According to Custom Market Insights (CMI), the global Genetic Testing Market size was estimated at USD 9,053.72 Million in 2023 and is anticipated to reach around USD 36,420.49 Million by 2030, recording a CAGR of roughly 22% between 2023 and 2030.
Increasing awareness among consumers about advanced diagnostic tests is driving the demand for genetic testing. Additionally, the growth of the geriatric population is expected to further boost the market growth in the near future. Know more revenue generating trends with CMI!
Browse the full “Genetic Testing Market Size, Trends and Insights Technology Outlook (Next Generation Sequencing, Array Technology, PCR-based Testing, FISH, Others), Application Outlook (Ancestry & Ethnicity, Traits Screening, Genetic Disease Carrier Status, New Baby Screening, Health and Wellness-Predisposition/Risk/Tendency), Product Outlook (Consumables, Equipment, Software & Services), Channel Outlook (Online, Offline), End-user Outlook (Hospitals & Clinics, Diagnostic Laboratories, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/genetic-testing-market/
Genetic Testing Market: Dynamics and Growth Factors
The genetic testing market is influenced by several factors, including technological advancements, increasing prevalence of genetic diseases, growing demand for personalized medicine, and rising awareness about genetic testing.
- Technological advancements, such as next-generation sequencing, have improved the accuracy, speed, and cost-effectiveness of genetic testing, making it more accessible to the general population. This has led to increased demand for genetic testing and an expanding market.
- The rising prevalence of genetic diseases, such as cancer, cardiovascular diseases, and neurological disorders, is driving the demand for genetic testing. As the population ages and lifestyles become increasingly sedentary, the incidence of genetic diseases is expected to rise further, leading to a higher demand for genetic testing.
- The increasing demand for personalized medicine, which involves the customization of medical treatment based on a patient’s genetic makeup, is another factor driving the growth of the genetic testing market. Personalized medicine is expected to become more prevalent in the future, leading to increased demand for genetic testing.
- Finally, rising awareness about the benefits of genetic testing, such as early disease detection and prevention, is also driving the growth of the market. Governments, healthcare providers, and advocacy groups are actively promoting genetic testing to improve public health outcomes.
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Genetic Testing Market: COVID-19 Analysis
The COVID-19 pandemic has affected various industries globally, including the genetic testing market. Initially, the market faced challenges such as supply chain disruption, manufacturing shutdowns, and reduced demand due to lockdowns and social distancing measures. However, the market has also witnessed a surge in demand for COVID-19 diagnostic tests, which has offset some of the losses.
The pandemic has highlighted the importance of genetic testing in the diagnosis and management of infectious diseases. Genetic testing has played a crucial role in identifying and tracking the spread of COVID-19 by detecting the virus’s genetic material in patients. The demand for COVID-19 diagnostic tests has created new opportunities for companies operating in the genetic testing market, leading to an increase in partnerships and collaborations to develop and distribute COVID-19 tests.
The pandemic has also accelerated the adoption of telemedicine and virtual genetic counselling services, allowing patients to receive genetic testing services from the safety of their homes. This trend is expected to continue even after the pandemic subsides, leading to increased demand for direct-to-consumer genetic testing services.
However, the economic downturn caused by the pandemic has led to reduced healthcare spending in some regions, which could limit the growth of the genetic testing market. Moreover, the pandemic has disrupted ongoing genetic research studies and clinical trials, which could impact the market in the long term. The COVID-19 pandemic has had a mixed impact on the genetic testing market, with some challenges and opportunities arising due to the pandemic’s effects on the healthcare industry.
Competitive Landscape – Genetic Testing Market
Some of the major players in the market include:
- 24 genetics
- Circle DNA
- Everly Well
- Myriad Genetics Inc.
- Helix OpCo LLC
- MyHeritage Ltd.
- Illumina Inc.
- Color Genomics Inc.
- Amgen Inc.
- Beyond Nutrition Health
- Wellness Services DMCC
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