Genetic Testing Market is forecasted to grow at high pace due to growing awareness, development in healthcare procedures, government initiatives and funding and growing acceptance of personalized medicines.
The Global Genetic Testing Market was valued at US$ 11,701.8 Mn in 2020 is expected to reach US$ 24,194.7 Mn by 2027, with a growing CAGR of 10.2 % during the forecast period (2021-2027).
Genetic testing is a medical test used in detection of genotypes, alleles, proteins, and chromosomes. This is used in detection of heritable traits, disorders, genetic diseases, or predispositions. Genetic testing is also used to identify or determine ancestry or parentage. Genetic test includes measuring and identifying genetic changes, RNA analysis, gene expression and biochemical analysis of specific trait or protein. Various types of genetic test are available to determine and diagnose disorders such as predictive testing, prenatal and new born testing, nutrigenomics and others. Presence of advanced medical therapies and treatment in genetics drives the growth of genetic testing market.
Increase in incidence of genetic disorders including cancer and prenatal disorders, acceptance of personalized medicine, improve in diagnosis procedure, and use of pharmacogenomics drives the market growth. However, government regulations and procedures for approval of testing and medicines hinder the growth of market. On the other hand, development in untapped market of countries like China, India and Mexico, provides opportunities for new players for the development. This is due to increase in funding and investments in healthcare surge the growth and demand for genetic testing in this regions. Moreover, Covid-19 outbreak has adversely affected the growth of genetic testing market due to social distancing, where physicians were not able to check patient physically. This led to decrease in number of patients and growth of market during pandemic.
Genetic testing market is broadly segmented into different categories such as type, technology, application, and region. Based on type, prenatal & new born testing segment dominated market in 2020 and expected to maintain same during forecast period. This is due to increase in awareness about healthcare procedures and rising incidences of mortality from genetic diseases across world. Based on technology, molecular testing segment held highest market share in genetic testing market in 2020 and expected to expand more during forecast period. This is due to increase in use of advanced technology in genetic therapy and testing. Further, based on application, cancer diagnosing hold eminent position in the market with high market share due to increase in number of cancer patients fuel the growth of market share in this segment.
On the basis of region, North America is expected to dominate the genetic testing market during the forecast period. This is due to presence of majority of key players in this region, high awareness regarding advanced treatments for healthcare, and availability of high-tech healthcare infrastructure. Moreover, favourable government initiatives, funding and rise in collaborations and acquisitions with companies accelerate the growth of market in this region.
However, Asia-Pacific is expected to grow with highest CAGR during the forecast period. This is due to increasing affordability of healthcare procedures, rising population and increasing prevalence of disease and growing in awareness towards early screening and diagnostics of genetic disorders.