The Global Genetic Testing Market as It Stands
The global genetic testing market comprises several different sections, including carrier testing, diagnostic testing, newborn screening, predictive and presymptomatic testing, and prenatal testing, among others. In 2019, the global genetic testing market was worth an estimated $13.1 billion. This is based on the major innovations thus far in molecular diagnostics and the cytogenetic industry. The molecular diagnostics industry in particular is an area of notable growth considering its massive help in providing personalized health services and custom medicine per patient.
Another major sector of growth for the global genetic testing market is the rising prevalence of many genetic tests for diseases such as Alzheimer’s disease, cystic fibrosis, cancer, and Down syndrome, among others. Cancer, in particular, is proving to be the largest section of testing. This is mostly due to the rise in cancer within an aging population and its rapid growth across the globe. In fact, with the population continuing to age and a 75% to 80% prevalence of cancer cases in people aged 55 and older, this trend looks likely to continue into the future.
Unfortunately, while there are clear trajectories toward positive growth, the COVID-19 pandemic has caused some market difficulties. Due to major lockdowns placed around the globe, there was a major disruption to the genetic testing market. The delay in pushing this industry forward was largely attributed to the inability of patients to meet in person with their genetic counselors and doctors. Many laboratories have also either been shut down or running at limited capacity, therefore reducing the number of tests to be processed. However, despite this setback due to the pandemic, the global genetic testing market is still set for strong growth in the coming years.
Global Genetic Testing Market Outlook in the Future
The global genetic testing market is set to see growth from around $13 billion in 2019 up to now $21.26 billion in 2027. This will be achieved at a compound annual growth rate of 10.1%. Many of the startups that have been at the forefront of the global genetic testing market include 23andMe, MyHeritage, Color, Helix, and Veritas Genetics. Considering how varied the global market is as a whole, there is significant room for a wide variety of startups to make a larger impression on the industry.
The global genetic testing market is growing significantly due to so many different factors. However, one of the main reasons is easily the boom of different businesses and startups finding new and creative ways to create consumer products and services that have found immense popularity. Beyond this, the testing for many different diseases has become more widespread. Although this outcome is a result of the aging population, a few other factors are at play, such as a significantly more prepared healthcare system that is catching diseases earlier and improved testing — the latter positively affects prevention and earlier detection. With all of these moving parts driving the global genetic testing market, the industry could see major growth in the future.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.