Genetic Testing Market Size to Hit USD 17.48 Billion by 2030 at 10.10% CAGR – Report by Market Research Future (MRFR)

New York, USA, Feb. 27, 2023 (GLOBE NEWSWIRE) — Genetic Testing Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Genetic Testing Market Information by Type, Method, Application And Region – Forecast till 2030”, the market size was valued at USD 8.1 billion in 2021 is projected to grow from USD 8.91 Billion in 2022 to USD 17.48 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.10% during the forecast period (2022 – 2030).

Market Scope

The rising incidence of hereditary and chronic illnesses and the development of cutting-edge testing tools are the key market drivers enhancing market growth are the key market drivers enhancing the market growth. Technological advances in genetic testing include the creation of next-generation sequencing and chromosomal microarray analysis, which have transformed the detection of chromosomal structural and numerical abnormalities and, in turn, assisted in the identification of a number of rare genomic and genetic disorders. Additionally, in September 2019, Roche unveiled FoundationOne Liquid, a genetic profile test based on blood. This assay identifies the 70 most frequently changed genes in solid tumors with microsatellite instability.

Additionally, Myriad Genetics, Inc. announced in May 2020 that the FDA had approved BRACAnalysis CDx for use by healthcare professionals as a companion diagnostic test to identify patients with metastatic pancreatic cancer who have a germline BRCA mutation and are candidates for treatment with PARP (poly ADP ribose polymerase) inhibitor Lynparza.

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Market Dynamics

Throughout the projected period, the cytogenetic market is anticipated to be driven by the development of important leading players’ genetic testing products. Technology improvements have also increased test accuracy and made it possible for medical professionals to simultaneously review many genomic data sets. Many countries are speeding up the adoption of new methods by approving them for the market. For instance, the first test to detect Fragile X Syndrome (FXS), one of the main causes of genetic developmental delay and intellectual disability, was authorized by the US Food and Drug Administration in February 2021.

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As a result of the increased prevalence of chronic diseases, advancements in technology, and the trend towards personalized medicine, it is predicted that the market for genetic testing will expand significantly over the course of the forecast period. As a result, these circumstances have recently increased the CAGR of the global market for genetic testing.

However, effective government initiatives to promote genetic testing are another element boosting the market’s revenue growth.

Segmentation

According to Method, the genetic testing market is segmented into molecular genetic tests/DNA tests, chromosomal and biochemical tests, and other tests. In 2021, the molecular genetic tests and DNA tests market category accounted for the majority of market revenue, or about 45%. The segment’s dominance is due to the method’s widespread use in genetic tests. The technological superiority of this method, such as speedier turnaround times and the current trend of declining next-generation sequencing (NGS) costs, will also accelerate the segmental expansion.

Prescribed genetic testing and direct-to-consumer genetic testing are the two categories into which the genetic testing market data has been divided. Prescribed genetic testing dominated the market in 2021 and is anticipated to increase at the fastest rate over the next five years.

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According to Application, the global genetic testing market has been divided into several subsectors, including presymptomatic and predictive testing, cancer screening, and reproductive health. The sector with the biggest market share in 2021 was cancer screening ancestry; by 2030, it is predicted to expand in value by million USD at a CAGR of 11%. A person’s lifetime risk of developing cancer can be determined with the help of genetic testing. By looking for specific changes in a person’s genes, chromosomes, or proteins, it does this. These modifications are referred to as mutations.

Pred reproductive health is the industry’s fastest growing subsegment.

Regional Analysis

The second-largest market share belongs to Europe’s market for genetic testing. This comes about as a result of patients learning more about inherited conditions such cystic fibrosis, cancer, and thalassemia. The growth of the genetic testing industry is also aided by the 100,000 Genomes Project and other genomics activities carried out by research groups in this area. Additionally, the UK Genetic Testing market had the quickest rate of growth in the European region, while the Germany Genetic Testing market had the greatest market share.

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From 2022 to 2030, the Asia-Pacific Genetic Testing Market is anticipated to experience the quickest CAGR growth. An expanding patient base paired with an increase in the usage of cutting-edge genomics technology, an increase in the frequency of many chronic illnesses, and a decline in the price of genomic testing are all contributing factors to the region’s burgeoning healthcare system. The India Genetic Testing market was the one in Asia-Pacific with the quickest rate of growth, and China Genetic Testing held the largest market share.

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