Genetic testing market to hit USD 17,607 million by 2025

The global genetic testing market is projected to reach USD 17,607 million by 2025, growing at a CAGR of 11.3 percent from 2020 to 2025, predicts Grand View Research. The global genetic testing market is expected to register substantial growth in the near future with rise in incidences of genetic disorders and cancer and growth in awareness and acceptance of personalized medicine. In addition, advancements in genetic testing techniques and increasing application of genetic testing in oncology are expected to boost the market growth in coming years. However, standardization concerns of genetic testing-based diagnostics and stringent regulatory requirements for product approvals are anticipated to hamper the genetic testing market growth. Conversely, untapped emerging markets in developing countries are expected to provide remunerative opportunities for the market players. Therefore, these factors are anticipated to boost the global genetic testing market share.

The diagnostic testing segment currently holds the lead with revenue in 2019 and is expected to maintain its dominance during 2020–2025. This is attributable to the growth in awareness among people regarding health, and increase in incidences of mortality rate due to the genetic diseases across the world. On the other hand, the pharmacogenomic testing segment is anticipated to witness the highest CAGR. This is largely due to increase in application of drug discovery and development by the pharmaceutical companies.

The cardiovascular diseases diagnosis segment is projected to exhibit the highest growth. This is attributed to the increasing rate of mortality due to the inherited heart diseases that are caused by one or very few genetic changes and that causes heart diseases, including inherited cardiomyopathies, hypertrophic cardiomyopathy (HCM), dilated cardiomyopathy (DCM), and others. Thus, it helps in increasing the genetic testing market size in the near future.

North America was the leading revenue contributor to the global genetic testing market in 2019, and is expected to dominate the market in coming years. This is attributed to the presence of majority of key players in this region. However, Asia-Pacific is expected to grow at the highest CAGR, with increase in affordability, surge in healthcare expenditure, and rise in awareness toward early screening of genetic disorders.

The key players operating in the global genetic testing market include Abbott Laboratories, Bio-Rad Laboratories, Inc. (RainDance Technologies, Inc.), Myriad Genetics, Inc. (Myriad RBM, Inc.), Danaher Corporation (Cepheid), F. Hoffmann-La Roche Ltd., Eurofins Scientific, Illumina, Inc., Qiagen N.V., Novartis International AG, and Thermo Fisher Scientific, Inc. Other players in the genetic testing industry include Agilent Technologies, Inc., Empire Genomics, LLC, Irvine Scientific, PerkinElmer, Inc., Sysmex Corporation, and others.