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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.
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.
What segment dominated the genetic testing industry based on products & services?
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.
How large is the genetic testing market?
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.
Why is North America expected to dominate the genetic testing market throughout the forecast period?
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.
Who are some of the prominent players in the genetic testing industry?
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.