The global genetic testing market is expected to grow from nearly $17.5 billion in 2023 to over $25 billion by 2027 at a compound annual growth rate (CAGR) of above 10%, as per The Business Research Company’s Genetic Testing Global Market Report 2022.
This promising growth is expected to continue, and the market is projected to grow to about $38.5 billion by 2032 at a CAGR of more than 9%. The rapid growth in the forecast period can be attributed to the increase in consumer expenditure on healthcare, rising government initiatives to spread awareness regarding genetic testing, and an increasing geriatric population.
The Competitive Landscape for Genetic Testing
The global genetic testing market is fragmented, with a large number of players. The top ten competitors in the market made up 23% of the total market. In the recent past, technological innovations aided companies in strengthening their market presence. Myriad Genetics Inc. was the largest competitor, holding more than 3.5% of the market, followed by Illumina Inc., Abbott Laboratories, Eurofins Scientific, Danaher Corporation, and F. Hoffmann-La Roche Ltd.
Genetic Testing Market Trends and Strategies
The top trends in the market include the introduction of new programs and technological advancements. Introducing new programs is a key trend gaining traction in the genetic testing market. Companies operating in the market are focusing on expanding diversity in healthcare through new genetic counseling and informatics programs that will help develop the next generation of genetic testing. For instance, in March 2022, HealthPartners, a USA-based health insurance company, and Helix, a US-based genomics company, launched myGenetics, a population genomics program that will provide important health information to families across Minnesota and surrounding states. The myGenetics program hopes to enroll more than 100,000 participants over four years.
Along with this, major companies operating in the genetic testing market are focused on developing technology to sustain their position in the market. For instance, in December 2020, Cell ID Pt. Ltd., a Singapore-based company that manufactures genetic testing products, launched a portable genetic test for COVID-19 named Quiz PCR (polymerase chain reaction) Biochip. This is a portable, palm-sized mobile genetic test kit that utilizes an app to confirm if a person has COVID-19.
To take advantage of these market trends, the key players in the genetic testing market are focusing on introducing new programs to expand their diversity in healthcare through new genetic counselling and concentrating on technological advancement for launching products to sustain their position in the market.
Learn more in-depth about the future opportunities in the genetic testing market through The Business Research Company’s Genetic Testing Global Market Report 2022.
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