(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, May 26, 2023 (GLOBE NEWSWIRE) -- The global genetic testing services market is projected to flourish at a CAGR of 8.4% from 2023 to 2031. As per the report published by TMR, the global genetic testing services market is expected to exceed a value of us$ 31.5 billion by 2031 . The market was valued at over US$ 15.0 billion in 2022.
The increasing prevalence of genetic testing across the globe is expected to accelerate the market for genetic testing services during the forecast period. The increasing awareness among the population about genetic diseases, and the potential benefits of genetic testing have played a crucial role in driving the market.
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The increasing demand for preimplantation testing and pharmacogenomics testing is the main factor driving the demand for the genetic testing services market. The increasing prevalence of chronic diseases, such as cancer, cardiovascular disorders, and rare genetic conditions, has created a significant demand for genetic testing services as genetic testing helps in early detection, risk assessment, and treatment selection for these diseases, leading to better patient outcomes.
The increasing geriatric population is anticipated to fuel the genetic testing services market during the forecast period as adults have a high risk of developing various chronic diseases, which may increase the global demand for genetic testing. Increasing investment in research & development activities and the introduction of new novel technology by leading market players, the market is expected to expand during the forecast period.
Key Takeaways from the Market Report
As of 2023, the genetic testing services market is forecast to reach US$ 16.2billion Based on rest type, the prenatal testing segment is expected to account for key market share in 2023 Hospital-based laboratories segment to remain popular due to the increased prevalence of newborn screening in hospitals Based on application, the oncology segment is expected to lead the genetic testing services market North America is projected to dominate the genetic testing market during the forecast period.
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Genetic Testing Services Market: Prominent Drivers and Trends
Increasing demand for prenatal screening and increased awareness about genetic disorders to drive market growth during the forecast period. Increasing focus on personalized medicines and increased healthcare spending is expected to offer an opportunity for market expansion. The growing technological innovation and availability of genetic testing services at cost-effective rates accelerate the growth of the market during the forecast period.
Genetic Testing Services Market - Regional Analysis
North America is expected to hold the largest share of the market for genetic testing services due to its increasing adoption of genetic testing services and advanced medical systems. The increasing prevalence of genetic disorders in the region and favorable reimbursement policies fuels the market growth. Asia Pacific accounts for a significant share of the genetic testing services market in 2023. The increasing healthcare expenditure, increased disposable income and increased awareness about genetic diseases contribute well to market growth in the region. Increased rate of chronic and infectious disease in the region and innovation in laboratory techniques are driving the market growth in the region.
Transparency Market Research has profiled the following players in its global genetic testing services market report:
Laboratory Corporation of America Holdings Quest Diagnostics Incorporated Genomic Health Inc. NeoGenomics Laboratories Inc. Eurofins Scientific Ambry Genetics Illumina Inc. 23andMe, Inc.
The key genetic testing services market players are engaged in regulatory approvals, the launch of new products, and new and strategic collaborations. Some specific developments are as follows:
In January 2023 – Unilabs , and Ambry Genetics (Ambry) , have entered an exclusive partnership to enhance high-quality genetic testing services for government-sponsored and biopharma companies conducting international clinical trials and research. In March 2023 - Illumina Inc . and Myriad Genetics Inc. announced the expansion of a strategic partnership to broaden access to and availability of oncology homologous recombination deficiency (HRD) testing in the United States 23andMe is a prominent direct-to-consumer genetic testing company that offers a range of services, including ancestry testing and health-related genetic testing. They have played a crucial role in popularizing genetic testing and have amassed a large customer base. 23andMe has also collaborated with pharmaceutical companies for genetic research purposes.
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Genetic Testing Services Market: Key Segments
Prenatal Testing New Born Screening Predictive & presymptomatic Testing Pharmacogenomic Testing Others
Hospital Based Laboratories Diagnostic Laboratories Specialty Clinics Others
Oncology Infectious Diseases Autoimmune Diseases Others
North America Latin America Europe Asia Pacific Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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Tags genetic testing services genetic testing prenatal testing new born screening pharmacogenomic testing