Introduction

The global genetic testing market was valued at USD 15.9 billion in 2022 and is expected to reach USD 39.2 billion by 2032, growing at a CAGR of 9.7% from 2023 to 2032. This growth is driven by the increasing prevalence of genetic disorders, rising demand for personalized medicine, and advancements in genetic testing technologies, such as the adoption of next-generation sequencing (NGS) which is anticipated to grow at a CAGR of 22.8%.

Key growth factors include the rising incidence of cancer and other genetic diseases, necessitating early diagnosis and intervention. Due to heightened awareness and the push for early detection of genetic anomalies, the adoption of genetic testing in prenatal and newborn screening is also increasing. The prenatal and newborn testing segment dominated the market in 2022, reflecting the increasing focus on early genetic diagnosis.

Despite these growth drivers, the market faces significant challenges. The high cost of genetic testing, which can range from under USD 100 to over USD 2,000 depending on the complexity of the test, remains a major barrier to widespread adoption. Additionally, regulatory hurdles and data privacy concerns further impede market growth. Stringent regulatory requirements slow down the introduction of new tests, while fears of genetic discrimination and unauthorized data access deter potential users.

Recent developments in the genetic testing market include significant mergers, acquisitions, and funding activities that are shaping the industry. For instance, Labcorps aggressive M&A strategy includes a USD 239 million acquisition of Invitaes assets, expanding its presence in oncology and rare diseases. This follows Labcorps USD 237 million purchase of BioReference Healths clinical diagnostics and womens health business, expected to generate USD 100 million in annual revenue. Veracyte also acquired C2i Genomics for up to USD 95 million, enhancing its cancer diagnostics capabilities.

Additionally, Gilead Sciences secured USD 210 million in funding from Abingworth to advance its antibody-drug conjugate, Trodelvy, for non-small cell lung cancer. These activities reflect a dynamic market focused on expanding capabilities and leveraging strategic partnerships to drive growth and innovation.

In conclusion, the genetic testing market is poised for substantial growth, fueled by technological advancements and increasing awareness of genetic disorders. However, addressing cost and regulatory challenges will be crucial to realizing this potential. The markets trajectory underscores the importance of innovation and strategic collaboration in overcoming these barriers and expanding the accessibility and efficacy of genetic testing globally.

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Genetic Testing Market To Hit USD ~39 Billion by 2032 - Market.us Media - United States Market News

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