Genetic Testing Market to be Worth $28.24 Billion by 2030—Exclusive Report by Meticulous Research®

Genetic Testing Market by Offering (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) - Global Forecast to 2030


Redding, California, April 25, 2023 (GLOBE NEWSWIRE) -- According to a new market research report, Genetic Testing Market by Offering (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) Global Forecast to 2030,' published by Meticulous Research®, the genetic testing market is expected to grow at a CAGR of 10.4% from 2023 to reach $28.24 billion by 2030.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5370

Genetic testing involves identifying changes in genes, chromosomes, or proteins. This testing has been made possible by developing next-generation sequencing (NGS) technologies that allow large quantities of nucleic acid sequences to be obtained in a clinically meaningful time frame. Genetic testing involves the analysis of chromosomes, proteins, and certain metabolites to detect heritable disease-related genotypes, mutations, phenotypes, or karyotypes for clinical purposes. It involves prenatal testing, predictive and presymptomatic testing, diagnostic testing, carrier testing, newborn screening, and preimplantation testing.

The growth of this market is mainly driven by government initiatives promoting genetic testing, the increasing prevalence of genetic disorders, a growing need for the early detection & prevention of diseases, the increasing applications of genetic testing in oncology, and the decreasing costs of sequencing procedures. However, the high cost of genetic testing in low-income countries and the social and ethical implications of genetic testing restrain the growth of the genetic testing market. The growing potential of direct-to-consumer genetic testing and the emerging field of genetic counseling are expected to create growth opportunities for the players operating in this market. However, the low chances of positive, actionable mutations and concerns regarding the security & privacy of genetic data are major challenges to market growth.

The Impact of COVID-19 on the Genetic Testing Market

The coronavirus disease (COVID-19) outbreak in March 2020 impacted nearly every country around the globe. According to the WHO, as of 14th October 2022, there were 620.8 million confirmed cases and 6.5 million confirmed deaths. The continued outbreak of COVID-19 and its various escalations due to the Delta and Omicron variants has impacted the global genetic testing market to a certain extent. A negative impact was observed on the test volumes of various clinical genetic tests such as newborn screening, prenatal testing, preimplantation testing, and carrier testing, among others.

Further, due to the severe lockdowns and restrictions, there was a supply chain disruption and a shortage of skilled professionals. There were delays in test results and a shortage of test kits and other laboratory equipment. These factors hampered this market's growth during the pandemic's peak.

The genetic testing market is segmented by offering (consumables & reagents, instruments, and services), test type (diagnostic testing, predictive and presymptomatic testing, newborn screening, prenatal testing, preimplantation testing, carrier testing), method (molecular tests, chromosomal tests, and biochemical tests), end user (hospitals & clinics, diagnostic laboratories, and other end users), and geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

Based on offering, in 2023, the consumables & reagents segment is expected to account for the largest share of the genetic testing market.

The large market share of this segment is attributed to the recurring demand for consumables, test kits, & reagents; the high demand for early disease diagnosis & treatment for genetic diseases; and the increasing prevalence of cancer.

Based on test type, in 2023, the prenatal testing segment is expected to account for the largest share of the genetic testing market.

The large market share of this segment is attributed to the growing prevalence of chronic and hereditary diseases, the rising demand for early disease diagnosis, and the increasing need for genetic tests to make efficient treatment decisions.

Quick Buy – Genetic Testing Market Research Report:  https://www.meticulousresearch.com/Checkout/33822956

Based on method, in 2023, the molecular tests segment is expected to account for the largest share of the genetic testing market.

This segment's large market share is attributed to molecular test’s ability to identify and finely characterize the genetic basis of inherited diseases and diagnosis of hereditary cancer syndromes through mutation analysis. Molecular tests vary in scope and include a targeted single variant, single gene, gene panel, and whole exome sequencing/whole genome sequencing.

Based on end user, in 2023, the hospitals & clinics segment is expected to account for the largest share of the genetic testing market.

The large market share of this segment is attributed to the growing demand for advanced technology in the genetic screening of hereditary cancers, better infrastructure, utilization of advanced techniques in hospitals, and high rates of hospitalizations due to the rising prevalence of chronic diseases.

In 2023, North America is expected to account for the largest share of the genetic testing market, followed by Europe and Asia-Pacific.

North America’s major market share is attributed to the high adoption of NGS-based diagnostic testing, the high investments in R&D, and government support and investments to enhance the genome sequencing infrastructure in the region.

The report also includes an extensive assessment of the offering, test type, method, end user, and geography, and key strategic developments adopted by leading market participants in the industry over the past years (2019–2023). In recent years, the genetic testing market has witnessed numerous product launches & approvals, agreements, collaborations, partnerships, and acquisitions & mergers.

The key players profiled in this market study are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), OPKO Health Inc. (U.S.), Natera, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Centogene N.V. (Germany), Konica Minolta, Inc. (Japan), Fulgent Genetics, Inc. (U.S.), and Laboratory Corporation of America Holdings (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/genetic-testing-market-5370

Scope of the Report:

Genetic Testing Market, by Offering

  • Consumables & Reagents
  • Instruments
  • Services

Genetic Testing Market, by Test Type

  • Prenatal Testing
  • Predictive and Presymptomatic Testing
  • Diagnostic Testing
  • Newborn Screening
  • Preimplantation Testing
  • Carrier Testing

Genetic Testing Market, by Method

  • Molecular Tests
  • Chromosomal Tests
  • Biochemical Tests

Genetic Testing Market, by End User

  • Hospitals & Clinics
  • Diagnostic Laboratories
  • Others End Users

(Other end users include academic & research institutes, pharmaceutical & biotechnology companies, and contract research organizations)
Genetic Testing Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5370

Related Reports:

Next-generation Sequencing Services Market by Type (Targeted Sequencing, Exome, RNA-Seq, ChIP Sequencing), Technology (Sequencing by Synthesis, Nanopore, SMRT), Application (Clinical Diagnosis, Biomarker Discovery), & End User - Forecast to 2028

https://www.meticulousresearch.com/product/next-generation-sequencing-ngs-services-market-5041

Artificial Intelligence in Genomics Market by Offering (Software, Services), Functionality (Sequencing, Gene Editing), Application (Diagnostics, Precision Medicine, Drug Discovery and Development), Delivery Mode (On-premise, Cloud), and End User - Global Forecast to 2029

https://www.meticulousresearch.com/product/ai-in-genomics-market-5345

NGS Automation Market By Product (Platform, Consumables), Sequencing Type (Whole Genome, Exome, Targeted), Application (Drug Discovery, Diagnostics), End User (Hospitals, Diagnostic Laboratories, Pharmaceutical, Academic) - Global Forecast to 2029

https://www.meticulousresearch.com/product/ngs-automation-market-5271

Next-Generation Sequencing Market by Type (Consumables, NGS Platform, Software), Sequencing Type (Whole Genome, Targeted), Technology (Sequencing by Synthesis, Sequencing by Ligation), Application (Clinical, Research), End User - Global Forecasts to 2030

https://www.meticulousresearch.com/product/next-generationg-sequencing-market-5040

In-vitro Diagnostics Market (IVD Market) by Product & Solution (Consumables, Systems, Software & Services), Technology (ELISA, Rapid Tests, PCR, Microbiology), Application (Infectious Diseases, Oncology), End User (Hospitals, Diagnostic Laboratories) – Forecast to 2030

https://www.meticulousresearch.com/product/ivd-market-4858

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding, 
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com 
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/597/genetic-testing-market-2030

 

Coordonnées