Genetic Testing Services Market to Register 8.4% CAGR from 2023 to 2031, TMR Study

Posted on 2024-03-28 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-28 — /EPR Network/ — Transparency Market Research Inc. –

The worldwide Genetic Testing Services industry attained a value of US$ 15.0 billion in 2022. Projections indicate a compound annual growth rate (CAGR) of 8.4% from 2023 to 2031, potentially reaching over US$ 31.5 billion by the close of 2031.

The escalating prevalence of genetic disorders coupled with increased awareness surrounding personalized medicine serves as a driving force behind the expansion of the genetic testing services market. Technological advancements, notably in next-generation sequencing and gene editing techniques, have significantly enhanced the accuracy, efficiency, and affordability of genetic testing, thereby further propelling market growth.

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Genetic testing services involve analyzing an individual’s genetic material, such as DNA, to detect genetic disorders, assess disease risks, and tailor personalized treatment plans. These services are increasingly vital in healthcare, offering insights into genetic makeup and aiding informed medical decisions.

Covering a spectrum of applications like carrier testing, prenatal testing, diagnostic testing, predictive testing, and pharmacogenomic testing, DNA analysis provides crucial information. Carrier testing identifies individuals carrying specific genetic disorders, prenatal testing detects fetal genetic abnormalities, while diagnostic testing confirms or rules out suspected genetic disorders based on symptoms or family history.

Surge in Demand for Personalized Medicine

The growing interest in personalized medicine presents lucrative opportunities in the genetic testing services market for industry players. Personalized medicine strives to tailor healthcare according to an individual’s distinct genetic profile. Genetic testing is pivotal in this endeavor, offering insights into genetic makeup, disease susceptibility, and responses to treatment.

By leveraging genetic testing outcomes, healthcare providers can make informed decisions regarding disease prevention, diagnosis, and treatment, ultimately enhancing patient outcomes. The increasing adoption of personalized medicine practices is fueling demand for genetic testing services and reshaping the landscape of healthcare.

Companies profiled:

Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Genomic Health, Inc., NeoGenomics Laboratories, Inc., Eurofins Scientific, Ambry Genetics, Illumina, Inc., and 23andMe, Inc.

Market Segmentation-

Test Type
- Prenatal Testing
- New Born Screening
- Predictive & Presymptomatic Testing
- Pharmacogenomic Testing
- Others

Service Provider
- Hospital-based Laboratories
- Diagnostic Laboratories
- Specialty Clinics
- Others

Application
- Oncology
- Infectious Diseases
- Autoimmune Diseases
- Others

Market Drivers and Challenges:

Drivers:
- Technological advancements in genetic testing techniques.
- Growing prevalence of genetic disorders and chronic diseases.
- Rising demand for personalized medicine and targeted therapies.
- Increasing investments in genetic research and development.
Challenges:
- Ethical and privacy concerns related to genetic data.
- Lack of standardization and regulatory challenges.
- Limited accessibility to genetic testing services in developing regions.

Key Market Developments

In March 2022, Illumina launched a cancer test in Europe that examines a broad range of tumor genes using a single tissue sample. This test offers potential benefits for patients with rare diseases, as it helps match them with suitable treatment options based on comprehensive genomic analysis.
In June 2022, Prenetics Group Limited introduced ColoClear by Circle, a non-invasive at-home screening test for early detection of colorectal cancer. This novel test enhances the ability to identify signs of colorectal cancer in its early stages, improving treatment outcomes.

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Market Trends:

Increasing adoption of next-generation sequencing (NGS) for comprehensive genetic analysis.
Expansion of direct-to-consumer genetic testing services.
Integration of artificial intelligence and machine learning in genetic data interpretation.
Collaborations and partnerships among key market players to enhance product offerings and geographical presence.

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Key Market Study Points:

Analysis of market dynamics, including drivers, challenges, opportunities, and trends.
Assessment of market segmentation based on service type, sourcing type, application, industry vertical, and region.
Evaluation of regulatory frameworks and their impact on market growth.
Examination of competitive landscape, including key players, strategies, and recent developments.
Prediction of future market trends and opportunities for stakeholders.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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