Rockville, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global genetic testing services market is projected to top at a value of US$ 40 billion in 2023 and further propel at 8% CAGR from 2023 to 2033. Revenue generated from sales in the market is expected to reach a total of US$ 87 billion by 2033.
Rising prevalence of cancer is expected to drive demand for genetic testing services in the next ten years. These services are used to diagnose, treat, and monitor cancer. Advanced testing kits for specialized therapeutics fields such as genomics and personalized medicine, are also driving demand for genetic testing services.
With such testing kits, medical professionals can accurately detect, monitor, and treat diseases such as cancer. This trend is expected to bolster in the forecast period as advanced testing kits become available.
As per the National Library of Medicine, in the period of 2014 to 2017, there were around 75,000 genetic tests, representing 10,000 different test types on the market. One gene was examined in 86% of the genetic testing.
The remaining tests, on the other hand, were panel testing, which included 9,311 multi-analytic tests with algorithm analyses. It also consisted of 85 non-invasive prenatal testing, 122 entire genome sequence tests, and 873 entire bioinformatics tests.
Advancements in technology have further enabled the development of new genetic tests that are increasingly being used to diagnose and treat a variety of diseases. These tests involve the analysis of a person’s deoxyribonucleic acid and offer better accuracy & reliability, as compared to traditional methods. As these tests become widely available, demand for genetic testing services is expected to accelerate in the assessment period.
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New technologies such as next-generation sequencing (NGS) and polymerase chain reaction (PCR), are revolutionizing the field of genetic testing by offering quick results, great accuracy, and a low cost. Emergence of personalized genomics, which is becoming increasingly popular for cancer diagnostics, has further boosted demand for genetic testing services. As new detection technologies become popular, demand for genetic testing services is expected to spur throughout the estimated time frame.
For instance, in January 2021, establishment of an electronic configuration of genetic testing facilities was announced by Concert Genetics. The first companies to be approved into the system are Invitae, PreventionGenetics, and GeneDx Inc., fully owned subsidiaries of BioReference Laboratories, Inc., an OPKO Health firm. They did so after meeting the strict criteria for quality, operation, and billing accuracy.
Based on test type, new born screening segment is slated to possess 60% of shares in the global market. This is due to rising global mortality rates from genetic disorders and growing healthcare knowledge among the general public. Increasing awareness about the importance of early diagnosis and treatments of inherited conditions have also contributed to the surging popularity of new born screening.
As this segment continues to expand, the global genetic testing services market is expected to escalate accordingly. With countries introducing mandatory screening programs and governments taking initiatives to promote newborn screening, the segment's share in the global market is likely to increase.
Regionally, North America is likely to dominate the global genetic testing services market as a result of implementation of new technologies. Introduction of novel diagnostic techniques by using cutting-edge technology has raised demand in the region.
Other important drivers for growth in the market include existence of leading businesses and introduction of innovative products. Urgent need for diagnostics for the diagnosis of cancer and infectious illnesses in the USA is another crucial factor that would push the market in North America.
Key Takeaways:
- North America is set to hold around 2/5th of share in the global genetic testing services market during the forecast period.
- Japan is slated to expand at a CAGR of 8.4% in the global market throughout the forecast period.
- Based on test type, it is anticipated that demand for newborn screening is poised to account for 3/5th of revenue from 2023 to 2033.
- On the basis of application, the oncology category is predicted to hold a sizeable portion of the global genetic testing services market.
- In Europe, Germany is projected to generate the lion’s share in the genetic testing services market by 2033.
Growth Drivers:
- Rising incidence of autoimmune disorders is anticipated to drive demand for genetic testing services.
- Increasing crime rates and vital functions provided by genetic testing in forensic investigations are likely to contribute to expansion.
- Surging knowledge regarding easy availability of improved diagnostic treatments is set to boost demand.
- Government programs that favor genetic testing are likely to increase demand for genetic testing services
Restraints:
- Strict regulatory requirements for the approval of new products may place restrictions on growth in the global genetic testing services.
- Lack of qualified personnel who can examine the data might impede expansion of genetic testing services.
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Competitive Landscape:
Key companies in the market for genetic testing services are concentrating on improving carrier status detection and user friendliness for accurate genetic testing. These companies are also making investments in research and development initiatives to generate novel testing methodologies. In order to expand their market share, manufacturers are concentrating on creating innovative procedures.
For instance,
- In July 2022, Apollo Health Group partnered with 1health.io Inc., a significant software company. They aim to introduce Apollo's specialized top-achieving next-generation sequencing testing procedures such as pharmacogenetics screenings (PGx) and hereditary cancer genetic screenings (CGx), for the rapidly expanding clinical industry. 1health.io Inc. enables diagnostic labs to expand their laboratory tests in both the clinical, as well as direct-to-consumer marketplaces quickly and safely.
- In March 2022, the University of Mississippi Medical Center's new laboratory technique was launched. It enables doctors to analyze deoxyribonucleic acid samples from select cancer patients more quickly and affordably than in the past, all on-site.
Key Companies Profiled by Fact.MR
- Myriad Genetics Inc.
- Danaher Corporation
- Illumina Inc.
- PerkinElmer Inc.
- Eurofins Scientific
- BioRad Laboratories Inc.
- Quest Diagnostics Incorporated
- Hoffmann-La Roche Ltd.
- Qiagen NV
More Valuable Insights on Genetic Testing Services Market
In the latest study, Fact.MR offers a detailed study on global genetic testing services market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of genetic testing services through detailed segmentation as follows:
By Test Type:
- Prenatal Testing
- New Born Screening
- Predictive and Presymptomatic Testing
- Pharmacogenomic Testing
- Others
By Application:
- Oncology
- Infectious Diseases
- Autoimmune Diseases
- Others
By Service Provider:
- Hospital-based Laboratories
- Diagnostic Laboratories
- Specialty Clinics
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Genetic Testing Services Market Report
- What is the projected value of the genetic testing services market in 2023?
- At what rate will the global genetic testing services market grow until 2033?
- Which are the factors hampering the growth in genetic testing services market?
- Which region is expected to lead in the global genetic testing services market from 2023 to 2033?
- Which are the factors driving the genetic testing services market during the forecast period?
- What is the expected market value of the genetic testing services market during the forecast period?
Explore Fact.MR’s Coverage on the Healthcare Domain
Genetic Analyzer Systems Market: Demand for genetic analyzer systems is anticipated to increase due to rising need for deoxyribonucleic acid sequencing and analysis for the treatment of certain diseases. Increasing instances of genetic abnormalities might lead to market expansion for genetic analyzer systems.
Genetic Disorder Therapeutics Market: The global rise in terms of incidence of genetic diseases will fuel demand for genetic disorder therapeutics. The market for genetic disorder therapeutics will also be stimulated by the discovery of new treatments worldwide.
Genetic Testing Panels Market: The market for genetic testing panels is set witness increased demand due to rising cancer and genetic problem rates. Demand will also be boosted by government spending on research and development in other projects.
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