Genetic Testing Market Projected to Reach USD 46.29 Billion by 2032 | SNS Insider

Rising Demand for Personalized Medicine and Early Disease Detection Drives Market Growth at a CAGR of 11.34% from 2024-2032

AUSTIN, TX, UNITED STATES, February 26, 2025 /EINPresswire.com/ -- According to a report by SNS Insider, The Genetic Testing market, valued at USD 17.48 billion in 2023, is projected to reach USD 46.29 billion by 2032, growing at a CAGR of 11.34% from 2024 to 2032.

The growing incidence of genetic diseases like cancer, cardiovascular diseases, and rare genetic disorders has substantially widened the scope for genetic testing. Over 400 million people suffer from rare diseases around the world, of which roughly 80% are genetic disorders according to World Health Organization (WHO). Genetic tests are essential for early diagnosis, risk assessment, and tailored treatment plans. Genetic testing plays a pivotal role in early diagnosis, risk assessment, and personalized treatment plans, making it an indispensable tool in modern healthcare. Technological advancements, particularly in Next-Generation Sequencing (NGS), have revolutionized the genetic testing landscape. NGS enables rapid, cost-effective, and comprehensive analysis of genetic material, making it a preferred choice for researchers and clinicians. AI and ML have also been integrated into genetic testing, aiding in data interpretation for more conclusive details and actionable insights.

Get a Free Sample Report@ https://www.snsinsider.com/sample-request/5721

The market growth is also propelled by government initiatives and funding for genomic research. For example, the US National Institutes of Health (NIH) provided USD 5.3 billion for genomic research in 2023, and the European Union’s Horizon Europe Program committed significant funds to advance precision medicine and genetic testing technologies. These efforts are fostering innovation and increasing the availability of genetic testing services on a global scale.

Market Segmentation Analysis

By Technology
The next-generation sequencing (NGS) segment accounted for the largest share, which was 49.15% of the total revenue in 2023. The NGS has become the gold standard for genetic testing, allowing comprehensively examine multiple genes at once and gain greater understanding of a person's genetic makeup. It is notably utilized in oncology, reproductive health, and rare disease diagnostics. Genetic testing is not just limited to NGS; several other technologies like PCR, Microarray, and FISH are also extensively used for genetic testing. PCR is favoured for its speed and accuracy in mass detection of genetic mutations, microarray technology is widely used for genomic profiling and identification of chromosomal abnormalities.

By Application
The Health and Wellness – Predisposition/Risk/Tendency segment led the market in 2023, holding a 51.23% share. This includes genetic tests that evaluate a person’s risk of developing specific conditions, including cancer, Alzheimer’s disease and cardiovascular disorders. This demand has been stimulated by the increasing consumer interest in preventive healthcare and personalized wellness plans. Other important applications are Diagnostic Testing, which helps to confirm or rule out genetic disorders, and Carrier Testing, which identifies individuals who have gene mutations that can be passed on to offspring. The Pharmacogenomics segment is also gaining traction, as it helps tailor drug therapies based on an individual’s genetic profile, improving treatment efficacy and reducing adverse effects.

By End Use
The Hospitals & Clinics segment held the largest share of the market share at 42.13% revenue share in 2023. The role of genetic testing mainly rests on the hospitals and clinics where diagnostic infrastructure is advanced with access to skilled healthcare professionals and technicians. Moreover, the accelerating adoption of genetic testing in oncology, prenatal testing, and testing for rare diseases has enhanced the growth of this segment. Diagnostic Laboratories are also prominent players in this market, providing specialized genetic testing services. The consumer segment is also growing rapidly, as more genetic testing firms roll out at-home kits, and as consumers become more knowledgeable about genetic health.

Speak with Our Expert Analyst Today to Gain Deeper Insights @ https://www.snsinsider.com/request-analyst/5721

Regional Insights

North America held the largest share of the genetic testing market in 2023, accounting for 43.25% of global revenue. The region's top position is due to its advanced healthcare infrastructure, high uptake of genomic technologies, and the robust government support for genetic research. The U.S. is the largest market in North America, with the Centers for Disease Control and Prevention (CDC) reporting that over 10% of adults have undergone genetic testing. The region is also strengthened by the presence of other key market players that include Illumina, Inc., Quest Diagnostics.

The Asia-Pacific region is projected to grow at the fastest pace during the forecast period, owing to rapid improvements in healthcare infrastructure, rising healthcare expenditure, and increasing awareness about genetic testing. Countries such as China, India, and Japan are making substantial investments in genomic research and precision medicine. For example, National Health Mission (NHM) of Indian government has initiated to encourage genetic testing on rare diseases and prenatal care, thus driving the growth of the market.

Recent Developments
• In 2023, Illumina, Inc. launched a new NGS platform, NovaSeq X Series, offering unprecedented speed and accuracy in genetic testing.
• In January 2024, 23andMe received FDA approval for its new genetic health risk report, which assesses an individual’s risk for 10+ conditions, including Parkinson’s disease and celiac disease.

Key Players in Genetic Testing Market
• Illumina, Inc. (Verifi Prenatal Test, TruSight NIPT Solution)
• 23andMe, Inc. (Health + Ancestry Service, Carrier Status Reports)
• Myriad Genetics, Inc. (myRisk Hereditary Cancer Test, GeneSight Psychotropic Test)
• Invitae Corporation (Comprehensive Carrier Screening, Cancer Screen)
• Natera, Inc. (Panorama Non-Invasive Prenatal Test, Signature Residual Disease Test)
• Ambry Genetics (Proactive Health Screenings, Hereditary Cancer Panels)
• LabCorp (Integrated Genetics, Inheritest Carrier Screen)
• Quest Diagnostics (QHerit Carrier Screen, BRCAvantage)
• GeneDx (Whole Exome Sequencing, XomeDxPlus)
• Fulgent Genetics (Comprehensive Cancer Panel, Carrier Screening Panel)
• Pathway Genomics (FIT Test, Cardiac DNA Insight)
• Counsyl, Inc. (Family Prep Screen, Inherited Cancer Screen)
• Color Genomics (Hereditary Cancer Test, Heart Health Test)
• Sema4 (Expanded Carrier Screen, Oncology Panels)
• Genomic Health (Oncotype DX Breast Recurrence Score, Oncotype DX Colon Cancer Assay)
• Progenity, Inc. (Innatal Prenatal Screen, Riscover Hereditary Cancer Test)
• Centogene N.V. (CentoGenome, CentoXome)
• Eurofins Scientific (NIPT Solution, Genetic Predisposition Tests)
• Blueprint Genetics (Cardiology Panel, Neurology Panel)
• Prenetics Limited (Circle DNA Test, ColoClear)

Buy Full Research Report on Genetic Testing Market 2024-2032 @ https://www.snsinsider.com/checkout/5721

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Jagney Dave
SNS Insider Pvt. Ltd
+1 315 636 4242
email us here
Visit us on social media:
Facebook
X
LinkedIn
Instagram