The Global Market for Genetic Testing is Projected to Reach US$10.3 Billion by 2024

Growing Incidence of Genetic Disorders and Genetically Predisposed Diseases Drives the Global Market for Genetic Testing, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Genetic Testing market. The global market for Genetic Testing is projected to reach US$10.3 billion by 2024, driven by aging population, rising incidence of genetically predisposed and hereditary diseases, growing awareness, technological advances and increasing success of direct-to-consumer (DTC) genetic testing.

Genetic testing broadly refers to the analysis of genes by examining genetic material taken from cells in a person’s blood sample, or a sample of other body fluids. It constitutes the most rapidly expanding segment of the molecular diagnostics market worldwide. The genetic testing market is boosted by higher incidence of genetic diseases, such as Huntington’s disease and cystic fibrosis, coupled with aging population, increased demand for personalized medicine, growing application in oncology, and increasing awareness of early disease detection and prevention among people. With the advent of advanced DNA analysis, the scope of genetic testing expanded widely into new application areas, driving the market further. Non-Invasive Prenatal Diagnosis (NIPD), for instance, has revolutionized the prenatal testing area, and is garnering significant attention due to its potential to wipe out procedural issues in invasive diagnostic techniques.

Technological advances such as development of chromosomal microarray analysis and next generation sequencing are revolutionizing identification of structural and numerical abnormalities in chromosomes, and in turn leading to detection of various rare genomic and genetic disorders. The technologies are also contributing to the developing of carrier screens that allow simultaneous detection of various genetic disorders. Further, these technologies contributed to the development of non-invasive cffDNA (cell-free fetal DNA) for identifying subchromosomal abnormalities, single-gen disorders, and chromosomal aneuploidy. Another technological advancement in this area is the development of liquid biopsy that depends on a blood draw for isolating DNA of tumor shed into the blood stream called the circulating free DNA (cfDNA) for further genetic analysis. advancements in technologies that allow analysis of even small quantities of cfDNA for identifying mutations related to specific diseases is advancing the area of liquid biopsy, which is slated to transform the area of cancer genetic testing of the future. However, growth in the market will be challenged by higher costs of genetic testing in most applications and associated reimbursement issues. While prenatal & newborn genetic testing dominates the market, pharmacogenomics is garnering growing interest. Advances in gene sequencing in terms of efficiency, speed and cost-reduction are driving interest among pharmaceutical companies to develop personalized medicines and shelve the one-size-fits-all approach in therapeutics.

As stated by the new market research report on Genetic Testing, the United States represents the largest market worldwide supported by robust investments in biomedical and life sciences research, launch of several advanced tests, higher awareness over unmet therapeutic needs and better reimbursement scenario. Asia-Pacific ranks as the fastest growing market with a CAGR of 17.8% through the analysis period, led by growing population and healthcare burden; developing healthcare system especially clinical diagnostic infrastructure; and growing incidence of cancer and other genetic disorders due to demographic/lifestyle changes, modern living conditions and complex interplay of environment factors and susceptible genes. Especially poised to benefit growth is the deteriorating genetic health of the human population as evidenced by the growing load of defective genes in the gene pool due to medical interventions that have improved the survival rate and reproductive success of individuals with undesirable genetic traits and thereby a higher risk of inherited genetic conditions among the population.

Major players in the market include 23andMe, Inc., Abbott Laboratories, AutoGenomics, Inc., Biocartis NV, BioRad Laboratories, Cepheid Inc., ELITech Group S.P.A., Illumina Inc., Illumina Inc., Luminex Corporation, Natera Inc., PerkinElmer Inc., QIAGEN N.V., Quest Diagnostics Inc., Roche Diagnostics Corp., Roche Molecular Diagnostics Inc., Sequenom, Inc., Thermo Fisher Scientific and Transgenomic Inc. among others.

The research report titled “Genetic Testing: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Genetic Testing in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific and Rest of World. US market analytics are further analyzed by the following application types: Prenatal & Newborn Genetic Testing, Pharmacogenomic Testing and Predictive Diagnostics.

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