Genetic Testing Market Set for Significant Growth, Projected to Reach USD 34 Billion by 2030

Genetic Testing Market Set for Significant Growth, Projected to Reach USD 34 Billion by 2030

According to Next Move Strategy Consulting, the global Genetic Testing Market, is projected to reach USD 34 billion by 2030, growing at a compound annual growth rate (CAGR) of 9% by 2030, according to a recent market analysis report. This rapid growth is driven by advancements in genetic testing technologies, increased demand for personalized healthcare, and the rising prevalence of genetic diseases worldwide.

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Genetic testing, a medical diagnostic procedure involving the analysis of an individual’s DNA, plays a critical role in identifying genetic mutations, assessing risks of diseases, determining medication responses, and enabling informed decisions about disease prevention and family planning. By providing essential insights into genetic conditions, healthcare providers can offer tailored treatments and prevention plans, thereby improving patient outcomes.

Market Drivers and Trends
The significant rise in genetic disorders such as Down syndrome, congenital disorders, breast cancer, and hemophilia is one of the primary drivers of the market's growth. Genetic testing is essential for early diagnosis, enabling timely interventions and personalized treatments. According to the World Health Organization (WHO), congenital disorders alone account for approximately 240,000 neonatal deaths annually, underscoring the vital role of genetic testing in global healthcare.

Moreover, the surge in personalized genetic testing services, which offer customized insights into an individual's genetic risks and treatment responses, is fueling market expansion. For example, in July 2023, Quest Diagnostics launched a genetic test analyzing 36 genes related to inherited conditions like breast cancer and heart disorders. This product exemplifies the growing trend of personalized, preventative healthcare.

However, the high cost of genetic testing remains a major restraint, limiting its accessibility, especially in low-income countries. Nonetheless, advancements in non-invasive prenatal testing (NIPT) are expected to create new opportunities by offering affordable and accessible genetic screening options.

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Geographical Insights
North America holds the largest market share and is expected to maintain its dominance during the forecast period. The rise of low-cost genetic screening initiatives, such as the program launched by the City of Hope cancer center in California, is making genetic testing more accessible, even in underserved regions like Mexico. In addition, key players such as Abbott Laboratories, Illumina Inc., and Quest Diagnostics continue to drive innovation and competition, fostering growth in the region.

The Asia-Pacific market is also showing strong potential, driven by improved healthcare infrastructure, increasing awareness, and a growing demand for cancer-related genetic testing. Notably, the University of New South Wales’ (UNSW) PrOSPeCT program in Australia aims to accelerate cancer treatment through genetic testing and targeted therapies, benefiting over 23,000 individuals with incurable cancers.

Competitive Landscape
Key players in the genetic testing market include Abbott Laboratories, QIAGEN N.V., Bio-Rad Laboratories, Eurofins Scientific, Quest Diagnostics, 23andMe, Illumina, and others. These companies are leveraging product launches, collaborations, and advanced technologies to maintain market leadership. For example, QIAGEN launched a fast, cost-efficient whole-genome sequencing system in January 2023, enhancing accessibility and speeding up diagnostic processes.

Conclusion
The genetic testing market is poised for substantial growth over the next decade, driven by technological advancements, increasing disease prevalence, and growing demand for personalized healthcare. Despite challenges like high testing costs, the introduction of more accessible and non-invasive testing methods presents promising opportunities for both patients and healthcare providers.

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