Genetic Testing Services Market Size to be worth $12.48 Billion By 2031: The Insight Partners
NEW YORK, Oct. 30, 2024 /PRNewswire/ -- The North America genetic testing services market is expected to reach US$ 4.98 billion by 2030; it is estimated to register a CAGR of 15.2% from 2022 to 2030 by major factors driving includes the increasing prevalence of genetic diseases, rising awareness and acceptance of personalized medicines, and growing preference for direct-to-consumer genetic testing.
NEW YORK, Oct. 30, 2024 /PRNewswire/ -- According to a new market research by The Insight Partners, the Global Genetic Testing Services market is growing significantly owing to the rising prevalence of surgical site infections. The genetic testing services market is segmented into type, disease, and service provider; these segments are expected to witness noticeable growth in the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.
Read full market research report, "Genetic Testing Services Market Size, Share, and Growth Overview by 2031", published by The Insight Partners.
Regional Analysis -
By Asia Pacific genetic testing services market was valued at US$ 646.31 million in 2022 and is expected to reach US$ 2,156.88 million by 2030; it is estimated to register a CAGR of 16.3% from 2022 to 2030.
By Europe genetic testing services market was valued at US$ 931.11 million in 2022 and is expected to reach US$ 2,778.42 million by 2030; it is estimated to register a CAGR of 14.6% from 2022 to 2030.
Overview of Report Findings
- Market Growth: The genetic testing services market is expected to reach US$ 12.48 billion by 2031 from US$ 3.86 Billion in 2023, registering a CAGR of 15.8% during the forecast period. Genetic testing services involve DNA analysis for multiple aspects, such as identification of genetic disease, identification of health risks, and personalization of treatment plans. It is also utilized in carrier screening for making informed decisions.
- Surging Prevalence of Genetic Diseases: The prevalence of genetic diseases is rising across the world. Genetic diseases show symptoms that are uncommon and are mostly incurable. Most of the genetic diseases are rare and are developed due to the mutation in the genetic makeup. According to the World Health Organization (WHO), in 2021, 10 out of 1,000 people were affected by single-gene diseases, signifying that 70–80 million people worldwide suffered from one or the other type of single-gene disease. As per the Global Genes, ~7,000 known rare diseases and disorders have been identified worldwide, and more are being discovered every year.
- Increasing Awareness and Acceptance of Personalized Medicines: Personalized medicine is the field that utilizes patients' genetic and environmental data to deliver optimal healthcare. It is based on the principle that every patient is unique and requires individualistic pharmacological treatment. France developed a national plan for personalized medicine known as "Genomic Medicine France 2025." The program was presented to Prime Minister Manuel Valls by Yves Lévy, President of the National Alliance for Life and Health Sciences (Aviesan) and CEO of Inserm.
- Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on service type, the genetic testing services market is segmented into predictive testing, carrier testing, prenatal testing, newborn screening, and others. The predictive testing segment held the largest share of the genetic testing services market in 2023.
- By disease, the genetic testing services market is categorized into cancer, cardiovascular diseases, metabolic diseases, and others. The cancer segment held the largest share of the genetic testing services market in 2023.
- In terms of service provider, the genetic testing services market is divided into hospital-based laboratories, diagnostic laboratories, and others. The hospital-based laboratories segment dominated the genetic testing services market in 2023.
- The genetic testing services market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
- Key Players: A few major companies operating in the genetic testing services market are Laboratory Corporation of America Holdings; F. Hoffmann-La Roche Ltd; Illumina, Inc.; Quest Diagnostics Incorporated; Exact Sciences Corp (Genomic Health); NeoGenomics Laboratories, Inc.; Eurofins Scientific; Ambry Genetics; Centogene AG; and 23andMe, Inc.
- Trending Topics: Direct-to-consumer testing, pharmacogenomics, ancestry testing, CRISPR and gene editing, and genetic testing for cancer, among others.
Global Headlines on Genetic Testing Services Market
- BillionToOne launches prenatal genetic test, named BabyPeek
- Avesthagen Limited launches AVGEN Diagnostics, an integrated, personalized genetic testing service
- iMeUsWe launches DNA testing services in partnership with MapMyGenome
- Revvity launches NGS Panel, workflow to complement current newborn screening
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Conclusion
The genetic testing services market is expected to witness significant growth attributed to the increasing prevalence of genetic diseases, rising awareness and acceptance of personalized medicines, and growing preference for direct-to-consumer genetic testing. Key trends such as the increasing use of artificial intelligence-powered genetic testing and the rising genetic counseling are shaping the market's trajectory. Other factors such as technological developments in the healthcare industry and increased awareness of genetic health across the globe are favoring the growth of the genetic testing services market.
The report from The Insight Partners lists several stakeholders—including component providers, system technology integrators, and system manufacturers—along with valuable insights on how to successfully navigate this evolving market landscape and unlock new opportunities.
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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