Global
Genetic
Testing Market size was $7,502 million in 2017 and is projected to reach
$17,607 million by 2025, growing at a CAGR of 11.3% from 2018 to 2025. The
diagnostic testing segment accounted around half of the total market share in
2017.
Genetic
testing is the study of genes that examines genetic material taken from cells
in a persons blood sample or a sample of other body fluids. The study is
conducted in relation to hereditary and variations in genes and number of
chromosomes, which are used for the detection of genetic disorders as well as
selection of precise therapies for the treatment of these genetic disorders.
Genetic testing includes various techniques such as comparative genomic
hybridization, fluorescence in situ hybridization, karyotyping,
immunohistochemistry, and others.
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The
global genetic testing market is expected to register substantial growth in the
near future due to rise in incidence of genetic disorders & cancer. In
addition, growing demand for personalized medicine and increasing application
of genetic testing in oncology are expected to boost the market growth during
the forecast period. However, high costs of genetic testing and stringent
regulatory requirements for product approvals are anticipated to hamper the
genetic testing market growth during the forecast period. Conversely, untapped
emerging markets in developing countries are expected to provide remunerative
opportunities for the market players. Therefore, these drivers and opportunities
are anticipated to boost the global genetic testing market share.
Based
on type, the market is segmented into predictive testing, carrier testing,
prenatal & newborn testing, diagnostic testing, pharmacogenomic testing,
and others. The diagnostic testing segment currently holds the lead with
revenue in 2017 and is expected to maintain its dominance during the forecast
period. This is attributable to the growth in awareness among people regarding
health and increase in incidences of mortality rate due to the genetic diseases
across the world. On the other hand, the pharmacogenomic testing segment is
anticipated to witness highest CAGR during the forecast period. This is largely
due to increase in application of drug discovery and development by the pharmaceutical
companies.
Based
on geography, the market is analyzed across North America, Europe,
Asia-Pacific, and LAMEA. North America was the leading revenue contributor to
the global genetic testing market in 2017 and is expected to dominate the
market during the forecast period. This is attributed to the presence of
majority of key players in this region. However, Asia-Pacific is expected to
grow at the highest CAGR during the forecast period, owing to increase in
affordability, surge in healthcare expenditure, and rise in awareness toward
early screening of genetic disorders. Furthermore, the number of travelers to
the cholera-affected countries is increasing, which in turn increases the
demand for immunization.
The
report provides a comprehensive analysis of the key players operating in the
global genetic testing market, namely Abbott Laboratories, Bio-Rad
Laboratories, Inc. (RainDance Technologies, Inc.), Myriad Genetics, Inc.
(Myriad RBM, Inc.), Danaher Corporation (Cepheid), F. Hoffmann-La Roche Ltd., Eurofins
Scientific, Illumina, Inc., Qiagen N.V., Novartis International AG, and Thermo
Fisher Scientific, Inc. The other players operating in the genetic testing
industry include Agilent Technologies, Inc., Empire Genomics, LLC, Irvine
Scientific, PerkinElmer, Inc., Sysmex Corporation, and others.
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Key Findings of the Genetic Testing Market:
- Based on technology, the
biochemical testing segment is expected to experience rapid growth in the
market and is projected to grow at a CAGR of 12.0% from 2018 to 2025.
- Depending on application, the
genetic diseases diagnosis segment holds the highest revenue in 2017 and
is expected to maintain its dominance during the forecast period.
- U.S. generated the highest
revenue in the global genetic testing market in 2017, accounting around
two-fifth of the global market in 2017.
- Asia-Pacific is estimated to
grow at a CAGR of 13.0% during the forecast period.
