The Global Genetic Diagnostics market was valued at USD 10.68 billion in 2021 and is expected to grow at a CAGR of 10.31% during the forecast period of 2023-2028. The genetic diagnostics market is driven by a rising number of genetic disorder cases. The growth of the Genetic Diagnostics market geographically is driven both by increasing awareness of the value of genetic testing among the population and increasing national investments in the healthcare sector by the Government and the organizations.
Globally, Cancer accounts for one-sixth of global deaths with up to 10-15% of all cancers caused by inherited genetic changes. Thus, genetic diagnostics play a crucial role in identifying the disease. Cardiovascular diagnostics account for the highest growth in coming years. Moreover, heart-related disorders are mostly inherited from parents to their children. Cardiovascular genomic diagnostics testing, therefore, helps in detecting these inherited diseases such as cardiac channelopathies and congenital heart diseases.
By Type, the Prenatal and newborn genetic diagnostics segment dominates the market due to rising awareness among people about healthcare and increasing mortality rates caused by genetic disorders. Further, the rising geriatric population, technological advancements and increasing demand for genetic testing are factors dominating the share of Molecular Testing.
The increasing pattern of greater awareness among healthcare professionals, doctors and patients towards genetic diagnostics is further expected to strongly boost the global market as well as testing volume across several medical specialities. Further, the adoption of direct-to-consumer genetic testing kits in countries like the United States, China, and Japan is growing rapidly. With increasing technological adoptions, awareness programs, and a decline in costs, the market for DTC-GT kits is likely to witness a significant boost over the forecast period.
Scope of the Report
• The report presents the analysis of the Genetic Diagnostics market for the historical period of 2018-2021, the estimated year 2022 and the forecast period of 2023-2028.
• The report analyses the Genetic Diagnostics Market by Value (USD Million).
• The report analyses the Genetic Diagnostics Market By Type (Predictive and Presymptomatic Testing, Diagnostics Testing, Prenatal and Newborn Testing, Pharmacogenetic Testing, Other Application).
• The report analyses the Genetic Diagnostics Market By Technology (Cytogenetic Testing, Biochemical Testing, Molecular Testing)
• The report analyses the Genetic Diagnostics Market By Application (Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, Other Applications).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by type, by technology, by application.
• Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Abbott Laboratories, Roche Holding AG, Illumina Inc., Thermo Fisher Scientific, BioRad Laboratories Inc., Quest Diagnostics Inc., Baylor Genetics, Danaher Corporation, Myriad Genetics, QIAGEN.
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