Genetic Testing Services Market
Genetic tests can help to identify any changes or mutations in the DNA sequence or chromosome structure. It provides information on whether a disease runs in a family and the risk factors associated with its future development among individuals with a family history of the disease. Genetic testing can detect the risk of cancer that may develop during an individual’s life. For some people, test results serve as a relief, eliminating any uncertainty surrounding their health. The increasing prevalence of genetic diseases, rising awareness and acceptance of personalized medicines, and growing preference for direct-to-consumer genetic testing are noteworthy factors contributing to the growing genetic testing services market size. However, the social and ethical implications of genetic testing and the affordability of genetic services hinder market growth. Moreover, artificial intelligence-powered genetic testing is expected to bring new genetic testing services market trends in the coming years.
Growing Preference for Direct-To-Consumer (DTC) Genetic Testing Fuels Genetic Testing Services Market Growth
Personalized genetic testing and treatment have long been used globally to help individuals and families learn more about hereditary diseases. Most of the time, genetic testing is done through healthcare personnel, such as genetic counselors. Healthcare providers decide which test is needed, order the test from a test center, collect and send the DNA sample, read the test results, and share the results with the patient. Thus, these tests have traditionally been ordered and interpreted in a clinical or medical research setting.
In contrast, a genetic test offered, advertised, and sold by companies directly to the consumer, without the direct involvement of a conventional healthcare system, is called DTC genetic testing. DTC genetic testing has witnessed tremendous growth in the past decade and is becoming increasingly widespread. DTC genetic testing is relatively new and helps people find out about the disease-associated genes they may carry without the need for a prescription or guidance from a genetic counselor or medical practitioner. Several consumers of DTC testing view it as another method of gathering medical information about themselves.
the consumer independently initiates and completes a DTC genetic test. The public understanding and acceptance of genetic testing is gradually increasing. Additionally, there is a rise in consumers seeking customized products and experiences to identify and address unique needs. The launch of innovative products and the increase in the adoption of DTC genetic testing kits have made genetic testing more accessible to people. These kits enable users to undergo personalized health management within the comfort of their homes.
Key industry players are also developing DTC genetic tests and implementing special marketing efforts that positively impact sales of DTC tests. In September 2021, MedGenome Labs introduced its DTC category under the brand name Genessense for consumers in India. The brand offers specialized, evidence-based genetic screening tests that provide insights into one’s health prior to the onset of symptoms. In July 2023, Quest Diagnostics, a US-based diagnostic information service provider, introduced its first direct-consumer genetic test, Genetic Insights. The test uses next-generation sequencing to evaluate the risk for inheritable health conditions. The test inspects 36 genes using a saliva sample. It can investigate the potential risk of up to 24 genetically inheritable conditions, including breast cancer, heart disorders, blood disorders, and sickle cell anemia.
A rising number of manufacturers are providing direct-to-consumer genetic testing that covers various health conditions and traits. The increasing demand for direct-to-consumer genetic testing products to learn about the genetic makeup and assess the risk of developing hereditary conditions for early disease detection or prevention drives the genetic testing services market growth.
Genetic Testing Services Market: Competitive Landscape and Key Developments
Laboratory Corporation of America Holdings; F. Hoffmann-La Roche Ltd; Illumina, Inc.; Quest Diagnostics Inc.; Exact Sciences Corp; NeoGenomics Inc.; Eurofins Scientific; Ambry Genetics; Centogene NV; 23andMe, Inc; Ancestry Genomics Inc.; Gene By Gene Ltd; SIVOTEC BioInformatics LLC; Progenesis; Fulgent Genetics, Inc.; Veritas Intercontinental; and GeneDx, LLC are a few key companies operating in the market. These companies focus on product innovation strategies to meet evolving customer demands, along with maintaining their brand name in the genetic testing services market.
As per company press releases, a few recent developments initiated in the global genetic testing services market report are mentioned below:
- In March 2024, Exact Sciences Corp. launched Riskguard hereditary cancer test in the US. The Riskguard test provides an individualized patient report that includes gene-specific and familial risks using a simple blood or saliva sample for 10 common cancers, including colorectal, breast, prostate, skin, ovarian, endometrial, pancreatic, gastric, kidney, and endocrine. Most oncologists in the US have ordered Oncoservice type tests, and physicians can order all three tests from a single Exact Sciences portal, streamlining the management and treatment for both early-stage and late-stage patients.
- In July 2023, Quest Diagnostics Inc. launched the first consumer-initiated genetic test, Genetic Insights. The test can be accessed at questhealth.com via its consumer health business. With the launch of advanced technology and end-to-end support, including personalized health reports and genetic counseling, consumers will be able to understand their potential risk of having certain inheritable health issues.
- In January 2023, Ambry Genetics Corp partnered with Unilabs to enhance genetic testing services for biopharma businesses in Europe, Latin America, and the Middle East, where it does not have a physical presence. It will cater to these markets by utilizing Unilabs’ genomic lab services and variant interpretation skills. Ambry, on the other hand, will provide Unilabs with its variant assessment skills.
- In February 2022, Fulgent Genetics, Inc. strategically invested in Spatial Genomics, Inc. up to $40 million to lead Spatial Genomics’ Series A financing, which totals $56 million and includes investments by 12 West Capital and other investors. Fulgent also entered into commercial arrangements with Spatial to integrate Spatial Genomics’ seqFISH technology into Fulgent’s comprehensive genomic testing platform.
