Genetic Testing Market to Generate USD 40.9 Billion by 2032, 10.2% (CAGR ) Annual Growth Predicted During 2023-2032

Genetic Testing Market Overview

According to the report, the global genetic testing market was valued for $15.5 Billion in 2022 and is estimated to reach $40.9 Billion by 2032, exhibiting a CAGR of 10.2% from 2023 to 2032.

•CAGR: 10.2%
• Current Market Size: USD 40.9 Billion
• Forecast Growing Region: APAC
• Largest Market: North America
• Projection Time: 2023- 2032
• Base Year: 2023

 

Request Sample of the Report on Genetic Testing Market Forecast 2032- https://www.alliedmarketresearch.com/request-sample/5241

 

 

Genetic Testing Market Drivers

The increasing prevalence of genetic disorders like Down syndrome, sickle cell disease, phenylketonuria, and others, along with the rising adoption of genetic testing for cancer diagnosis, is expected to drive market growth. However, the high costs associated with genetic tests may impede market expansion. Conversely, the market is expected to witness growth due to the significant presence of manufacturers producing genetic testing devices and growing public awareness about the benefits of genetic testing during the forecast period.

The molecular testing segment to maintain its leadership status throughout the forecast period.

In 2022, the molecular testing segment dominated the global genetic testing market, capturing over half of the revenue, and is expected to remain at the forefront throughout the forecast period. This is primarily due to the widespread adoption of molecular testing for diagnosing genetic diseases. Conversely, the cytogenetic testing segment is forecasted to achieve a notable compound annual growth rate (CAGR) of 10.8% from 2023 to 2032.

North America to maintain its dominance by 2032.

In 2022, North America led the global genetic testing market in revenue, capturing over two-fifths of the total revenue. This is attributed to the significant presence of genetic testing device manufacturers in the region and the increasing prevalence of chronic diseases such as cancer that require genetic testing.

However, the Asia-Pacific region is anticipated to experience the fastest compound annual growth rate (CAGR) of 10.9% from 2023 to 2032, likely becoming the dominant market during the forecast period. This growth can be attributed to the rising population affected by cancer and the growing awareness of genetic testing in the region.

Leading Market Players:

• Abbott Laboratories
• Bio-Rad Laboratories, Inc.
• Myriad Genetics, Inc.
• Danaher Corporation
• F. Hoffmann-La Roche Ltd.
• Illumina, Inc.
• Thermo Fisher Scientific, Inc.
• Qiagen N.V
• CSL Limited
• Luminex Corporation

Recent Developments in the Genetic Testing Market

In November 2022, Myriad Genetics, Inc., a leader in genetic testing and precision medicine, announced that it has acquired Gateway Genomics, LLC, a personal genomics company and developer of consumer genetic tests including the No. 1 selling SneakPeek Early Gender DNA Test. SneakPeek reveals a baby’s gender at six weeks into pregnancy, the only at-home test to do so with 99% accuracy and the earliest method available.

 

𝐃𝐨 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 – https://www.alliedmarketresearch.com/purchase-enquiry/5241

 

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the genetic testing market analysis from 2022 to 2032 to identify the prevailing genetic testing market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the genetic testing market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global genetic testing market trends, key players, market segments, application areas, and market growth strategies.

Key Takeaways

• By type, the prenatal & newborn testing segment dominated the market in 2022.
• By technology, the molecular testing segment dominated the market in 2022.
• By application, the genetic disease diagnosis segment dominated the market in 2022.
• By region, North America dominated the market in 2022 and is expected to grow during the forecast period.

 

𝑶𝒕𝒉𝒆𝒓 𝑻𝒓𝒆𝒏𝒅𝒊𝒏𝒈 𝑹𝒆𝒑𝒐𝒓𝒕𝒔 𝒊𝒏 𝑳𝒊𝒇𝒆 𝑺𝒄𝒊𝒆𝒏𝒄𝒆 𝑰𝒏𝒅𝒖𝒔𝒕𝒓𝒚 

Multimodal Imaging Market  https://www.alliedmarketresearch.com/multimodal-imaging-market-A06256

Hematology Diagnostics Market https://www.alliedmarketresearch.com/hematology-diagnostics-market-A10991

 

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

Contact
David Correa

1209 Orange Street,

Corporation Trust Center,

Wilmington, New Castle,

Delaware 19801 USA.

Toll Free: +1-800-792-5285

Int’l: +1-503-894-6022

UK: +44-845-528-1300

Hong Kong: +852-301-84916

India (Pune): +91-20-66346060

Fax: +1-855-550-5975

help@alliedmarketresearch.com

Web: https://www.alliedmarketresearch.com

Follow Us on: LinkedIn Twitter

Logo – https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

SOURCE Allied Market Research