Genetic Testing Service Market Size, Share & Industry Analysis, By Type (Predictive Testing, Carrier Testing, Prenatal Testing, Newborn Screening, Others), By Disease (Cancer Disease, Metabolic Disease, Cardiovascular disease, Others), By End User (Diagnostic Laboratories, Hospitals & Clinics, Academic Institutes & Research Centers, Others ) And Regional Forecast, 2024-2032

Genetic tests are medical devices that are available in the form of kits and panels and are used for testing genetic diseases in a human body. It is a medical test also known as DNA testing which determines changes in the chromosomes, genes, and proteins. These tests can suspect or rule out the genetic conditions which determine any genetic disorder or diseases in the patients. Genetic testing helps in the diagnosis of diseases, the severity of the disease, diagnosis or to identify the changes in the genes, the risk of developing the diseases and also allows the patient and physicians to establish the correct treatment.

This can be done by modifying or mutating one gene in every cell of the body.

Due to the COVID-19 pandemic, there was a huge impact on the growth of the genetic testing market. It impacted the genetic testing market negatively because the genetic counselors cannot see their patients in person and laboratories are not running as per the government guidelines. Now slowly most of the genetic testing services have adopted virtualization, along with the home testing kit and home sample collection to avoid transmission of the SARS-CoV2 virus.

Growing awareness over the availability of various testing procedures among individuals and increasing demand from the agricultural sector to evaluate the quality of the breeding stock with the help of progeny testing increases the demand for genetic testing services. Various research and development institutes have implemented new techniques in diagnosing diseases more accurately to drive market growth. An increase in crime incidences and the crucial role of genetic testing in forensic investigations also play an important role in driving market growth.

However, the lack of skilled manpower in analyzing the reports due to fewer training institutes has slowed down the growth of the genetic testing market. The equipment in the laboratories requires regular inspection and maintenance, which requires a lot of investment, this is also one of the reasons which inhibit the growth of the market. Stringent regulatory scenario in terms of new product approvals are also limiting the global genetic testing services market growth.

Key Market Driver -

Increased prevalence of chronic diseases coupled with greater awareness to boost the adoption of these services

Key Market Restraint -

The cost of installing the equipment is very high, thus restraining the demand for genetic services in the market

Market Segmentation:

Globally, the genetic testing service market can be segmented on the basis of type, disease, end user, and region. Based on type, the market can be segmented into predictive testing, carrier testing, prenatal testing, newborn screening, and others. Based on disease, the market can be segmented into cancer disease, metabolic disease, cardiovascular disease, and others. Based on end user, the market can be segmented into diagnostic laboratories, hospitals & clinics, academic institutes & research centers, and others. Geographically, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Key Players Covered:

The major companies in the global genetic testing service market are 23andMe, Inc., Abbott, Ambry Genetics, BGI, Biocartis, BIO-HELIX, bioMérieux SA, Blueprint Genetics Oy, Danaher, Eurofins Scientific, F. Hoffmann-La Roche Ltd., Illumina, Inc., QIAGEN, Thermo Fisher Scientific, Inc., CSL Limited, and other prominent players.

Key Insights

• Prevalence of Key Diseases, by Key Countries/Region, 2020


• New Product Launches


• Impact of COVID-19 on the Global Genetic Testing Service Market


• Key Industry Development


• Overview of Technological Advancements in Genetic Testing

Regional Analysis:

The global genetic testing service market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading region in contributing revenue to the global genetic testing services market due to the adoption of new technologies. The launch of innovative diagnostics procedures with new technology has increased the demand in this region. The presence of key players, the novel products launches, the demand for diagnostics for cancer detection, rising prevalence, and incidences of autoimmune, infectious diseases in the region are also critical factors for the market growth of the region. Genetic testing in the Europe market holds the second position as there is a rise in demand for effective treatment procedures and growing awareness among the patients. Increasing support from the government in introducing reimbursement schemes is escalating the market growth. The Asia-Pacific Region is accounted as the fastest growing market due to the growing presence of the latest equipment in research centres.

The Latin America genetic testing services market is an attractive market and may face growth prospects in the future as it is slowly helping in providing better healthcare. The Middle East & Africa region is a slow growing market as the penetration of advanced diagnostics is comparatively low in this region.

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Segmentation

Genetic Testing Services Industry Developments

• In November 2020, FDA expanded approval of cancer blood test, “liquid biopsy”, that detects genetic changes in tumour DNA in the blood and can help match patients to potential treatments.


• In January 2020, Quest Diagnostics announces that they have completed the acquisition of the Finnish genetic testing company Blueprint genetics, this helped them increase next generation sequencing capabilities for rare diseases.