Market overview
September 30, 2024 - The global market for genetic testing is experiencing significant growth, driven by increase in prevalence of genetic disorders. According to the World Health Organization (WHO), There are over 10,000 different types of single-gene disorders, often known as monogenic diseases, caused by abnormalities in one gene. According to estimations, ten out of every thousand persons are affected. Approximately 70-80 million people worldwide have one of these diseases.

The increase in funding towards developing genomic testing platform in diagnosing newborn babies for rare genetic disorders is also augmenting the growth of the market. The Government of UK announced a funding of 175 million GBP (USD 201 million) for treatment of newborn with rare genetic disorders. The funding will enable research that could result in world-class genomic healthcare for patients, which entails the study of people's DNA. The increase is part of a new three-year plan to research, assess, and implement new technologies throughout the health-care system and life sciences sector, boosting the UK's position as a life sciences superpower.

The adoption of artificial intelligence (AI), Next Generation Sequencing (NGS), and gene editing technologies is accelerating. Key competitors are focusing on launching new products and services, as well as forming partnerships with healthcare providers like hospitals and clinics, seeing these collaborations as essential for market growth. Furthermore, deep learning is playing a growing role in base calling for genomic instruments, utilizing Recurrent Neural Networks (RNNs) and Convolutional Neural Networks (CNNs). These neural networks analyze image and signal data from instruments to decode the human genome’s 3 billion nucleotide pairs.
Nevertheless, the steep cost of genetic testing poses a major challenge that could constrain market revenue growth. For many individuals and healthcare providers, genetic testing remains unaffordable, particularly in low-income regions or for those without adequate insurance coverage. This financial barrier could limit the accessibility and utilization of genetic tests. Moreover, interpreting test results typically requires specialized knowledge from genetic counselors, but the shortage of these professionals in many areas may further impede the widespread adoption of genetic testing.

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Regional overview and growth insights
In 2023, North America held the largest market share in the genetic testing market. Genomics has become a crucial element in disease research and drug discovery due to the profound influence of genetic expression on human health. The U.S. and Canada are at the forefront of this sector, benefiting from their advanced healthcare systems and robust medical infrastructure. Furthermore, growing income levels and increased government funding in these regions are anticipated to fuel market revenue growth throughout the forecast period. On February 2024, CooperSurgical, a global leader in fertility and women's health, and Fulgent Genetics, Inc., a technology-based company with a well-established clinical diagnostic and therapeutic development business, announced a collaboration to provide Cord Blood Registry (CBR) families with exclusive newborn genetic screening panels.

Segments overview and growth Insights
The Consumables and Reagents segment accounted for the largest market share in 2023. Numerous companies are engaged in the supply and sale of consumables, offering a diverse range of products such as reagents and accessories. Consumables for genetic testing are projected to experience strong growth in the future due to their continuous and repetitive use throughout testing processes. Many competitors in the consumables market are focusing on both organic and inorganic growth strategies to expand their product offerings and strengthen their geographic presence.

 
List of major players included in the global genetic testing market report are
o 23andMe, Inc.
o Myriad Genetics Inc.
o Illumina Inc.
o Quest Diagnostics
o 24 genetics
o AncestryDNA
o Helix OpCo LLC
o Circle DNA
o F. Hoffmann-La Roche Ltd
o Color Genomics, Inc.
o Qiagen
o Revvity
o Igenomix
o Other companies

Major strategic developments by leading competitors
• Blueprint Genetics: On June 2023, Blueprint Genetics introduces the new Screening Tests family, which provides practical insights on family planning and future health. The Screening Tests genetic menu was developed and curated after evaluating current variant databases and industry position papers. Blueprint Genetics also actively solicited 'voice of the consumer' feedback from major industry experts. Blueprint Genetics' medical and scientific leadership then assessed all accumulated genetic information input to confirm and sign off on the inclusion of genes that matched the criterion for moving forward. Blueprint Genetics' Screening Test category features 624 distinct genes, all of which have been identified as medically actionable by the American College of Medical Genetics and Genomics.
• MapMyGenome: On April 2023, MapMyGenome, a leading preventative genomics firm, has announced the release of BeautyMap, a groundbreaking DNA-based test that offers individualized recommendations for skin and hair care products based on an individual's genetic composition. BeautyMap is the first of its type in India, and it seeks to help people reach their beauty objectives by analyzing their genetic predispositions to 40 skin and hair care concerns, including acne, hair loss, sun damage, hydration, sleep habits, and vitamin levels.

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Segmentation of global genetic testing will be provided by offerings, technology, application, end-use, and region: (However, this is not the final segmentation. The scope can be changed accordingly).

• Offerings Outlook (Revenue, USD Billion; 2021-2031)
• Consumables and Reagents
• Instruments
• Service

• Technology Outlook (Revenue, USD Billion; 2021-2031)
• Next Generation Sequencing
• Array Technology
• PCR-based Testing
• FISH
• Others

• Application Outlook (Revenue, USD Billion; 2021-2031)
o Ancestry & Ethnicity
o Traits Screening
o Genetic Disease Carrier Status
o New Baby Screening
o Health and Wellness-Predisposition/Risk/Tendency

• End-Use Outlook (Revenue, USD Billion; 2021-2031)
o Hospitals
o Clinical Laboratories
o Diagnostic centers

• Regional Outlook (Revenue, USD Billion; 2021-2031)
o North America
• U.S.
• Canada
• Mexico
o Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Benelux
• Rest of Europe
o Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
o Latin America
• Brazil
• Rest of LATAM
o Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Turkey
• Rest of MEA

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