The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Growth Overview

• Current Market Size
  • The genetic testing services market has seen significant growth, rising from $17.29 billion in 2023 to $19.19 billion in 2024, at a compound annual growth rate (CAGR) of 11%.
  • This growth is driven by increasing demand for personalized and precision medicine, a higher prevalence of genetic disorders, high demand for prenatal testing, increasing population, and greater awareness and education.
• Future Market Projections
  • The market is projected to reach $29.47 billion by 2028, with a CAGR of 11.3%.
  • Key factors driving this future growth include the rising demand for non-invasive prenatal testing (NIPT), the rise of pharmacogenomics, a growing focus on preventive healthcare, increased direct-to-consumer (DTC) testing, and an emphasis on rare diseases and personalized therapies.

Drivers of Market Growth
Increasing Prevalence of Genetic Disorders

• Genetic Disorders Overview
  • Genetic disorders are caused by abnormalities in an individual’s DNA, leading to physical or developmental issues.
  • Factors such as increased awareness, improved diagnostic techniques, expanded genetic screening, and consanguineous marriages contribute to the rising prevalence of genetic disorders.
• Market Impact
  • For example, according to the WHO, congenital diseases cause approximately 240,000 baby deaths globally within 28 days of birth each year.
  • The CDC reports that about 6,000 babies are born with Down syndrome in the U.S. annually, or about 1 in every 700 babies.
  • The growing prevalence of these disorders is driving demand for genetic testing services.

View More On The Genetic Testing Services Market Report 2024 – https://www.thebusinessresearchcompany.com/report/genetic-testing-services-global-market-report

Key Players in the Market

• Major Companies
  • Leading companies in the market include F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics Incorporated, and Eurofins Scientific SE.

Technological Innovations
Advancements in Cancer Screening Tests

• Cancer Screening Innovations
  • Major companies are developing advanced cancer screening tests to enhance accuracy, expand testing capabilities, and improve patient outcomes.
  • These tests aim to detect cancer or precancerous conditions early, making treatment more effective.
• Case Study: Prenetics Group Limited
  • In June 2022, Prenetics launched ColoClear, a non-invasive stool DNA test in Hong Kong for early colorectal cancer detection.
  • ColoClear combines advanced stool DNA technology with a fecal immunochemical test (FIT), offering a convenient alternative to colonoscopy with high sensitivity.

Strategic Acquisitions
Myriad Genetics Expands Through Gateway Genomics Acquisition

• Acquisition Details
  • In November 2022, Myriad Genetics acquired Gateway Genomics for $67.5 million.
  • This acquisition expands Myriad’s capabilities in women’s health and oncology testing, providing more comprehensive and personalized genetic testing solutions.
• Company Background
  • Gateway Genomics LLC is a U.S.-based genetics company specializing in genetic testing services, enhancing Myriad’s offerings in the market.

Market Segmentation and Regional Insights
Market Segmentation

• By Type
  • Predictive Testing
  • Carrier Testing
  • Prenatal Testing
  • Newborn Screening
  • Other Types
• By Disease
  • Cancer Disease
  • Metabolic Disease
  • Cardiovascular Disease
  • Other Diseases
• By End User
  • Diagnostic Laboratories
  • Hospitals and Clinics
  • Academic Institutes and Research Centers
  • Other End Users

Regional Dynamics

• Largest Market: North America
  • North America was the largest region in the genetic testing services market in 2023, driven by advanced healthcare infrastructure and high adoption of genetic testing technologies.

Conclusion

• The genetic testing services market is poised for continued rapid growth, driven by the rising demand for personalized medicine, advanced cancer screening tests, and strategic acquisitions.
• Key players are focusing on technological innovations and expanding their capabilities to meet the growing demand for genetic testing services.
• With North America leading the market and significant growth potential in other regions, the genetic testing services market is set to transform healthcare diagnostics and personalized medicine globally.

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