Genetic Testing Market Projected to Reach USD 34 Billion by 2030, Growing at a CAGR of 9%

The global genetic testing market was valued at USD 18 billion in 2023 and is projected to reach USD 34 billion by 2030, registering a compound annual growth rate (CAGR) of 9% from 2024 to 2030. This growth is driven by the increasing prevalence of genetic diseases, advancements in testing technologies, and the rising demand for personalized medicine.

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Market Segmentation

The genetic testing market is categorized based on type, technology, application, and region:

• By Type: Predictive and Pre-symptomatic Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others
• By Technology: Cytogenetic Testing, Biochemical Testing, and Molecular Testing
• By Application: Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, and Others

Geographical Analysis

• North America: Holds the largest market share due to the presence of advanced healthcare infrastructure, high adoption of genetic testing, and supportive government policies.
• Europe: Exhibits steady growth, driven by increasing awareness and adoption of genetic testing services.
• Asia-Pacific: Expected to witness significant growth owing to improving healthcare facilities, rising disposable incomes, and increasing awareness about genetic testing.
• Rest of the World: Includes Latin America, the Middle East, and Africa, where improving healthcare infrastructure is contributing to market expansion.

Major Players

Key companies operating in the genetic testing market include:

• Abbott Laboratories
• QIAGEN N.V.
• Bio-Rad Laboratories, Inc.
• Eurofins Scientific SE
• Quest Diagnostics Incorporated
• 23andMe Holding Co.
• Associated Regional and University Pathologists, Inc.
• DNA Worldwide
• MYDNA, Inc.
• Illumina, Inc.

Emerging Trends

• Direct-to-Consumer Genetic Testing: The rise of direct-to-consumer genetic testing services is making genetic testing more accessible to the general public.
• Advancements in Testing Technologies: Innovations in next-generation sequencing and bioinformatics are enhancing the accuracy and efficiency of genetic tests.
• Integration with Artificial Intelligence: AI and machine learning are being integrated into genetic testing to improve data analysis and interpretation.

Conclusion

The genetic testing market is poised for significant growth, driven by technological advancements, increasing awareness, and the rising demand for personalized healthcare solutions. Companies that innovate and adapt to emerging trends will be well-positioned to capitalize on the expanding opportunities in this market.

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