Market Challenges And Opportunities

Global Genetic Testing Market Drivers:

Rise in burden of genetic/rare disorders to propel market growth

One of the key factors expected to augment the growth of the global genetic testing market during the forecast period is the rise in burden of genetic and rare disorders across the world. For instance, According to the European Commission, up to 36 million people in the European Union (EU) live with a rare disease. There are more than 6000 distinct rare diseases in the EU. Around 80% of rare diseases are of genetic origin and, of those, over 70% already start in childhood. The EU's strategic objective for rare diseases is to improve patient access to diagnosis, information, and care, enabling patients and professionals to share expertise and information.

Rise in burden of cancer to underpin market growth

Another factor which is driving the growth of the global genetic testing market is the rise in burden of cancer and increasing application of genetic testing in oncology. For instance, genetic testing is a very reliable way to find mutations that may increase the risk of cancer. Genetic testing looks for certain mutations (changes) in a person's genes that might put them at higher risk of getting certain cancers. According to the World Health Organization (WHO), February 2022 report, cancer is one of the leading cause of death around the world, accounting for more than 10 million deaths in 2020 (or one in six deaths). This in turn is driving the market growth.

Global Genetic Testing Market Opportunities:

Growing applications of genetic testing is expected to provide significant growth opportunities for players in the genetic testing market. For instance, genetic testing helps rule out a genetic condition as the cause of symptoms, and there are thousands of genetic tests for diagnosing inherited genetic disorders. In February 2021, the U.S. Food and Drug Administration (FDA) authorized marketing of the first test to detect a genetic condition called Fragile X Syndrome (FXS), the most common known cause of inherited developmental delay and intellectual disability. The test is intended for use in adults who may be carriers of genetic alterations in the gene associated with FXS.

Growing demand for direct-to-consumer genetic testing worldwide is expected to offer significant growth opportunities for players in the global genetic testing market. In May 2022, FDA granted the use of LabCorp Seasonal Respiratory Virus RT-PCR DTC test to make the process accessible. It is a direct to consumer test intended for the simultaneous qualitative detection and differentiation of RNA from SARS-CoV-2, Influenza A virus, Influenza B virus, and Respiratory Syncytial Virus in anterior nasal swab specimens collected at home using Pixel by Labcorp COVID-19+Flu+RSV Test Home Collection Kit. This in turn is driving the market growth.

Global Genetic Testing Market Restraints:

High costs of genetic testing to hinder market growth

One of the key factors expected to hamper growth of the global genetic testing market is the high cost of genetic testing. For instance, according to the National Institutes of Health (NIH), the cost of genetic testing can range from under US$ 100 to more than US$ 2,000, depending on the nature and complexity of a test. According to Breastcancer.org, the cost of genetic testing for cancer can vary greatly and can be between US$ 300 and 5,000. The cost of increases if more than one test is necessary or if multiple family members must be tested to obtain meaningful results.

Social and ethical implications to hamper market growth

Another factor which is hampering the growth of the global genetic testing market is the social & ethical implications of genetic testing. Genetic discrimination has moral and ethical implications. Each new genetic test that is developed raises serious issues for medicine, public health, and social policy regarding the circumstances under which the test should be used, how it is implemented, and what uses are made of its results. Moreover, the public's understanding of genetics or genetic testing may be limited and could lead to stigma.