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Genetic Testing Market Trends

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

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Genetic Testing Market Trends

The significance of genetic testing is increasing with the development of innovations and new technologies. The availability of efficient and highly sensitive DNA sequencing methods for prenatal genetic testing offers new approaches for initial screening during pregnancy. These methods allow the detection of small amounts of fetal DNA that naturally circulate in the mother's blood during pregnancy.

Genetic testing provides pregnant women with the benefit of a new type of prenatal test that eliminates the risk of miscarriage. This test involves a simple blood draw from the pregnant woman and can be performed at a very early stage of pregnancy. It is commonly known as non-invasive prenatal testing (NIPT) or cell-free fetal DNA testing. The global adoption of NIPT is rising significantly, with several million pregnant women undergoing this test each year.
Furthermore, the development of next generation sequencing (NGS), a rapidly evolving technology that enables the sequencing of entire genomes or specific parts of genomes, allows for rapid extraction of genetic information from biological materials. This advancement is expected to drive the adoption of genetic tests and accelerate the growth of the market in the future.

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.