The genetic testing market has experienced a rapid growth in the past few years. The increasing technological advancements from the past few years have opened several opportunities for market expansion. The rise in the prevalence of chronic diseases and the development of customized testing kits for niche therapeutic areas are aiding the rapid growth of the market.

The increasing focus by governments of various countries, to regulate and create awareness regarding genetic tests, has successfully resulted in the faster adoption of these tests across the world. The increasing R&D funding, along with the strong market presence by major players in the market, has created a strong entry barrier for new entrants. Innovation in product design, improvement in quality, and strong distribution partnerships are key parameters to retain a competitive edge in the market.

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 (Direct-to-consumer genetic testing) kits is likely to witness a significant boost over the forecast period. Moreover, the untapped countries, like India and other developing countries, are expected to offer a lucrative opportunity for players looking to establish their base in the genetic testing market.

Key Market Trends

Application in Cancer is Expected to Dominate the Market

  • Genetic testing helps estimate the chance of developing cancer in a person’s lifetime. It does this by searching for specific changes in genes, chromosomes, or proteins. Moreover, it helps in predicting risk of a particular type of cancer in a person and finding whether genes that may pass increased cancer risk to its next generation.
  • The global incidence of cancer is high and is expected to increase in future as well. Cancer Research UK 2018 data suggests that if recent trends in the incidence of major cancers and population growth are consistent, then it is expected that there may be 27.5 million new cancer cases across the world, annually, by 2040. This is an increase of 61.7% from 2018 (17 million new cases).
  • Increase in number of cancer cases is expected to increase the demand for genetic testing kits for early detection. This is likely to help the market growth.



North America Captured the Largest Market Share and is Expected to Retain its Dominance

  • Currently, North America dominates the market for genetic testing, owing to factors, like increasing demand for personalized genetic testing services in the region and rise in the prevalence of chronic and genetic disorders.
  • In the United States, two federal agencies have the primary authority to regulate genetic tests, the Food and Drug Administration (FDA) and the Centers for Medicare and Medicaid Services (CMS). In the past, the Federal Trade Commission (FTC) has also played a role in regulating genetic testing companies, who advertised false and misleading claims about their products, but this agency currently plays a minor role in this space.?
  • The popular direct-to-customer genetic testing (DTC-GT) services available in the United States include those offered by 23&Me. These genetic testing services are largely unregulated, due to their mode of sales operation viz online marketplace.
  • In the developing regions, like Mexico, market players from neighboring countries, like United States, are penetrating the Mexican market, exploring untapped opportunities. Therefore, these factors are expected to help the growth in the North American region in the future.



Competitive Landscape

The genetic testing market is highly competitive and consists several major players. In terms of market share, few of the major players currently dominate the market. The presence of major market players, such as Abbott Laboratories, BioRad Laboratories Inc., F Hoffmann-La Roche, and Illumina Inc., is in turn, increasing the overall competitive rivalry of the market. The product advancements and improvements in genetic testing platforms by the major players are increasing competitive rivalry.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support