According to our new research study on "Genetic Testing Services Market Forecast to 2030 - Global Analysis - Service Type, Disease, Service Provider, and Geography," the genetic testing services market is expected to grow from US$ 3,425.23 million in 2022 to US$ 10,556.29 million by 2030; it is estimated to record a CAGR of 15.1% from 2022-2030. Key factors driving the growth of the genetic testing services market are the increasing prevalence of genetic diseases, increasing awareness and acceptance of personalized medicines, and growing preference for direct-to-consumer genetic testing.
Based on service type, the genetic testing services market is segmented into prenatal testing, predictive testing, carrier testing, newborn screening, diagnostic genetic testing, and others. In 2022, the diagnostic genetic testing segment held the largest market share and is projected to register the highest CAGR from 2022 to 2030. Diagnostic testing is performed to identify a specific genetic or chromosomal disease. This test detects a specific gene alteration but is often unable to determine disease severity or age of onset. A mutation in a single gene may result in many diseases, for example, Down's syndrome, cystic fibrosis, and Huntington's disease. Genetic testing often confirms a diagnosis when a specific condition is suspected based on physical signs and symptoms. Diagnostic testing can be done before birth or at any time during a person's life. The results of diagnostic tests can influence a person's choices about healthcare and disease or disorder management. Advancements in genetic testing have transformed the risk assessment and diagnostic landscape for many hereditary and genetic diseases. Advanced tools introduced to test genetic diseases allow diagnostic service providers to better understand and detect multiple illnesses, including rare diseases. In oncology, genetic variations can determine whether a patient is at an increased risk for a specific type of cancer. For instance, patients with a family history of breast cancer may be tested for genetic risk factors that correlate with a high risk of breast cancer.
Breast cancer is one of the most common types of cancer in the US. A report published by Breastcancer.org in January 2022 stated that ~287,850 new incidences of invasive breast cancer, along with 51,400 new cases of noninvasive breast cancer, were detected in women in the US in 2022. Similarly, in 2022, according to the Canadian Cancer Society, ~28,600 Canadian women were diagnosed with breast cancer, accounting for nearly 25% of all new cancer cases in women. The increasing prevalence of multiple types of cancer is driving the market for the diagnostic genetic testing segment.
The increasing demand for genetic counseling is expected to drive the market for diagnostic genetic testing as more people understand the importance of genetics in disease etiology. The ongoing advancements and upgrading of platforms to improve the efficiency of genome analysis techniques are expected to boost the adoption of diagnostic genetic testing solutions. A growing focus on reducing the growing healthcare burden of rare genetic diseases and rapid integration of technologies such as artificial intelligence and machine learning will enhance product development and fuel the need for predictive testing to assess and prevent future complications from diseases effectively.
Laboratory Corporation of America Holdings; F. Hoffmann-La Roche Ltd; Illumina, Inc.; Quest Diagnostics Incorporated; Exact Sciences Corp (Genomic Health); NeoGenomics Laboratories, Inc.; Eurofins Scientific; Ambry Genetics; Centogene AG; and 23andMe, Inc are among the leading companies operating in the genetic testing services market.
Genetic Testing Services Market, by Region, 2022(%)
Source: The Insight Partners Analysis
The genetic testing services market is segmented based on service type, disease, service provider, and geography. On the basis of service type, the genetic testing services market is categorized into predictive testing, carrier testing, prenatal testing, newborn screening, diagnostic genetic testing, and others. Based on disease, the genetic testing services market is segmented into cancer, cardiovascular diseases, metabolic diseases, and other diseases. The genetic testing services market, based on service providers, is classified into general testing services and liquid biopsy-based CGP, MRD, and MCED services. The genetic testing services market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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