The Global Genetic Testing Market was valued at US$ XX billion in 2016 and is expected to grow at around XX% CAGR to reach nearly US$ XX billion by 2022. Genetic testing is a form of medical testing in which the genes and chromosomes are examined in order to diagnose a medical condition or predict the probability of occurrence of a disease.
Genetic testing is also used in other areas like forensic investigation and determination of physiological characteristics of foetuses. Growing incidence of genetic disorders and knowledge about relationships between genetic factors and diseases is fuelling the growth of the genetic testing market.
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The end users of genetic testing products are mainly hospitals, laboratories and medical research facilities. Decreasing costs of genetic testing products is encouraging more and more individuals to use genetic testing products even without involvement of medical practitioners. This has given rise to a new process called direct-to-consumer genetic testing where the genetic testing product is marketed directly to the individual who wants to be tested.
Important growth drivers for the genetic testing market include growing prevalence of genetic disorders and increasing awareness of people about the link between genetic factors and medical conditions. Advances in technology have allowed for the production of painless and minimally invasive genetic testing products which is resulting in growing acceptance and use of the products. Adoption of new technology has also resulted in reduction of the time and cost associated with genetic testing. This has allowed individuals to directly buy and use genetic testing products, giving rise to a process called direct-to-consumer genetic testing.
The genetic testing market also faces a few constraints such as stringent regulations and relatively high time and costs involved. There are also some ethical constraints as genetic testing can be used for negative purposes too. Hence, in order to grow, firms in this market need to produce more affordable products that follow necessary regulations. As genetic testing is a voluntary process, firms must invest in advertising to increase awareness about genetic testing and its benefits.
The global genetic testing market can be segmented based on method of testing, purpose of testing, disease targeted, end user and geography. Based on method of testing, the market can be segmented as molecular genetic tests, chromosomal genetic tests and biochemical genetic tests. Based on purpose of testing, products can be of different types like diagnostic, predictive, newborn screening, lineage detection, etc. Based on disease targeted, genetic testing products can be used in cases of cancers, heart diseases, lifestyle diseases, etc.
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Geographically, the genetic testing market can be divided into North America, Europe, Asia-Pacific (APAC), and Latin America, Middle East and Africa (LAMEA) regions. Currently, North America and Europe account for the largest share of the market. There is strong growth potential in other regions as well due to increasing prevalence of lifestyle diseases, rising awareness and increasing disposable incomes.
Some of the key players in the genetic testing market are 23andMe, Ranomics, Applied Biosystems, Inc., AutoGenomics Inc., Transgenomic Inc., and others.
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