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Genetic Testing Market Trends

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

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Genetic Testing Market Trends

Technological advancements in genetic testing technologies, such as next-generation sequencing (NGS), have significantly reduced the cost and time required for genetic testing. This makes it more accessible and practical for a wide range of applications.
Additionally, the introduction of next generation sequencing genetic tests is anticipated to propel the growth of market.
For instance, in April 2024, Revvity launched a next-generation sequencing-based panel and workflow for newborn screening that will complement existing screening programs, which largely employ biochemical testing.
Moreover, the use of technologically advanced genetic testing diagnostic tools significantly expands the range of conditions that can be tested and broadens horizon in research areas, further boosting the market growth.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The genetic testing industry size was valued at USD 19.4 billion in 2023 and is likely to witness 11.7% CAGR from 2024 to 2032, due to the rising incidence of genetic and hereditary diseases along with greater need for early and accurate diagnosis.

The kits & reagents segment recorded a revenue of USD 12.3 billion in 2023, led by the development and adoption of NGS technologies for significantly increasing efficiency, speed, and cost-effectiveness.

North America recorded 53.1% of the global genetic testing market share in 2023, driven by the rising incidences of genetic disorders, such as cystic fibrosis, Huntingtons disease, and certain types of cancer.

Prominent genetic testing companies are 23 and ME, Inc., Abbott Laboratories, Ambry genetics, Ancestry DNA, bioMerieux SA, BGI Genomics, Eurofins Scientific, Illumina, Inc., Invitae Corporation, Luminex Corporation, Myriad Genetics, Inc., Natera, Inc., and QIAGEN N.V.