PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515549
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515549
Genome Testing Market size was valued at USD 8,954.2 Million in 2023, expanding at a CAGR of 22.50% from 2024 to 2032.
DNA testing has several medical uses, including infant DNA screening, identity diagnostics and forensics, pre-natal DNA carrier screening, infectious disease diagnostics, oncology histopathology and diagnostics, and so on. Genetic testing involves the use of hair, blood, skin, and other samples. Depending on the suspected ailment, the sample is sent to a lab, where researchers look for specific proteins, DNA, or chromosome changes. Kits and panels are used in DNA testing to detect diseases in humans. Human blood samples are collected for DNA testing, and the tests are performed using test kits and lab equipment.
Genome Testing Market- Market Dynamics
Growing Need for DNA Testing in Various Applications
Diagnostic testing is used to identify or rule out a specific genetic or chromosomal abnormality. When physical signs and symptoms point to a problem, genetic testing is commonly used to confirm the diagnosis. Although diagnostic testing is not available for every gene or genetic condition, it can be performed prior to birth or at any time during an individual's life. A diagnostic test's results may influence decisions about medical care and disease management. DNA sequences are employed in forensic testing to identify individuals for legal purposes. This testing can be used to establish biological relationships between persons, identify victims of crime or tragedy, exclude or implicate a criminal suspect, and so on.
Genome Testing Market- Key Insights
Our research analyst estimates that the global market will develop at a CAGR of approximately 22.50% from 2024 to 2032.
Based on Test Type segmentation, the diagnostic testing sector accounted for the biggest revenue share in 2023.
Based on Disease segmentation, in 2023, cancer will dominate the market.
Based on region, North America was the leading revenue generator in 2023
The Global Genome Testing Market is segmented based on Test Type, Disease, and Region.
The market is divided into seven categories based on Test Type: Carrier Testing, Predictive Testing, Diagnostic Testing, Prenatal & Newborn Testing, Nutrigenomics, Pharmacogenomics and Others. The diagnostic testing segment dominated the worldwide genetic testing market in terms of revenue in 2023 and is expected to maintain its dominance during the forecast period. This is simply due to the rising frequency of chronic diseases in the worldwide population. According to a survey, almost 60% of the US population suffers from at least one chronic condition. Furthermore, the rapidly rising elderly population and increased need for diagnostic tests among them have propelled the segment's expansion in recent years.
The market is divided into seven categories based on Diseases: Cancer, Alzheimer's, Thalassemia, Cystic Fibrosis, Huntington's Disease, Duchenne Muscular Dystrophy, and Other Diseases. The cancer category controlled the global genetic testing market in terms of revenue in 2023 and is expected to maintain its dominance during the forecast period. This is simply due to the rising prevalence of cancer in the global population. The rising prevalence of cancers such as breast cancer, lung cancer, bowel cancer, and womb cancer are the primary drivers of this category.
Genome Testing Market- Geographical Insights
Geographically, this market is present in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These zones are further split based on which countries bring business. North America dominated the global genetic testing market in terms of revenue in 2023, and its dominance is expected to continue during the forecast period. This can be due to growing consumer knowledge of the benefits of genetic testing in the general population. Furthermore, the widespread availability of self-testing kits via online websites in countries such as the United States has increased the population's use of genetic testing kits. Furthermore, the rising prevalence of chronic diseases among the majority of the population, combined with higher consumer spending on healthcare, has accelerated market expansion. The growing senior population in the United States is likely to drive the market in the coming years.
Asia Pacific is the fastest-growing market due to the vast target population in China, India, South Korea, and Japan. Furthermore, one of the primary drivers of market expansion is the growing use of modern laboratory techniques and techniques, such as DNA sequencing, for rapid examination and diagnosis of chronic and infectious ailments.
In the Genome Testing Market Competitive Landscape, several companies compete to provide advanced genome testing services and products. Genentech Inc., Sorenson Genomics, LLC, Abbott Molecular, Bayer Diagnostics, and Biocartis are among the leading companies producing cutting-edge genome sequencing and analysis technology. These organizations aim to stay competitive by investing in R&D, creating strategic alliances, and introducing novel testing solutions. Understanding the competitive environment can provide useful insights into market dynamics, allowing organizations to make informed decisions in the genomic testing industry.
In January 2022, ARCHIMED Life formed a strategic agreement with Amides Holding GmbH to increase and improve access to unique diagnostic services for genetic, biochemical, and biomarker testing.
GLOBAL GENOME TESTING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Genentech Inc.
Sorenson Genomics, LLC
Abbott Molecular
Bayer Diagnostics
Biocartis
BioHelix
Celera Genomics
Genomic Health
HTG Molecular Diagnostics
PacBio
Others