Genetic Testing Market Size to Hit USD 15.8 Billion by 2030

Ottawa, Jan. 06, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global genetic testing market size was valued at USD 8 billion in 2021. The rising prevalence of chronic diseases and technological advancements resulted in the development of efficient and innovative genetic testing kits. The rising awareness regarding the benefits of genetic testing among the global population is boosting the adoption of the genetic testing. Furthermore, the growing geriatric population across the globe is expected to drive the demand for the genetic testing as old age people are prone to the chronic diseases.

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According to the United Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 ad this number is expected 2.1 billion by 2050. The presence of numerous top market players and their heavy investments in the research & development activities has encouraged innovation in the product design, improved distribution, and enhanced quality of the products. The increasing popularity of the online DNA testing kit providers such as Ancestry.com and 23andme.com is fueling the sales of the genetic testing kits.

The rising popularity of the direct-to-consumer channels and increased adoption of self-testing kits is expected to drive the growth of the global genetic testing market during the forecast period. Furthermore, the increased disposable income, rising consumer expenditure on healthcare, technological advancements, growing government initiatives to spread the awareness regarding genetic testing, and easy availability of genetic testing services are the major factors that drives the growth of the genetic testing market across the globe.

Scope of the Genetic Testing Market

North America dominated the market in 2020. This is due to the increased awareness regarding the benefits of genetic testing, increased consumer expenditure on healthcare, growing geriatric population, and increased prevalence of chronic diseases in the region. Furthermore, the increased popularity of self-testing kits through online websites in the nation like US has boosted the adoption of the genetic testing kits among the population. The aggressive marketing strategies adopted by the online test kit providers is playing a crucial role in spreading the awareness. For instance, Ancestry.com invested around US$ 109.0 million on TV ads in US, in 2016. 23andme.com spent US$ 21 million on TV ads. All these factors have significantly boosted the growth of the genetic testing market in North America.

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Asia Pacific is expected to register a significant growth rate during the forecast period. This is due to the rising government initiatives to spread the awareness regarding the genetic testing. The increased disposable income, increased healthcare expenditure, increasing prevalence of chronic diseases are the major factors that are expected to boost the market growth in this region.

The lack of awareness and low disposable income in the developing and underdeveloped nation is a major restraining factor that can hamper the market growth during the forecast period. Moreover, lack of proper healthcare infrastructure in the underdeveloped nations is major disadvantage faced by the genetic testing market.

The rising popularity of self-testing or do it yourself testing is the latest trend in the market. Various sellers of the genetic testing kits are offering the testing kits with home delivery option which is making the adoption of the genetic testing kits affordable and convenient.

Based on the test type, the prenatal & newborn testing segment is expected to be the fastest-growing segment during the forecast period. This is attributed to the increased demand for people in the developed countries to identify any health complications in the prenatal or the new born babies. The prenatal screening helps in identification of various health conditions such as down syndrome.

Based on the disease, the cancer segment dominated the market in 2020. This is simply attributed to the rising prevalence of various cancer diseases among the population such as breast cancer, lungs cancer, bowel cancer, and womb cancer. According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe. The global cancer cases are estimated to grow by 47% from 2020 to 2040. It is expected that 28.4 million cases will be recorded in 2040, globally. Hence the rising cases of cancer is expected to sustain the dominance of this segment throughout the forecast period.

In August 2020, Guardant Health acquired the approval from FDA for its Guardant 360 CDx. The various developmental strategies like acquisition, partnerships, mergers, and government policies fosters market growth and offers lucrative growth opportunities to the market players.

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Segments Covered in the Report

By Test Type

• Carrier Testing
• Predictive Testing
• Diagnostic Testing
• Prenatal & Newborn Testing
• Nutrigenomics
• Pharmacogenomics
• Others
  
  

By Disease

• Cancer
• Alzheimer’s
• Thalassemia
• Cystic Fibrosis
• Huntington’s Disease
• Duchenne Muscular Dystrophy
• Other Diseases
  
  

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World
  
  

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