GENETIC TESTING MARKET ANALYSIS

Genetic Testing MarketSize and Trends

The global genetic testing market was valued at US$ 16.22 Bn in 2023 and is forecast to reach a value of US$ 41.48 Bn by 2030 at a CAGR of 12.4% between 2023 and 2030. The global genetic testing market is experiencing strong growth due to the rise in burden of genetic and rare disorders and increasing application of genetic testing in oncology. Moreover, increasing demand for direct-to-consumer genetic testing and growing applications of genetic testing is expected to boost the growth of the market.

Global Genetic Testing Market Trends:

High demand for personalized medicine is a recent trend

Personalized medicine is an emerging practice of medicine that uses an individual's genetic profile to guide decisions made regarding prevention, diagnosis, and treatment of a disease. Personalized medicine uses genetic testing to tailor treatment to the specific biology of individual patients; has the potential to lower the overall cost of health care dramatically. Therefore, by identifying genetic variations related to these properties, drugs, and treatments can be improved making them safer and more effective. This trend is expected to continue over the forecast period.

Early disease detection and prevention is another trend

Early detection of diseases may help in early intervention and treatment, which in turn help cure the disease or improve the outcome and the quality of life of the patient. Genetic testing can provide information about a person's genetic background. The promise of genetic testing lies in its ability to reveal gene mutations, or changes in a genetic makeup that may cause disease. Genetic testing helps identify the risk of various types of cancers that may develop during an individual's lifetime. Thus, increasing emphasis on early disease detection and prevention is expected to propel growth of the genetic testing market.