Healthcare Medical Devices Biotechnology

Genetic Testing Market is Expected to Reach USD 40.64 Billion by 2031

Apr 2024

Healthcare Medical Devices Biotechnology

As per the report published by Kings Research, the global Genetic Testing Market was valued at USD 17.62 billion in 2023 and is projected to reach USD 40.64 billion by 2031, growing at a CAGR of 11.21% from 2024 to 2031.

The global genetic testing market is growing rapidly due to technological advancements, which are making testing more accurate and affordable. Furthermore, increased awareness regarding genetic health risks and supportive regulatory environments are driving research and development efforts. Trends such as expanding testing applications, integrating genetic testing into personalized medicine, and direct-to-consumer options are further propelling adoption. These factors contribute to the rising acceptance and utilization of genetic testing across diverse healthcare sectors.

Key Insights

  • Based on purpose, the clinical segment garnered the highest revenue of USD 15.88 billion in 2023
  • Based on type, the diagnostic testing segment secured the largest market share of 55.56% in 2023
  • Based on technology, the DNA studies segment generated the highest revenue of USD 8.94 billion in 2023
  • Based on disease, the cancer segment accrued the largest market share of 29.37% in 2023
  • Based on sampling method, the blood sample segment led the market in 2023 with a revenue share of 51.26%
  • On the basis of region, Asia-Pacific is estimated to register a CAGR of 14.35% over 2024-2031

Medicover Genetics and Fimlab Laboratories Partner to Expand Genetic Testing Services in Finland

June 2023: Medicover Genetics partnered with Fimlab Laboratories to expand genetic testing accessibility in Finland. The collaboration combined advanced genomic technologies with an extensive healthcare network to provide comprehensive genetic testing solutions. This initiative aimed to benefit healthcare professionals and patients by offering timely and accurate genetic diagnostics for various medical conditions, promoting early disease detection, and supporting tailored treatment strategies. The partnership reflected a growing focus on precision medicine and improved healthcare outcomes through genomic insights.

Population-Scale Genomic Projects to Present Lucrative Opportunities for Key Players

Population-scale genomic projects such as the Precision Medicine Initiative (PMI) create significant opportunities for genetic testing market growth. These projects gather diverse genomic data to understand genetic variations and their links to diseases and drug responses. Partnering with research institutions and healthcare providers allows access to vast genetic data for analysis purposes. Collaborations enable the development of tailored genomic testing panels for specific populations, leading to more accurate diagnostics and personalized treatments. Participation in these projects enhances the reputation of the companies as leaders in genomic research, thereby expanding their market reach. Genetic testing companies are poised to advance precision medicine and improve healthcare outcomes on a population-wide scale as these initiatives gain global momentum.

Regulatory Support to Drive Growth of Global Genetic Testing Market

A supportive regulatory environment is a pivotal factor driving the growth of the global genetic testing market by fostering innovation, ensuring quality standards, and promoting widespread adoption. Governments and regulatory bodies worldwide recognize the potential of genetic testing technologies in revolutionizing healthcare and personalized medicine, leading to the implementation of favorable policies, guidelines, and incentives. Key initiatives include streamlining approval processes, establishing quality and safety standards, and facilitating reimbursement mechanisms. These efforts boost investor confidence, stimulate R&D investment, spur collaboration, and enhance consumer trust. Moreover, regulatory support drives patient acceptance and healthcare provider confidence, thereby fueling market growth and innovation in the genetic testing landscape.

Asia-Pacific to Record a Staggering CAGR of 14.35% Over the Forecast Period

Based on region, the global genetic testing market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. The Asia-Pacific is projected to experience a remarkable CAGR of 14.35% over the projection period. Rapid digital transformation and technological advancements, along with increasing adoption of digital technologies, present vast opportunities for tech-driven businesses. In the healthcare sector, increasing healthcare expenditure, rising awareness about preventive healthcare measures, and the adoption of advanced medical technologies are likely to contribute to the growth of the regional market. Favorable government policies, collaborations between local and international companies, and the growing middle-class population with higher disposable incomes further fuel market growth in the region.

Companies Focus on Launching Cutting-Edge Products to Expand Their Market Reach

The global genetic testing market reveals a fragmented landscape, featuring prominent companies including Abbott Laboratories, Thermo Fisher Scientific Inc., Illumina Inc., F. Hoffmann-La Roche Ltd (Roche), Quest Diagnostics, Myriad Genetics, Inc., PerkinElmer Inc., BGI Group, Bio-Rad Laboratories, Inc., Exact Sciences Corporation, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

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