LONDON--(BUSINESS WIRE)--The global genetic testing market is expected to grow by USD 4.86 billion during 2020-2024, according to the latest market research report by Technavio, progressing at a CAGR of over 12% during the forecast period. The growth of the market can be attributed to factors such as the prevalence of genetic diseases and disorders, increasing approvals of advanced genetic testing products, and affordability due to the reduction in the cost of genetic testing. Request a free sample report
The market research report segments the genetic testing market by product (equipment and consumables), by geography (Asia, Europe, North America, and ROW), end-users (clinical diagnostic laboratories, hospitals, and biopharmaceutical companies and research centers), and application (predictive and diagnostic testing, prenatal, newborn, and preimplantation testing; pharmacogenomic testing; and forensic, relationship, and ancestry testing).
Genetic Testing Product Outlook (Revenue, USD Billion, 2020-2024)
The market will witness a maximum demand for equipment over the forecast period. The United Nations Sustainable Development Goals has set the target to end infectious diseases such as tuberculosis by 2030. Such initiatives are promoting the upgradation of diagnostic infrastructures with modern and efficient genetic diagnostic equipment such as RT-PCRs and automated analyzers. Vendors are also constantly expanding their product portfolios with advanced automated DNA analyzers to stay competitive in the market. QIAxcel Advanced System from QIAGEN is one such example. Many such factors are fueling the growth of the equipment segment.
Genetic Testing Regional Outlook (Revenue, USD Billion, 2020-2024)
- North America
The North American region led the genetic testing market in 2019, followed by Europe, Asia, and ROW. Over the forecast period, the North American region is expected to retain its position as the largest market for genetic testing. This is due to a growing emphasis on early disease diagnosis, significant rise in commercial approvals for advanced genetic testing products, and the increasing adoption of pharmacogenetic testing in the region. The region has a strong base of established vendors that are consistently focusing on offering advanced products such as chromosome enumeration probes by Abbott Laboratories, Next Generation Sequencing by Agilent Technologies, and others.
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Major Five Genetic Testing Companies:
Abbott Laboratories, Agilent Technologies Inc., bioMérieux SA, Bio-Rad Laboratories Inc., and F. Hoffmann-La Roche Ltd. are among the vendors who have a strong position in the global market.
Abbott Laboratories operates its business across various segments such as Established Pharmaceuticals, Nutritionals, Diagnostics, Cardiovascular and Neuromodulation, and Other. Some of the key offerings of the company include Chromosome enumeration probes, FISH accessories, Postnatal, and Prenatal.
Agilent Technologies Inc.
Agilent Technologies Inc. operates the business across segments such as Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab. Some of the key offerings of the company include Next Generation sequencing, FISH Probes, PCR, CRISPR/Cas9, and Oligonucleotide Libraries.
bioMérieux SA operates its business in the In-vitro diagnostics segment. The company offerings cover instruments/devices and kits used for extraction, amplification, and detection under its molecular diagnostics product category. Some of the significant products include Argene, NucliSENS easyMag, NucliSENS easyQ, DiversiLab, and Filmarray.
Bio-Rad Laboratories Inc.
Bio-Rad Laboratories Inc. operates its business through the Life Science and Clinical Diagnostics segments. The company offers a wide range of genetic solutions under its Genomics product category. Some of the key offerings of the company include PCR Systems, lncRNA RT-qPCR Workflow, PCR Reagents Consumables & Accessories, Nucleic Acid Sample Preparation, Nucleic Acid Electrophoresis & Blotting, and In Vitro Diagnostics (IVD)-based genetic testing products.
F. Hoffmann-La Roche Ltd.
F. Hoffmann-La Roche Ltd. operates the business across the Pharmaceuticals and Diagnostics segments. The company offers a wide range of diagnostic testing systems and assays, gene sequencing assays, kits, reagents, and systems. Some of the key offerings of the company include COBAS TaqMan System, cobas 4800 System, cobas HIV-1, COBAS AmpliPrep, NAVIFY Mutation Profiler, AVENIO NGS Oncology Assays, AVENIO Tumor Tissue Analysis Kits, HEAT-Seq Oncology Panel, and others.
Genetic Testing End-User Outlook (Revenue, USD Billion, 2020-2024)
- Biopharmaceutical companies and research centers
Genetic Testing Application Outlook (Revenue, USD Billion, 2020-2024)
- Predictive and diagnostic testing
- Prenatal, newborn, and preimplantation testing
- Pharmacogenomic testing
- Forensic, relationship, and ancestry testing
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