Genetic DIsease Diagnostics Market

Report Description
Table of Contents

Report Description

The global genetic disease diagnostics market size is estimated to be USD 14.98 billion in 2021 and is expected to witness a CAGR of 11.86% during the forecast period. Increasing genetic disorders for the growth of the global genetic disease diagnostics market. Additionally, increase in development of sophisticated diagnostic devices, awareness for genetic diseases in expecting mothers, government awareness programs, and growing need for advanced medical treatment are some of the other drivers propelling the market growth. However, the high cost of sophisticated instruments and lack of skilled personnel are expected to restrain the global market growth.

Global Genetic Disease Diagnostics Market Size (USD Billion), 2021-2029

Source: Erevna Healthcare

By Application

Based on application, the market is segmented into pharmacogenetic testing (PGx), inherited disorder testing, oncology testing, human leukocyte antigen (HLA) testing, and others. In 2021, the oncology testing segment accounted for the largest revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is attributed to the increasing incidence of cancer owing to changing lifestyle habits worldwide. Pharmacogenetic testing segment is expected to grow at a profitable CAGR during the forecast period. This is attributed to growing awareness for genetic diagnostics and rising interest of medical practitioners in the understanding the metabolic pathways associated with drugs.

Regional Insights

In 2021, North America held the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the large population of patients, access to modern diagnostic equipment, high investments in healthcare infrastructure, and strong government support in this region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the rising medical tourism, strengthening medical economies, rising demand for advanced diagnostics, and growing focus of diagnostic companies in this region.

Competitor Insights

Some of the key players in the genetic disease diagnostics market are Abbott Laboratories (U.S.); PerkinElmer, Inc. (U.S.); ELITech Group SAS (France); SOLVD Health (U.S.); Quest Diagnostics (U.S.); Precipio, Inc. (U.S.); Roche Holding AG (Switzerland); Thermo Fisher Scientific (U.S.); and Bio-Rad Laboratories, Inc. (U.S.). The leading players operating in the genetic disease diagnostics industry are adopting various strategies including R&D investments, adaption of advanced techniques, mergers & acquisitions, and regional expansions to capture a maximum revenue share.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The genetic disease diagnostics market report is categorized into the following segments and subsegments: