Genetic Testing Market Expected to Reach $40.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Genetic Testing Market," The genetic testing market size was valued at $15.5 billion in 2022, and is estimated to reach $40.9 billion by 2032, growing at a CAGR of 10.2% from 2023 to 2032. 

Genetic testing is a medical test that involves the analysis of an individual's DNA, genes, or chromosomes to identify changes or variations in their genetic material. These tests are conducted to gain insights into a person's genetic makeup, which can provide valuable information about their risk of developing certain diseases, their ancestry, their response to medications, and other aspects of their genetic profile. Genetic testing can be used for various purposes, which includes disease risk assessment, carrier screening, pharmacogenetics, newborn screening, cancer genetic testing, and others.  

The genetic testing market growth is driven by rise in the number of adoptions of key strategies such as product launch, product approval, and others by market players and large presence of market players who manufacture genetic testing products. For instance, April 2023, Myriad Genetics, Inc., a leader in genetic testing and precision medicine, and SimonMed Imaging, one of the largest independent outpatient medical imaging providers and physician radiology practices in the U.S. announced the planned launch of a new hereditary cancer assessment program that combines diagnostic imaging, genetic risk assessment utilizing MyRisk with RiskScore and patient education.

Leveraging a custom-built Myriad tool developed in collaboration with SimonMed, the program is expected to enable affordable access to genetic testing and deliver personalized insights to better inform clinical decisions for the millions of patients and families served at SimonMed. Thus, business expansion of market players for genetic testing is anticipated to boost the genetic testing market size.

Moreover, rise in adoption of genetic testing for cancer diagnosis and increase in number of populations suffering from cancer are anticipated to boost the genetic testing market share. For instance, genetic testing helps oncologists understand the specific genetic mutations driving a patient's cancer. This information allows for the development of personalized treatment plans tailored to the unique genetic characteristics of the tumor. Targeted therapies can be chosen to address the specific mutations, potentially leading to more effective treatments and better outcomes.

In addition, according to American Cancer Society, in 2022, it was reported that, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the U.S. Thus, rising prevalence of cancer is expected to drive the usage of genetic testing and boost the growth of market. 

Moreover, rise in number of product launches and product approvals for genetic testing is anticipated to boost the genetic testing market share. For instance, in March 2022, Myriad Genetics, Inc., a leader in genetic testing and precision medicine, announced the U.S. Food and Drug Administration (FDA) has approved Myriad’s BRACAnalysis CDx test for use as a companion diagnostic to identify patients with germline BRCA-mutated (gRBCAm) HER2 negative, high-risk early-stage breast cancer who may benefit from Lynparza(olaparib).

Rise in number of genetic diseases and increase in awareness among the people regarding genetic testing are anticipated to boost the growth of market. For instance, genetic testing is useful to confirm or rule out many different diseases and conditions. These conditions include down syndrome, huntington's disease, cystic fibrosis, sickle cell disease, phenylketonuria, colon (colorectal) cancer, breast cancer, and others. Thus, rise in awareness about genetic testing and increase in prevalence of genetic disorders are anticipated to boost the growth of market.

By type, the genetic testing market analysis is segmented into predictive testing & pre-symptomatic testing, carrier testing, prenatal & newborn testing, diagnostic testing, pharmacogenomic testing, and others. The prenatal & newborn testing segment held dominant position with highest revenue and is expected to maintain its dominance during the forecast period. This is attributable to growth in awareness among people regarding healthcare and increase in incidences of mortality rate from genetic diseases across the world. 

By technology, genetic testing industry is divided into cytogenetic testing, biochemical testing, and molecular testing. Molecular testing is further classified into DNA sequencing and others. The molecular testing segment held dominant position with highest revenue and is expected to maintain its dominance during the forecast period. This is attributed to rise in adoption of molecular testing for diagnosis of genetic diseases and technological advancement in healthcare sector for development of molecular testing.

By application, genetic testing industry is segmented into cancer diagnosis, genetic disease diagnosis, and others. The genetic disease diagnosis segment held dominant position with highest revenue and is expected to maintain its dominance during the forecast period. This is attributed to increase in prevalence of genetic disorders and rise in availability of genetic testing products for diagnosis of genetic testing.

Region wise, North America was the leading revenue contributor to the global genetic testing market and is expected to dominate the market during the forecast period. This is attributed to presence of majority of key players in the region. However, Asia-Pacific is expected to grow genetic testing market opportunity at the highest CAGR during the forecast period, owing to increase in affordability, surge in healthcare expenditure, and rise in awareness toward early screening of genetic disorders.

Key Findings of the Study

• By type, the prenatal & newborn testing segment dominated the genetic testing market trends in 2022.
• By technology, the molecular testing segment dominated the genetic testing market forecast in 2022.
• By application, the genetic disease diagnosis segment dominated the market in 2022.
• By region, North America dominated the market in 2022 and is expected to grow during the forecast period.