The Latest Genetic Testing Industry Statistics Explained
By 2028, the global genetic testing market is expected to reach USD 31.01 billion.
The statistic “By 2028, the global genetic testing market is expected to reach USD 31.01 billion” signifies the projected value of the genetic testing market worldwide by the year 2028. This estimate indicates the anticipated growth and significance of genetic testing technologies and services in the coming years. The substantial market size of USD 31.01 billion reflects the increasing demand for genetic testing due to advancements in technology, rising awareness about personalized medicine, and the expanding applications of genetic testing in various sectors such as healthcare, forensics, and agriculture. As genetic testing continues to evolve and become more accessible, the market is anticipated to experience steady growth, presenting opportunities for innovation and investment within this sector.
The compound annual growth rate of the genetic testing industry is 11.5% for the period 2021-2026.
The compound annual growth rate (CAGR) of the genetic testing industry being 11.5% for the period 2021-2026 implies that on average, the industry is projected to grow by 11.5% annually over these five years. This metric takes into account the compounding effect of year-over-year growth, providing a more accurate representation of the industry’s overall growth trajectory. This statistic indicates a positive outlook for the genetic testing sector, suggesting a steady and considerable expansion in market size and demand for genetic testing services over the specified time frame. Organizations operating within this industry can use the CAGR to assess opportunities for investment, strategic planning, and market positioning based on the projected growth rate.
In 2020, the global genetic testingservice market size was estimated at USD 5.4 billion.
The statistic stating that the global genetic testing service market size was estimated at USD 5.4 billion in 2020 highlights the substantial value and growth of the genetic testing industry. This market size figure encapsulates the total revenue generated globally from genetic testing services in that year, emphasizing the increasing demand for genetic testing services and the importance of genetic information in various fields such as healthcare, research, and personal genomics. The significant market size indicates a growing awareness and adoption of genetic testing, driven by advancements in technology, reduced costs, and increasing applications of genetic testing in personalized medicine and disease management. This statistic underscores the expanding opportunities and impact of genetic testing services on healthcare delivery and individual well-being on a global scale.
The cancer genetic testing segment accounted for a revenue share of over 20.0% in 2020.
The statistic indicates that the cancer genetic testing segment contributed significantly to the total revenue in the healthcare industry in 2020, accounting for over 20.0% of the overall revenue share. This suggests that there was a strong demand for genetic testing services related to cancer diagnosis and treatment during that period. The high revenue share highlights the importance and growth potential of cancer genetic testing as a key area within the healthcare sector. It may also indicate an increasing awareness and utilization of genetic testing among both healthcare providers and individuals seeking personalized cancer care based on genetic information.
North America is dominating the industry with more than 35% of the market share.
The statistic that North America is dominating the industry with more than 35% of the market share means that businesses located in North America collectively hold a significant portion of the market compared to their competitors in other regions. This implies that companies based in North America have a competitive advantage, strong presence, and influence within the industry. The high market share percentage suggests that North American businesses are leading in terms of sales, revenue, customer reach, and overall industry impact. This information is valuable for stakeholders and investors looking to understand the market dynamics and key players in the industry.
Personalized Medicine application is expected to register the highest CAGR of 12.8% from 2021 to 2028.
This statistic indicates that the Personalized Medicine application sector is anticipated to experience a Compound Annual Growth Rate (CAGR) of 12.8% between 2021 and 2028. A high CAGR suggests a rapid rate of growth in market value over the specified time frame. The significant projected growth in the Personalized Medicine field signifies increasing adoption and investments in personalized treatment approaches tailored to an individual’s unique genetic makeup and other factors. Factors contributing to this growth could include advancements in technology, healthcare initiatives focusing on precision medicine, and a rising demand for more effective and personalized medical solutions. Such growth projections highlight the potential opportunities and importance of personalized medicine in transforming healthcare delivery and outcomes in the coming years.
Non-Invasive Prenatal Testing (NIPT) had the largest market shares for prenatal genetic testing and predicted to grow at a CAGR of 160% by 2026.
The statistic indicates that Non-Invasive Prenatal Testing (NIPT) is the most widely used method for prenatal genetic testing currently, holding the largest market share in the industry. Furthermore, the data suggests that the market for NIPT is expected to experience significant growth with a Compound Annual Growth Rate (CAGR) of 160% by the year 2026. This anticipated rapid growth reflects the increasing adoption and popularity of NIPT among healthcare providers and expectant parents due to its non-invasive nature and high accuracy in detecting genetic abnormalities in fetuses. The statistic highlights the expanding market potential and technological advancements in prenatal genetic testing, positioning NIPT as a leading player in the industry’s future growth and development.
By 2028, the global direct-to-consumer genetic testing market size is anticipated to reach USD 8.36 billion.
The statistic suggests that the global direct-to-consumer genetic testing market is projected to grow significantly by the year 2028, with an anticipated market size of USD 8.36 billion. This growth reflects the increasing popularity and adoption of genetic testing services that are directly available to consumers without the need for healthcare provider involvement. Factors contributing to this growth may include advancements in technology, decreasing costs of genetic testing services, rising awareness about genetic health risks, and the increasing demand for personalized healthcare solutions. The expanding market size also indicates a growing trend towards individuals taking more control over their health and seeking out genetic information for various purposes such as ancestry tracing, disease risk assessment, and personalized nutrition and fitness plans.
The Asia-Pacific genetic testing market is estimated to grow at a CAGR of 13.3% between 2021 and 2026.
The statement suggests that the Asia-Pacific genetic testing market is expected to experience significant growth over the five-year period from 2021 to 2026, with a Compound Annual Growth Rate (CAGR) of 13.3%. This indicates that the market’s value is projected to increase by an average of 13.3% annually over the specified timeframe. This growth rate reflects the increasing demand and adoption of genetic testing services and technologies in the Asia-Pacific region, driven by factors such as advancements in genetic research, rising awareness about personalized medicine, and improving healthcare infrastructure. The statistic implies that the market for genetic testing in the Asia-Pacific region is poised for substantial expansion and offers significant opportunities for industry players and stakeholders.
The genetic testing industry in Europe is expected to increase from USD 4.12 billion in 2019 to USD 6.51 billion in 2028.
The statistic provided indicates the projected growth of the genetic testing industry in Europe over a 10-year period, with an expected increase from USD 4.12 billion in 2019 to USD 6.51 billion in 2028. This suggests a significant growth trend in the industry, potentially driven by advancements in technology, increasing demand for personalized medicine, and a growing awareness of genetic predispositions to disease. The projected growth in market value implies opportunities for innovation, expansion, and investment within the genetic testing sector, highlighting the importance and potential impact of genetic testing in healthcare and research in the European region.
The market for genetic testing in cancer diagnosis is expected to grow at a CAGR of about 12.6% over the next six years.
This statistic indicates the projected compound annual growth rate (CAGR) for the market of genetic testing in cancer diagnosis over the next six years. A CAGR of 12.6% suggests that the market is expected to expand steadily, with an average annual growth rate of 12.6% over the specified period. This growth rate highlights a significant increase in demand for genetic testing in cancer diagnosis, likely driven by advancements in technology, increasing awareness, and a growing emphasis on personalized medicine. The projected growth signals opportunities for companies operating in this market to capitalize on the increasing demand for genetic testing services in cancer diagnosis.
The pharmacogenomic testing segment held the largest market share of 32.2% in 2020.
This statistic suggests that among all segments in the healthcare industry related to genomics, pharmacogenomic testing made up the highest proportion of market share at 32.2% in 2020. Pharmacogenomic testing involves analyzing genetic variations to predict an individual’s response to specific medications. The large market share indicates that there is a significant demand for this type of testing, likely driven by its potential to personalize treatment plans, improve medication efficacy, and reduce adverse reactions. This statistic underlines the growing importance and adoption of pharmacogenomic testing in healthcare practices to optimize patient outcomes.
North America had the major share of pharmacogenomics (PGx) market accounting for 47.4% in 2020.
The statistic “North America had the major share of pharmacogenomics (PGx) market accounting for 47.4% in 2020” indicates that out of all the regions in the world, North America had the largest portion of the market related to pharmacogenomics in the year 2020. This means that nearly half of the global market for pharmacogenomics products and services was attributed to North America. The high market share in North America suggests significant interest, investment, and utilization of pharmacogenomics technologies and applications in this region compared to others around the world. This statistic highlights the importance of North America in the advancement and adoption of pharmacogenomics practices and innovations.
As of 2019, approximately 75,000 genetic tests are commercially available.
The statistic stating that approximately 75,000 genetic tests are commercially available as of 2019 highlights the vast and rapidly expanding landscape of genetic testing options in the healthcare industry. Genetic tests play a crucial role in diagnosing and predicting various genetic conditions, informing treatment decisions, and enabling personalized medicine. The availability of such a large number of tests reflects advancements in technology, increased awareness about the role of genetics in health, and the growing demand for personalized healthcare. This statistic underscores the significant impact that genetic testing has on healthcare delivery and the potential to further enhance our understanding and management of genetic diseases.
As of 2019, approximately 10 new genetic tests are entering the market each day.
This statistic indicates that in 2019, an estimated 10 new genetic tests were being introduced to the market daily. Genetic testing plays a crucial role in healthcare and research by providing insights into an individual’s genetic makeup, predispositions to certain diseases, and potential responses to treatments. The rapid pace at which new genetic tests are emerging demonstrates the increasing interest and investment in genomic technologies and personalized medicine. This trend suggests a growing demand for genetic testing services, driven by advancements in technology, decreasing costs, and the expanding understanding of the role genetics play in health and disease.
The introduction of advanced technologies like Next-Generation Sequencing (NGS) helped the market to register a CAGR of 11.83% during the period 2020-2025.
The statistic indicates that the market experienced a Compound Annual Growth Rate (CAGR) of 11.83% between 2020 and 2025, attributed to the implementation of advanced technologies such as Next-Generation Sequencing (NGS). This suggests that the introduction of NGS has positively impacted the market, leading to steady growth over the specified time frame. The use of NGS technology likely resulted in increased efficiency, accuracy, and broader application capabilities within the market, leading to both existing and new players benefitting from this growth trend.
The United States, as of 2020, is the largest market for genetic testing in the world.
The statistic indicates that the United States is the leading market globally for genetic testing services as of 2020. This means that the country has the highest demand and utilization of genetic testing for various purposes such as healthcare, ancestry testing, and personalized medicine. The popularity and accessibility of genetic testing services in the U.S. have likely contributed to this status, driven by factors such as technological advancements, widespread interest in personalized health information, and increased awareness of genetic risks. This statistic underscores the significant role that genetic testing plays in the healthcare landscape of the United States and highlights the country’s leadership in leveraging genetic information for various applications.
In terms of test types, diagnostic testing accounted for the largest market share – 37.8% in 2020.
This statistic suggests that among all types of tests conducted in 2020, diagnostic testing held the highest market share at 37.8%. Diagnostic testing refers to tests that are performed to determine a specific condition or disease in an individual, often in a clinical setting. The prominence of diagnostic testing in the market indicates its importance in healthcare decision-making and patient care. This statistic highlights the emphasis and investment placed on diagnostics, likely driven by the increasing demand for accurate and timely disease identification and monitoring. The significant market share of diagnostic testing underscores its pivotal role in healthcare systems and underscores the value placed on accurate and efficient diagnostic solutions.
Ancestry and relationship testing is set to grow at fastest CAGR of 12.4% from 2021 to 2028.
The statistic indicates that the field of ancestry and relationship testing is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 12.4% from 2021 to 2028. This means that the demand for services related to identifying ancestry and genetic relationships between individuals is expected to increase rapidly over the specified time period. The high CAGR suggests a strong market potential and interest in these testing services, likely driven by factors such as advancements in genetic testing technology, growing awareness of the benefits of ancestry testing, and an increasing emphasis on personalized healthcare. The forecasted growth rate highlights the expanding opportunities and relevance of ancestry and relationship testing in various fields such as genealogy, healthcare, forensics, and personal identity verification.
References
0. – https://www.www.mordorintelligence.com
1. – https://www.www.grandviewresearch.com
2. – https://www.www.nature.com
