Genetic Testing is Estimated to Witness High Growth Owing to Advancements in Direct-to-Consumer Genetic Testing
Genetic testing refers to the analysis of a person's DNA in order to determine his or her personal risks of inheriting certain genetic disorders. Genetic testing is mainly carried out for the diagnosis and prognosis of genetic diseases. Genetic testing has various advantages like early diagnosis of inherited genetic disorders, ability to respond to personalized medical treatments, predict risk for late-onset disorders, determine ancestry and heritage, and ability to give information to other family members. The rising prevalence of genetic disorders such as cancer, cystic fibrosis, sickle cell anemia and other chronic diseases is driving the growth of the genetic testing market.
The Global Genetic Testing Market is estimated to be valued at US$ 18.24 Bn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Genetic Testing are 23&Me Inc., Qiagen NV, Eurofins Scientific, PerkinElmer Inc., Illumina Inc., Danaher Corporation, Myriad Genetics Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Quest Diagnostics Incorporated, BioRad Laboratories Inc., and DiaSorin S.p.A. (Luminex Corporation), among others.
Key opportunities in the market include the untapped emerging markets with growing diagnosis rates of genetic disorders. The launch of direct-to-consumer genetic testing services by key players is also providing growth opportunities.
Advancements in direct-to-consumer genetic testing services are allowing customers to get genetic testing done without requiring a doctor's prescription. Technologies like next-generation sequencing have made genetic testing quicker and cheaper, further driving market growth.
Market Drivers
The growing awareness regarding the application of genetic testing in risk assessment and predisposition to certain diseases is a major market driver. An increasing application of genetic testing for nutritional needs as per genetic makeup is also boosting the market growth. Advancements in genetic sequencing technologies have made genetic testing affordable and accessible to a wide population base thus driving the market growth.
Current Challenges in Genetic Testing Market
The genetic testing market faces some challenges such as privacy concerns related to confidentiality of genetic data, unavailability of skilled professionals to interpret the test results, requirement of advanced infrastructure and equipment, high cost of genetic tests limiting their access, and lack of insurance coverage or reimbursement policies for genetic tests. Overall implementation of genetic testing in clinical practice remains limited.
SWOT Analysis
Strength: Diagnose diseases accurately and early detection of genetic disorders. Also helps in personalized treatment plans.
Weakness: High cost of tests limiting access. Require advanced technology and skilled professionals.
Opportunity: Growing aging population and rise in chronic diseases. Genetic testing helping drug development and diagnosing rare disorders.
Threats: Ethical issues related to data privacy and confidential use of genetic data. Stringent regulations can limit market growth.
Geographical Regions of Concentration
North America holds the major share of the genetic testing market currently due to favourable reimbursement scenarios, technological advancements, and increasing consumer awareness. The United States represents the largest market owing to the high adoption of direct-to-consumer genetic testing.
Fastest Growing Region
The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to rapidly increasing healthcare expenditure, large patient pool, rising awareness about genetic testing, and growing collaborations between regional and global market players for expanding their presence in emerging Asian countries.
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