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Genetic Testing Market Size

Report ID: GMI2490
Published Date: Sep 2024
Report Format: PDF

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Genetic Testing Market Size

The global genetic testing market size was valued at USD 18.6 billion in 2023 growing at a CAGR of 12.3% from 2024 and 2032. The high market growth can be attributed to advances in genomics, such as high-throughput sequencing technologies and improved bioinformatics tools, which have made genetic testing more accurate, efficient, and affordable.

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Additionally, the integration of genetic testing with digital health platforms and electronic health records has made genetic information more accessible and useful. For example, in July 2023, Quest Diagnostics launched its first consumer-initiated genetic test on questhealth.com (Genetic Insights), delivering personalized, actionable health risk insights. This helps individuals understand their potential risk of developing certain inheritable health conditions, with advanced technology and end-to-end support, including personalized health reports and access to genetic counselling. The availability of such products and services, coupled with growing research funding aimed at supporting and catalyzing technological development, is fostering the potential of genetic testing across the genomics sector.

Genetic testing refers to the products and services used to perform tests that identify variations in genetic material, chromosomes, or proteins. Genetic testing can confirm or rule out a suspected genetic disorder or help determine an individual’s probability of developing or passing on a genetic condition. Test results can be interpreted with the help of specialized software and its associated services.

Genetic Testing Market Report Attributes
Report Attribute	Details
Base Year:	2023
Genetic Testing Market Size in 2023:	USD 18.6 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	12.3%
2032 Value Projection:	USD 52.3 Billion
Historical Data for:	2021 - 2023
No. of Pages:	136
Tables, Charts & Figures:	36
Segments covered:	Products & Services, Test Type, Application, Techniques, End-use, and Region
Growth Drivers:	Technological advancement and availability of new tests Growing application of genetic testing in oncology and genetic diseases Increasing consumer preference for personalized medicine Growing demand for direct-to-consumer genetic testing
Pitfalls & Challenges:	High cost of genetic testing Dearth of experienced professionals and advanced infrastructure in developing and developed economies

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global genetic testing industry was valued at USD 18.6 billion in 2023 and is projected to grow at a CAGR of 12.3% from 2024 to 2032, driven by advancements in genomics, including high-throughput sequencing technologies and enhanced bioinformatics tools.

The kits & reagents segment dominated the market, generating a revenue of USD 12.1 billion in 2023. This segment includes next-generation sequencing (NGS) kits, which provide a high-throughput method for sequencing entire genomes or specific regions, facilitating comprehensive genetic analysis for both research and clinical diagnostics.

North America secured a substantial market share of 46.3% in 2023 and is expected to dominate throughout the forecast period. The regions growth is supported by the presence of major market players and leading research institutions focused on genetic research, creating a conducive environment for market expansion.

Key players in the genetic testing industry include 23 and ME, Inc., Abbott Laboratories, Ambry Genetics, Ancestry DNA, bioMerieux SA, BGI Genomics, Illumina, Inc., Invitae Corporation, Luminex Corporation, Myriad Genetics, Inc., Natera, Inc., QIAGEN N.V., Quest Diagnostics, and Siemens Healthineers AG.