Genetic Testing Market Set to Reach USD 65.5 Billion by 2035, with a 10.3% CAGR

The global Genetic Testing Devices market is estimated at USD 22.3 billion in 2024 and is projected to grow at a CAGR of 10.3% during the forecast period 2024-2034. The genetic testing market relies on the examination of genetic makeup for specific markers that indicate the presence of diseases, preferred treatment options, or health-related variables. This market area offers carrier testing, prenatal testing, pharmacogenomics testing, and ancestry testing. The affordability of genetic testing has gone up, and new techniques in the market like next-generation sequencing have contributed to high demand for genetic testing. As people become aware of the hereditary implications on their health, the demand for personalized health information expands.

To explore in-depth analysis in this report - Request Free Sample Report

What are the Top Factors Driving Growth in the Genetic Testing Devices Market?

Technological advancements enhance the speed and accuracy of genetic tests

The genetic testing market is being propelled by technological improvements, the frequency of genetic diseases, and a growing emphasis on personalized therapy. New sequencing technologies and sophisticated analytical tools have been developed and integrated to provide faster and more accurate genetic testing. Besides, growth in the prevalence of chronic diseases and hereditary disorders has created the need for early diagnosis and disease-specific treatments. Describing the increasing popularity of genetic testing, the National Human Genome Research Institute estimated that as of 2023, over 30 million people in the United States get genetic tests annually. This trend points to a firm and stable market growth prospect as innovations become increasingly evident.

Browse key industry insights spread across 220 pages with 120+ Market data tables and figures & charts from the report on the Genetic Testing Devices Market By Product (Consumables, Kits and Reagents, and Software), By Testing (Nutrigenomic Testing, Pharmacogenomic Testing, Predictive Testing and Presymptomatic Testing, Prenatal and Newborn Testing, Forensic Testing, and Others), By Techniques (Polymerase chain reaction, Next-Generation Sequencing, DNA sequencing, Microarray Analysis, Others), By Disease (Alzheimer's Disease, Cystic Fibrosis, Cancer, Arrhythmias, Down syndrome, Others), and By Sample Type (Blood Sample, Saliva Sample, Tissue Sample, Other samples), Global Market Size, Segmental analysis, Regional Overview, Company share analysis, Leading Company Profiles And Market Forecast, 2025 – 2035

Download an Exclusive Sample of the Report: https://www.metatechinsights.com/request-sample/1036

The aging population leads to a higher demand for hereditary condition testing

The largest consumers of genetic tests are the aging population, who have been found to have a predisposition to inherited diseases and thus are more likely to require information on their susceptibility to such diseases. Larger carrier populations, improved technology, and the increasing incidence of chronic diseases also require testing for genetic disorders. Societies and healthcare systems are gradually inclining in the direction of preventing and allowing genetic testing to offer such solutions. According to the Centers for Disease Control and Prevention (CDC), chronic diseases cause 7 out of every 10 deaths in the United States, stressing the importance of reliable genetic testing. Due to this, genetic testing is a useful tool in promoting personalized medicine that assists in early indication and appropriate interventions for aging populations.

What are the significant challenges impacting the Genetic Testing Devices Market?

High costs of genetic tests limit patient accessibility and adoption

The genetic testing market is highly constrained by the high costs of these testing procedures, which may reduce patient authority and utilization. Some people consider genetic testing very expensive, and thus many without insurance coverage never afford it. This financial barrier prevents several patients from seeking a particular test and amplifies health inequality. Some vulnerable populations may not have access to comprehensive genetic databases that enable them to make better medical treatment decisions. Furthermore, the nature of the test and the considerable professional knowledge necessary to interpret it may limit its adoption as healthcare providers fail to provide enough information to patients.

What are the attractive investment opportunities that can drive industry growth?

AI integration enhances data analysis and test result interpretation

The application of AI in genetic testing provides a revolutionary chance to improve the genetic testing market clientele analysis and the interpretation of testing results. Machine learning allows AI to evaluate vast amounts of data faster than traditional techniques, revealing previously unknown links and processes. For the former, this capability facilitates the discovery of new genetic variants and the enhancement of risk estimates for genetic diseases. Furthermore, it is believed that by using AI-based technology, it will be feasible to reach global goals such as modifying treatment approaches based on an individual's genes to improve overall health. Thus, when consumers turn to genetic testing like never before, particularly in certain fields like oncology and rare diseases, AI can assist in repositioning and lowering the cost of these services.

North America Plays a Crucial Role in the Genetic Testing Devices Market Landscape

North America is the leader in the genetic testing market due to technological advancements and enhancing the customers’ knowledge. The region has excellent healthcare support, substantial R&D spending, and a high prevalence of genetic abnormalities, which contributes to the demand for testing services. Because of the relevance of biotechnology in more tailored therapies, North America is home to numerous biotech businesses and laboratories specializing in genetic diagnostics. Additional support from agencies such as the FDA expands market growth by legitimizing the development of even more new tests. Furthermore, as people's awareness of preventative healthcare and well-being grows, they are increasingly turning to genetic tests to assess risk. The growing popularity of telemedicine and digital health solutions will lead to increased availability of genetic testing, which in turn will benefit the overall market in North America.

Read more about the report: https://www.metatechinsights.com/industry-insights/genetic-testing-market-1036

Europe Holds a Significant Share of the Genetic Testing Market

The European market for genetic tests is rapidly growing as a result of the continuously expanding knowledge of genetic disorders and innovations in genomic technologies. The countries of the region are leveraging research and innovation driven by public and private funding mechanisms. The European regulatory environment and the European Medicines Agency's guidelines allow for increased competition in genetic diagnostics. Moreover, the segment's rise can be attributable to consumers' increased interest in genetic tests and their embrace of preventive medical care and precision medications. Interactions between academic institutions and biotechnology corporations are also accelerating the development of novel testing procedures. As genetic testing becomes more standard in the current medical field, market growth is expected to proceed in sectors such as oncology and rare disease analyses.

Competitive Landscape

The genetic testing industry can be characterized by high fragmentation and intense competition, which affects mainly the development of this sector. DNA Forensics Laboratory Pvt. Ltd., Lilac Insights, Xcode Life, Positive Bioscience, GenePath Diagnostics, Core Diagnostics, and other companies offer a variety of services and solutions. DNA Forensics expanding its forensic genetics service offerings and Lilac Insights introducing new consumer-friendly genetic tests for health and fitness objectives. Xcode Life is expanding its offering of online genetic reports, and Core Diagnostics has recently introduced new panels for cancer genomics. These companies are focused on implementing new technologies and individualized models for genetic testing.

Recent Developments

• In June 2024, Deep Genomics, a techbio company based in Toronto, recently unveiled its new laboratory and office in Cambridge, Massachusetts. This new office and lab will be an expansion of its office in Toronto and multiple leadership hires. They will work to create RNA therapies for genetic illnesses with ML.
• In May 2024, Ambry Genetics and PacBio declared that they are chosen by GREGoR and UCI to assist the Pediatric (MGRC) Mendelian Genomics Research Center program for better interpreting the primary biology of rare illnesses.
• In July 2023, Quest Diagnostics, a diagnostic information services leader, introduced its 1st consumer-initiated genetic test, named Genetic Insights. The novel offering helps individuals understand possible risk of suffering from specific inheritable health disease with improved technology and end-to-end assistance comprising personalized health access and report to genetic counselling.

Report Coverage:

By Product

• Consumables
• Kits and Reagents
• Software

By Testing

• Nutrigenomic Testing
• Pharmacogenomic Testing
• Predictive Testing and Presymptomatic Testing
• Prenatal and Newborn Testing
• Forensic Testing
• Others

By Techniques

• Polymerase chain reaction
• Next-Generation Sequencing
• DNA sequencing
• Microarray Analysis
• Others

By Disease

• Alzheimer's Disease
• Cystic Fibrosis
• Cancer
• Arrhythmias
• Down syndrome
• Others

By Sample Type

• Blood Sample
• Saliva Sample
• Tissue Sample
• Other samples

By Region

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Singapore
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC Countries
• South Africa
• Rest of Middle East & Africa

List of Companies:

• MedGenome Labs Limited
• Strand Life Sciences Pvt Ltd.
• Centogene India Private Limited
• Eurofins Genomics India Pvt Ltd.
• Mapmygenome India Limited
• ClevergeneBiocorp Private Limited
• LifeCell International Pvt. Ltd.
• Genes2Me Pvt. Ltd.
• GeneTech India Private Limited
• DNA Forensics Laboratory Pvt. Ltd.
• Lilac Insights
• Xcode Life
• Positive Bioscience
• GenePath Diagnostics
• Core Diagnostics