Genetic Testing Market by Type (Predictive & Presymptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing), Application (Cancer diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

Genetic Testing Market 

Trends Influencing the Global Genetic Testing Market 

Increasing cases of genetic disorders, cancers, and global acceptance of personalized medicines

Genetic disorders are a leading cause of death, disability, and human tragedy. The increasing number of genetic disorders such as down syndrome, sickle cell disease, and growing cancer cases are necessitating the need for genetic testing. On the other hand, personalized medicine is gaining global acceptance as treatments are tailored to every individual as much as possible. Genomic testing forms an essential part of it. Thus the increasing number of genetic disorders, cancers, and growing global acceptance of personalized medicine are expected to drive the growth of the genetic testing market during the forecast period.

Rapid technological advancements in gene testing

Genetic technology is advancing rapidly. Genome sequencing has become simpler and cheaper. This opens up new possibilities such as genetic testing or genome editing to a wider group of people and organizations. Uses include DNA sequencing for treating rare diseases, commercial purposes, and for designing treatments that are in sync with individual genetic structures. Thus huge potential offered by rapid technological advancements in gene testing will create lucrative opportunities for growth in the genetic testing market in the coming years.

Strict regulatory compliance, standardization issues, and huge potential in emerging economies

Genetic testing has strict regulatory compliance in various countries. This is due to ethical concerns and the emergence of online Direct To Consumer testing services which require a multitude of medical and regulatory approvals. This makes it challenging and expensive for companies to gain product approval. Also, no set standards are currently present to deal with DNA analysis. However, emerging economies provide huge potential as the public health burden of genetic disorders is very high rather than in the industrialized world. Moreover, the healthcare infrastructure is growing rapidly in the region due to increasing investments. Thus strict regulatory requirements and standardization issues will hamper growth but huge potential in developing nations will create ample opportunities for the growth of the genetic testing market in the future.

Genetic Testing Market Market Share Analysis

Based on type, the prenatal and newborn segment is expected to provide lucrative opportunities for growth in the genetic testing market share and held about one-third of the market in 2019. This is due to increasing awareness and growing mortality rates. The pharmacogenomic testing segment will grow the fastest during the forecast period due to the increasing acceptance of personalized medicine.

Based on technology, the molecular testing segment is expected to provide lucrative opportunities for growth in the genetic testing market share as this is the widely used technology for gene testing. On the other hand, biochemical testing will grow the fastest during the forecast period.

Based on application, the genetic disease diagnosis segment held one-third market share in 2019 and is expected to provide lucrative opportunities for growth in the genetic testing market share during the forecast period.

Based on region, North America dominated the market in 2019 and is expected to provide lucrative opportunities for growth in the genetic testing market share due to the presence of major market players. However, the Asia- Pacific segment will grow at the fastest CAGR of 12.5% during the forecast period due to cheaper medical costs, a surge in healthcare spending, and growing awareness.

Genetic Testing Market Segmentation