As of 2017, the global genetic testing market was valued at USD 7,849.0 million and is expected to record a CAGR of around 11.5% during 2018-2023 (the forecast period). In 2017, the North American genetic testing segment of the market studied accounted for the highest revenue and Asia-Pacific is expected to register the highest CAGR of 12.5% over the forecast period
Personalized medicine, where tailored therapy is made available to patients with an understanding of the molecular basis of diseases, has become popular over the recent years. Genetic testing and genome sequencing are two of the most important tools that are used to understand the molecular basis of a disease. European countries are screened for several genetic diseases, as an early detection of these diseases can prevent the onset of symptoms, or minimize the severity of the disease. Genetic testing for cancer diagnosis can indicate the predisposition of the disease in the gene, before its actual manifestation. This type of diagnostic technique enables a person to take precautionary steps, and avoid possible risks in the future.
Insurance is an important asset to people. The fear of discrimination by insurance companies discourages people from undertaking genetic tests, which is a restraining factor for the market growth. The expensive nature of genetic tests affects the market, adversely. At times, the payments made by individuals are not reimbursed through insurance, thus, affecting the pockets of these patients. The high-import duty by the government on genetic tests kits also acts as a barrier to the market growth.
The genetic testing market is segmented by treatment type, diseases, technology, and geography. By geography, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Owing to the presence of well-established healthcare facilities and new discoveries in the field of genetic markers, North America dominates the genetic testing market. The Asia-Pacific market is expected to register the highest CAGR, as government and private firms are making significant investments in the healthcare industry. Over the last couple of years, to invest in the Japanese market, several mergers, acquisitions, and collaborations between companies have taken place.
Major Players: Illumina, Inc, Abbott Molecular Inc, 23 And Me, Roche Diagnostics, Qagen, Blueprint Genetics, BJI Tech, Eurofins Scientific, Centogene AG, ThermoFisher Scientific, Elitech Group, amongst others.
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