrastructure.
How Are the key drivers expanding the growth of the Genetic Testing Services Market?
The escalating incidence of genetic abnormalities is predicted to stimulate the growth of the genetic testing services market in the future. Genetic disorders happen due to anomalies in a person’s DNA, causing physical or developmental irregularities. The rising occurrence of these conditions can be credited to aspects such as heightened awareness, enhanced diagnostic methods, widened genetic screening, and the increasing trend of intrafamily matrimony in certain cohorts. The use of genetic testing services in diagnosing, forecasting, and deciding treatment for people with genetic disorders is ramping up. This enables customized medical treatment and family planning approaches based on a person’s genetic composition. Case-in-point, in February 2023, the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations overseeing international public health, stated that congenital diseases were responsible for an approximate 240,000 infant deaths worldwide within 28 days of birth per year. Furthermore, the Centers for Disease Control and Prevention, a U.S. governmental agency, reported that about 6000 babies are born with Down syndrome in the U.S. each year, translating to about 1 in every 700 babies. Hence, the escalating incidence of genetic abnormalities is fuelling the genetic testing services market.
Request Your Free Genetic Testing Services Market Report Sample Now!
https://www.thebusinessresearchcompany.com/sample.aspx?id=15385&type=smp
Who Are the Top Companies Contributing to the Growth of the Genetic Testing Services Market?
Major companies operating in the genetic testing services market are:
• Pfizer Inc.
• Johnson & Johnson Services Inc.
• F. Hoffmann-La Roche Ltd.
• Merck & Co. Inc.
• AbbVie Inc.
How Are Technological Trends Affecting the Growth and Development of the Genetic Testing Services Market?
Key players in the genetic testing services market are concentrating their efforts on the development of sophisticated technological solutions like cancer screening tests. These developments aim to increase precision, broaden testing possibilities, and enhance patient outcomes overall. Cancer screening tests are routine tests performed on asymptomatic individuals to identify potential cancer markers at an early stage. The goal of these tests is to diagnose cancer or precancerous conditions before symptoms appear, thereby making the treatment more effective. To illustrate, Prenetics Group Limited, a diagnostic and genetic testing company based in Hong Kong, introduced ColoClear in June 2022. ColoClear is a non-invasive stool DNA test that provides an extremely sensitive screening approach for detecting early indicators of colorectal cancer. This avant-garde test merges advanced stool DNA technology with a fecal immunochemical test (FIT), establishing a handy and effective alternative to colonoscopy procedures. Clinical studies have demonstrated ColoClear’s ability to detect colorectal cancer with a sensitivity of 96% and advanced adenoma with a detection rate of 64%.
Pre-order Your Report for Quick and Easy Delivery!
https://www.thebusinessresearchcompany.com/report/genetic-testing-services-global-market-report
What Are the Major Categories and Their Growth Dynamics in the Genetic Testing Services Market?
The genetic testing services market covered in this report is segmented –
1) By Type: Predictive Testing, Carrier Testing, Prenatal Testing, Newborn Screening, Other Types
2) By Disease: Cancer Disease, Metabolic Disease, Cardiovascular Disease, Other Diseases
3) By End User: Diagnostic Laboratories, Hospitals And Clinics, Academic Institutes And Research Centers, Other End Users
Subsegments:
1) By Predictive Testing: Cancer Predisposition Testing, Heart Disease Risk Testing, Neurological Disorder Risk Testing, Other Predictive Tests
2) By Carrier Testing: Carrier Screening For Single-Gene Disorders, Carrier Screening For Multifactorial Conditions, Carrier Screening For Inherited Genetic Conditions, Other Carrier Tests
3) By Prenatal Testing: Non-Invasive Prenatal Testing (NIPT), Amniocentesis, Chorionic Villus Sampling (CVS), Ultrasound-Combined Genetic Testing, Other Prenatal Tests
4) By Newborn Screening: Metabolic Disorder Screening, Genetic Disorder Screening, Hearing Loss Screening, Endocrine Disorder Screening, Other Newborn Screening Tests
5) By Other Types: Pharmacogenetic Testing, Forensic Genetic Testing, Ancestry And Genetic Genealogy Testing, Paternity Testing, Other Specialized Genetic Tests
What Are the Key Regions Powering Growth in the Genetic Testing Services Market?
North America was the largest region in the genetic testing services market in 2023. The regions covered in the genetic testing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Defines the Scope of the Genetic Testing Services Market?
Genetic testing services refers to analyzing an individual’s DNA to identify variations or mutations that could indicate disease risk, ancestry, or other genetic traits. These services typically offer insights into potential health conditions, ancestry, and personalized recommendations based on genetic predispositions, often facilitating informed medical decisions and lifestyle choices.
Browse Through More Similar Reports By The Business Research Company:
Prenatal And Newborn Genetic Testing Global Market Report 2024
Rapid Microbiology Testing Kits Global Market Report 2024
Genetically Modified Fruits Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/genetically-modified-fruits-global-market-report
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at [email protected]
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:
