Genetic Testing Market Size (2024 - 2029)

Genetic Testing Market Analysis

The Genetic Testing Market size is estimated at USD 19.66 billion in 2024, and is expected to reach USD 32.83 billion by 2029, growing at a CAGR of 10.81% during the forecast period (2024-2029).

Genetic testing is a type of medical test that identifies changes in genes, chromosomes, or proteins. The results of a genetic test can confirm or rule out a suspected genetic condition or help determine a person’s chance of developing or passing on a genetic disorder. Factors such as the increasing prevalence of genetic disorders, rising investments in research and development of genetic testing, and increasing technological advancements are expected to drive market growth.

Genetic testing is used for the diagnosis of genetic disorders, such as cancer, cystic fibrosis, sickle cell anemia, and Alzheimer's disease. Early detection of these diseases using genetic testing procedures plays a pivotal role in managing these disorders. For instance, according to Alzheimer’s Disease Facts and Figures Annual Report 2023, more than 6 million Americans had Alzheimer’s disease. By 2050, this number is projected to rise to nearly 13 million. The increasing prevalence of these diseases increases the demand for genetic testing, which is expected to drive the market over the forecast period.

The rising investments in research and development of genetic testing procedures are also expected to drive the market. For instance, in November 2022, Redcliffe Labs invested USD 10 million in the development of genetics and specialized testing. In addition, in December 2022, the UK government, in partnership with the National Health Service (NHS), invested USD 175 million in genomics research to explore the effectiveness of using whole-genome sequencing testing to find and treat rare genetic diseases in newborn babies.

Increasing technological advancements and product launches over the past few years have opened several opportunities for market expansion. For instance, in June 2023, Devyser launched Devyser LynchFAP and Devyser BRCA PALB2. These two genetic testing kits are used to identify hereditary cancer syndromes. Hence, the increasing launch of such genetic testing products is expected to drive the genetic testing market. However, the social and ethical implications of genetic testing and the high cost of genetic testing are expected to restrain market growth.

Genetic Testing Industry Segmentation

A genetic test is a medical test performed to identify any changes in the DNA sequence or chromosome structure. The gene within the DNA sequence can be identified either directly through sequencing or indirectly through various genetic testing methods. 

The genetic testing market is segmented by type, disease, technology, and geography. By type, the market is segmented into carrier testing, diagnostic testing, newborn screening, predictive and presymptomatic testing, prenatal testing, and other types. By disease, the market is segmented into Alzheimer's disease, cancer, cystic fibrosis, sickle cell anemia, Duchenne muscular dystrophy, thalassemia, Huntington's disease, rare diseases, and other diseases. By technology, the market is segmented into cytogenetic testing, biochemical testing, and molecular testing. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the values (USD) for all the above segments.