Genetic Testing Market Overview
The genetic testing market was valued at approximately USD 7,836 million in 2020, and it is expected to witness a revenue of USD 14,227 million in 2026, with a CAGR of 10.45% over the forecast period. The COVID-19 pandemic has left a significant impact on the growth of the genetic testing market. Most genetic testing services have adopted virtualization, along with a home testing kit/home sample collection, to combat the transmission of the SARS-CoV2 virus. The increasing technological advancements, rising prevalence of chronic diseases, and the development of customized testing kits for niche therapeutic areas are aiding the rapid growth of the market.
North America accounted for the largest share in the genetic testing market
The genetic testing market's growth is increasing due to the demand for personalized genetic testing services in the region and the rising prevalence of chronic and genetic disorders. The increasing product approvals by the US Food and Drug Administration (FDA) and subsequent launches, along with the high concentration of key players involved in research activities for the innovation of novel genetic testing products, are anticipated to drive the market growth in North America.
Key Highlights of the Market
- The genetic testing market is highly competitive and consists of several major players, such as Abbott Laboratories, BioRad Laboratories Inc., F Hoffmann-La Roche, and Illumina Inc.
- The genetic testing market is expected to dominate the cancer disease segment over the forecast period. The increasing burden of cancers worldwide and the growing awareness among the global population on preventive diagnosis and personalized medicine are the major factors driving the cancer segment market over the forecast period.
- In September 2020, Illumina Inc. entered into a definitive agreement to acquire GRAIL to expand the portfolio: transformative multi-cancer screening test (based on next-generation sequencing (NGS)).
- The adoption of direct-to-consumer genetic testing kits in countries, like the United States, China, and Japan, is growing rapidly. With increasing technological adoptions, awareness programs, and declining costs, the market for DTC-GT (Direct-to-consumer genetic testing) kits is likely to witness a significant boost over the forecast period.
List of Key Players in the Genetic Testing Market
- 23&Me Inc.
- Abbott Laboratories
- Myriad Genetics Inc.
- Danaher Corporation
- Illumina Inc.
- Luminex Corporation
- BioRad Laboratories Inc.
- PerkinElmer Inc.
- Quest Diagnostics Incorporated
- F. Hoffmann-La Roche Ltd
- Eurofins Scientific
- Qiagen NV
*List Not Exhaustive
Mordor Intelligence has segmented the global genetic testing market on the basis of Type, Disease, Technology, and Geography:
- Type (Market Size & Forecast (2018-2026) in USD billion)
- Carrier Testing
- Diagnostic Testing
- New-born Screening
- Predictive and Presymptomatic Testing
- Prenatal Testing
- Other Types
- Disease Type (Market Size & Forecast (2018-2026) in USD billion)
- Alzheimer's Disease
- Cystic Fibrosis
- Sickle Cell Anemia
- Duchenne Muscular Dystrophy
- Huntington's Disease
- Rare Diseases
- Other Diseases
- Technology Type (Market Size & Forecast (2018-2026) in USD billion)
- Cytogenetic Testing
- Biochemical Testing
- Molecular Testing
- Geography (Market Size & Forecast by Type, Disease, and Technology (2018-2026) in USD billion)
- North America
- United States
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Related Reports & Links
- Next-generation Sequencing (NGS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
- Preimplantation Genetic Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
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