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Genetic Testing Services Market is expected to reach US$ 10,556.29 million by 2030

The global genetic testing services market size is estimated to grow from USD 3,425.23 million in 2022 and to reach a value of USD 10,556.29 million by 2030.

By The Insight Partners

Cancer Segment to Lead Genetic Testing Services Market Based on Disease During 2022–2030

According to our new research study on “Genetic Testing Services Market Forecast to 2030 – Global Analysis – Service Type, Disease, Service Provider, and Geography,” the genetic testing services market size was valued at US$ 3,425.23 million in 2022 and is projected to reach US$ 10,556.29 million by 2030; the market is expected to register a CAGR of 15.1% from 2022 to 2030. Key factors driving the growth of the genetic testing services market are the increasing prevalence of genetic diseases, rising awareness and acceptance of personalized medicines, and growing preference for direct-to-consumer genetic testing. However, the social and ethical implications of genetic testing and the affordability of genetic services restrain the market growth.

The genetic testing services market, by disease, is segmented into cancer, cardiovascular diseases, metabolic diseases, and other diseases. In 2022, the cancer segment held the largest share of the market and is anticipated to grow at the highest CAGR during the coming years. Genetic testing is a potential tool to identify individuals who are at higher risk for developing certain cancers because of family history. Genetic tests are available to examine inherited variants and alterations in the DNA sequence, which could result in excessive cell growth and can cause tumors or cancer. Few examples of available genetic tests are, genetic testing for the detection of PALB2 (linked with increased risks of breast and pancreatic cancers), BRIP1 (ovarian cancer), RAD51C and RAD51D (ovarian cancer), and CHEK2 (breast and colorectal cancers). The worldwide growing prevalence of various cancers, such as breast, lung, and bowel, are the major drivers of this segment. According to the American Cancer Society, ~1,898,160 new cancer cases and 608,570 cancer deaths were anticipated to occur in the US in 2021. Nearly 10-20% of all cancers are related to gene mutations that are inherited or passed down through the family.

Genetic Testing Services Market, by Region, 2022(%)

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPHE100001383

Approximately 5–10% of cancers diagnosed in the US are associated with hereditary cancer syndromes. During the last decade, efforts have been made by the public health, medical, and scientific community to update the public about ideas such as family history, hereditary cancer risk, and genetic testing for inherited cancer. For instance, CDC's Cancer Genomics Program develops best practices in education, surveillance, and policy and systems transformation approaches. It establishes an evidence base for the application of family history and cancer genomics in public health practice. Other factors that might impact cancer genetic testing awareness include DTC marketing of cancer genetic testing and federal regulations of genetic information, high awareness regarding the availability of quality cancer diagnostics tests, and the escalating incidence of hereditary diseases. In addition, a growing number of companies providing genomic profiling services for health assessment, including cancer risk prediction, and the availability of numerous laboratories offering genetic testing for BRCA and other genes associated with hereditary breast, ovarian, and related cancers propel the market for the segment.

Laboratory Corporation of America Holdings; F. Hoffmann-La Roche Ltd; Illumina, Inc.; Quest Diagnostics Incorporated; Exact Sciences Corp (Genomic Health); NeoGenomics Laboratories, Inc.; Eurofins Scientific; Ambry Genetics; Centogene AG; and 23andMe, Inc are among the leading companies operating in the genetic testing services market.  

Based on service type, the genetic testing services market is classified into predictive testing, carrier testing, prenatal testing, newborn screening, diagnostic genetic testing, and others. The genetic testing services market, by disease, is classified into cancer, metabolic diseases, cardiovascular diseases, and other diseases. Based on the service provider, the genetic testing services market is categorized into hospital-based laboratories, diagnostic laboratories, and others. The genetic testing services market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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