Key Trends and Insights into the Genetic Testing Services Market: Growth Rate and Opportunities to 2034
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How has the genetic testing services market grown in recent years?
In the last few years, the market size for genetic testing services has expanded rapidly. The projections show that it will rise from $19.19 billion in 2024 to $21.42 billion in 2025, maintaining a compound annual growth rate (CAGR) of 11.6%. The historical period’s growth is linked to the escalating demand for precision and personalized medicine, the burgeoning prevalence of genetic diseases, the soaring demand for prenatal testing during pregnancy, an enlarging population, and heightened education and awareness.
How is the genetic testing services market size expected to evolve during the forecast period?
In the forthcoming years, the market size of genetic testing services is anticipated to experience swift expansion. By 2029, it is predicted to inflate to $32.77 billion, with a compound annual growth rate (CAGR) of 11.2%. The projected escalation during the forecast period could be credited to the escalating demand for non-invasive prenatal testing (NIPT), the emergence of pharmacogenomics, increasing attention on preventive healthcare, the rise in direct-to-consumer (DTC) testing, as well as the keen focus on rare diseases and personalized therapies. Several prominent trends for the forecast period encompass artificial intelligence (AI) and machine learning, the evolution of easy-to-use testing kits and online platforms, next-generation sequencing, microarray analysis, polymerase chain reaction (PCR), and highly developed healthcare infrastructure.
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Which key drivers are propelling the genetic testing services market’s growth?
The escalating occurrence of genetic conditions is predicted to spur the expansion of the genetic testing services market in the future. Genetic conditions arise from DNA abnormalities in an individual, resulting in physical or developmental anomalies. The escalating occurrence of these disorders is linked to elements such as heightened awareness, enhanced diagnostic methods, broader genetic screening, and the increasing pattern of marriages within the same family lineage seen in some populations. Genetic testing services are increasingly in demand for diagnosis, prognosis, and treatment decision-making for individuals with genetic disorders. This allows for personalized healthcare and family planning approaches based on a person’s genetic composition. For example, in February 2023, the World Health Organization (WHO), a Switzerland-based UN agency tasked with global public health, reported that congenital diseases cause an estimated 240,000 infant deaths worldwide within 28 days of birth annually. Furthermore, the US-based government agency, Centers for Disease Control and Prevention, reported that approximately 6,000 babies are born with Down syndrome in the US each year, equating to about 1 in every 700 babies. Thus, the escalating occurrence of genetic conditions is fueling the growth of the genetic testing services market.
What are the market segments in the genetic testing services industry?
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
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Which leading companies are shaping the growth of the genetic testing services market?
Major companies operating in the genetic testing services market are F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics Incorporated, Eurofins Scientific SE, SGS SA, Agilent Technologies, Hologic Inc., Illumina Inc., PerkinElmer Inc., bioMérieux SA, Bio-Rad Laboratories Inc., QIAGEN N.V., Natera Inc., Myriad Genetics Inc., BGI Genomics Co. Ltd., Invitae Corporation, NeoGenomics Laboratories Inc., 23andMe Holding Co, Berry Genomics Co. Ltd., Pacific Biosciences of California Inc., Ambry Genetics Corporation, Biocartis SA, CENTOGENE N.V., Blueprint Genetics Oy, Igenomix, Veritas Genetics
What key trends are currently impacting the genetic testing services market’s development?
Leading corporations that function within the genetic testing service market are concentrating on creating advanced technological tools, including cancer screening examinations, to enhance precision, boost testing abilities, and better overall patient results. Cancer screening tests denote regular, routine examinations conducted on asymptomatic individuals to detect early indicators of cancer. These tests serve to diagnose cancer or pre-cancerous conditions even before symptoms appear, thereby facilitating a more effectual treatment. For instance, Prenetics Group Limited, a Hong Kong diagnostic and genetic testing corporation, introduced ColoClear in June 2022, a non-invasive stool DNA examination in Hong Kong that provides a very sensitive screening technique for the early detection of colorectal cancer. This trailblazing test merges advanced stool DNA technology with a fecal immunochemical test (FIT), to introduce an efficient and convenient alternative to colonoscopy. ColoClear has demonstrated a sensitivity of 96% in the detection of colorectal cancer and 64% in the identification of advanced adenoma during clinical studies.
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Which geographic areas are influencing the growth of 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.
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