GENETIC TESTING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

Genetic Testing Market Analysis:

The Genetic Testing Market is projected to experience substantial growth, increasing from USD 17.74 billion in 2023 to USD 29.63 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 10.81% during the forecast period (2023–2028).

The COVID-19 pandemic had a significant impact on the growth of the genetic testing market. According to data from the March 2021 edition of the Prenatal Diagnosis Journal, the pandemic influenced the decisions of pregnant women regarding prenatal genetic testing, and patients’ access to and use of prenatal genetic tests were also affected. However, genetic testing for COVID-19 diagnosis increased during the pandemic. Therefore, COVID-19 had a significant impact on the genetic testing market. Nevertheless, the genetic testing market has currently returned to pre-pandemic levels in terms of demand for genetic tests worldwide and is expected to register healthy growth in the coming years.

Furthermore, the increasing technological advancements over the past few years have opened up 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. For instance, in July 2021, Avellino Labs announced the launch of AvaGen, the genetic eye test, in the United States, which is designed to help determine a patient’s risk of keratoconus and other corneal dystrophies. These initiatives by key market players are anticipated to drive the growth of the market.

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