PUBLISHER: Grand View Research | PRODUCT CODE: 1611203
PUBLISHER: Grand View Research | PRODUCT CODE: 1611203
The global genetic testing market size is anticipated to reach USD 39.25 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 22.5% from 2025 to 2030. The growth of the genetic testing industry is majorly attributed to the rising prevalence of genetic conditions, increasing investments in R&D, and initiatives by prominent market players. Moreover, increasing emphasis on personalized medicines is also likely to have a positive impact on the direct-to-consumer genetic testing industry.
Furthermore, government authorities are focusing on implementing national programs to encourage and consolidate genetic research. The primary goal of these national genetic research programs is to increase their investments in the compilation of data with an aim to develop personalized treatment plans and medicines, suitable for diverse ethnicities equally. To achieve this goal, awareness and acceptance of genetic testing is expected to play a crucial role.
Genetic testing has major applications in the diagnosis and monitoring of chronic illnesses such as cancers. Owing to increasing incidences of various forms of cancers, and a relatively higher rate of remission provided by the use of testing methodologies, it is expected that this segment with grow at the fastest growth rate in the personalized diagnostics segment throughout the forecast period. In addition, companies are collaborating to integrate advanced informatics tools for efficient diagnosis of cancer which is further contributing to the segment growth.
For instance, in February 2021, Tempus entered in a collaboration with Precision Health Informatics for accelerating the advancement of Precision Medicine (PM) in oncology. Precision Health Informatics leveraged Tempus' genomic sequencing capabilities and AI-enabled platform to create an efficient personalized patient care and clinical research program.
Along with that, governments of various emerging countries are taking initiatives to establish an infrastructure for conducting testing. For instance, in 2021, Moh. Bin Rashid University of Medicine and Health Sciences and A.J. Children's Specialty Hospital (AJCH) collaborated to establish a new & unique scientific and medical interdisciplinary environment through the Al Jalila Genomics Center. Furthermore, the development of the Center for Genomic Discovery as part of the comprehensive academic health system will allow for advancements in genomics and gene discovery.
Genomic data can be used for a variety of purposes, including PM, diagnosis, and toxicogenomics. However, the analysis of massive amounts of data produced in studies is a significant challenge. In some instances, technical improvements have made it possible for the equipment to be used to give an assessment. Although, the process still relies heavily on the perception of the professional in-charge. Hence, the need for skilled professionals is likely to hamper the growth of the market in developing countries.