The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global genetic testing market is expected to grow from $15.42 billion in 2022 to $17.23 billion in 2023 at a compound annual growth rate (CAGR) of 11.8%. The market size of the genetic testing market is expected to grow to $26.21 billion in 2027 at a CAGR of 11.1%.

North America held the largest genetic testing market share, and Asia-Pacific was the fastest-growing region in 2022.

Genetic Testing Market Driver
The rising prevalence of genetic disorders is expected to propel the growth of the genetic testing market going forward. Genetic disorders refer to some diseases that cause symptoms at birth, while others develop over time. Genetic testing can help get a diagnosis for a genetic issue and information about the chances of developing cancer. For instance, in November 2021, according to the National Center for Biotechnology Information, a US-based medical organization, genetic illnesses were found in 9.4% of pediatric patients, with 44.7% of these patients being critically ill newborns. Also, 13.17 million patients were suffering from unique genetic disorders in the US. Therefore, the rising prevalence of genetic disorders is driving the genetic testing market.

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Prominent Genetic Testing Market Trend
Technological advancement is a crucial trend gaining popularity in the genetic testing market. Major companies operating in the genetic testing market are focused on developing technology to sustain their position in the market. For instance, in December 2020, Cell ID Pte. Ltd., a Singapore-based company that manufactures, genetic testing products launched a portable genetic test for COVID-19 named Quiz PCR Biochip. This is a portable palm-sized moveable genetic test kit that utilizes an app to confirm if a person has COVID-19. This device also had a QR code for tracking. This device works on pooled screening technology. This can be easily moveable and can take tests anywhere at any time.

Genetic Testing Market Prominent Players
Major players in the genetic testing market are Abbott Laboratories, Bio-Rad Laboratories Inc., Eurofins Scientific, F. Hoffmann-La Roche Ltd., Illumina Inc., Myriad Genetics Inc., QIAGEN, Thermo Fisher Scientific, Quest Diagnostics, BGI Group, Biocartis Group, 23 and Me Inc., Blueprint Genetics, CSL Limited, bioMerieux SA, PerkinElmer Inc., and Agilent Technologies Inc.

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Key Genetic Testing Market Segments
The global genetic testing market is segmented –
1) By Type: Predictive Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing, Other Types
2) By Technology: Cytogenetic Testing, Biochemical Testing, Molecular Testing
3) By Disease: Alzheimer’s Disease, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Other Diseases
4) By Application: Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, Other Applications

The Genetic Testing Global Market Report 2023  provides a comprehensive overview on the genetic testing market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the genetic testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
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