Report Overview

United States Genetic Testing Market is flourishing owing to the increasing prevalence of genetic diseases and cancer, as well as the growing awareness of and acceptance of custom treatments.

United States Genetic Testing Market - Industry Trends & Forecast Report 2028

United States Genetic Testing Market was worth USD 4.71 billion in 2021 and is further projected to reach USD 12.08 billion by the year 2028, exhibiting a CAGR of 14.50% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the increasing prevalence of genetic diseases and cancer. Also, the growing awareness and acceptance of custom treatments. Moreover, genetic testing kits have become more effective and creative as a result of the increased prevalence of chronic diseases and technological breakthroughs. Furthermore, the adoption of genetic testing is being boosted by the growing public knowledge of the advantages of genetic testing. In addition, as people get older, they are more likely to have chronic diseases, which is projected to increase the demand for genetic testing.

Genetic Testing - Overview

Genetic testing is a method for performing examinations for the diagnosis and treatment of genetic problems. To diagnose genetic illnesses, many tests are conducted. These tests include diagnostic testing, prenatal and newborn testing, predictive testing, pharmacogenomics, carrier testing, and nutrigenomics. Numerous disorders, including Duchenne muscular dystrophy, cancer, Huntington's disease, Alzheimer's, and Thalassemia cystic fibrosis, are being treated utilizing genetic testing.

United States Genetic Testing Market Forecast and Trends

Growth Drivers

Rising Awareness and Acceptance of Personalized Medicines

Increasing awareness and acceptance of personalized medicines reinforce the United States Genetic Testing Market. The foundation of personalized medicine is the notion that every patient is different and needs specialized pharmacological treatment. To increase the viability and usefulness of customized drugs for the diagnosis of diseases and disorders, large-scale drug development is required. Pharmacogenomics, often known as drug-gene testing, frequently uses genetic testing. It helps in drug development and discovery. Additionally, scientists are aware that a variety of genetic testing techniques, including cytogenetic, biochemical, molecular, and DNA sequencing, appear to provide customized disease treatments. Furthermore, it is anticipated that more patients would want genetic testing from primary care doctors, particularly healthy adults looking for early detection or prevention of hereditary disorders. This trend is projected to fuel market expansion.

Opportunities in Untapped Emerging Markets in Developing Regions

Investments in healthcare and infrastructure have increased significantly in developing regions across the U.S. To satisfy the demands of a growing patient pool, developing regions must prioritize cost-effectiveness and scalability. The accessibility and affordability of genetic testing tools have progressively boosted research and development activities in the United States. Similar to this, several genome-based initiatives in various areas have propelled the market's growth. Moreover, decreased costs of genetic testing technologies, and greater awareness of genetic disorders are projected to create a variety of possible opportunities for market rivals during the forecast period. Major necessary player expansions can therefore contribute to the progress of emerging economies.

Beneficial Compensation Practices to Promote Market Development

Beginning on October 1, 2019, UnitedHealthcare, the country's largest insurer, expanded its group plans and insurance coverage for psychiatric medicines to cover more than 27 million people. The companies' increased emphasis on providing clients with advantageous insurance and straightforward reimbursement choices is expected to boost product adoption in the United States. Furthermore, the rising emphasis on preventive treatment and early diagnosis of life-threatening conditions using effective testing methods is expected to contribute to the growth of the US genetic testing market in the coming years.

Rising Disposable Income

Numerous economic and social factors, including the financial arrangements and organizational structure of the health system, influence the amount of money spent by a nation on healthcare and its rate of growth over time. Particularly, there is a significant correlation between a nation's overall income level and the amount of money its citizens spend on health care. Additionally, the structural integrity and future potential for the genetic testing market during the projected period of 2022-2029 are expected to be provided by leading market participants' strategic activities.

Restraints

Expensive Nature of Genetic Testing

Some health insurance policies may not cover the cost of pricey genetic testing. The price of the various genetic tests varies depending on the ailment being tested for. The type of test and its complexity can affect how much a genetic test costs. Depending on the type and complexity of the test, the cost of genetic testing can range from $100 to more than $2,000 per test. The cost increases if multiple tests are required or if numerous family members must be tested to get a meaningful result. The cost of newborn screening varies from state to state. All these factors hinder the market’s expansion.

Impact of COVID-19 on United States Genetic Testing Market

The COVID-19 epidemic has also harmed the market. For instance, though it is so important, a continues to be the form of genetic testing that has the least impact. Additionally, there is less demand for testing procedures throughout U.S. healthcare facilities due to significant supply chain disruption and low patient traffic. Additionally, the healthcare sector's rising emphasis on obtaining COVID-19 patients has caused non-COVID-19 medical operations to be delayed. For example, a large number of prenatal genetic counselors reported offering in-person services during the epidemic. Thus, the pandemic has a general adverse effect on the market for genetic testing. This has further harmed the market, causing 2020's growth to be slower.

United States Genetic Testing Market - By Type

Based on the type, the United States Genetic Testing Market is segmented into Predictive & Presymptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others. Among these, diagnostic testing accounts for the largest share in the United States Genetic Testing Market. Significant factors, such as increased awareness among medical professionals and patients about early disease diagnosis and an increase in the prevalence of genetic disorders such as cancer, cystic fibrosis, and Alzheimer's disease around the nation, are expected to drive diagnostic testing market growth. Moreover, prenatal and newborn testing is expected to dominate the market. Newborn screening examines infants in their first days of birth for particular illnesses and conditions that may interfere with their normal development. Early detection and treatment can help prevent both intellectual and physical disabilities.

United States Genetic Testing Market – By Technique

Based on technique, the United States Genetic Testing Market is segmented into PCR, DNA Sequencing, Microarrays, and Others. Among these, the PCR category is anticipated to have the greatest market share in the US Genetic Testing Market throughout the approaching years. This can be attributed to elements like the rising use of polymerase chain reaction (PCR) to produce many copies of a given DNA sample for research reasons. All these factors boost the growth of the United States Genetic Testing Market during the forecast period (2022-2028).

United States Genetic Testing Market - By Application

Based on application, the United States Genetic Testing Market is segmented into Cardiology, Oncology, Pharmacogenomics, Cognitive Dysfunction, Pathogenomics, and Others. The oncology segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). This is due to healthcare companies' increasing emphasis on introducing improved oncology genetic testing tools. This influences the oncology segment to dominate the market share in the upcoming years.

United States Genetic Testing Market – By Payers

Based on payers, United States Genetic Testing Market is segmented into Public Health Insurance, Private Health Insurance, and Others. In the future years, the private health insurance market is expected to develop at an exponential rate, supported by an increase in the number of private insurers in the United States.

Competitive Landscape

The leading market players in the United States Genetic Testing Market are Invitae Corporation, Ambry Genetics, Bio Reference Laboratories, Progenity Inc., Quest Diagnostics Incorporated, Myriad Genetics, Fulgent Genetics, Burning Rock Biotech Limited, and Others.

The United States Genetic Testing Pad Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Recent Development

• January 2021 – Decibel Therapeutics along with Invitae Corporation launched the Amplify Genetic Testing Program. The companies report that the program aims to provide effective screening of monogenic and congenital hearing loss in children suffering from auditory neuropathy.

Scope of the Report

By Type

• • • Predictive & Presymptomatic Testing
    • Carrier Testing
    • Prenatal & Newborn Testing
    • Diagnostic Testing
    • Pharmacogenomic Testing
    • Others

By Technique

• • • PCR
    • DNA Sequencing
    • Microarrays
    • Others

By Application

• • • Cardiology
    • Oncology
    • Pharmacogenomics
    • Cognitive Dysfunction
    • Pathogenomics
    • Others

By End-User

• • • Hospitals
    • Independent Laboratories
    • Others

By Payers

• • • Public Health Insurance
    • Private Health Insurance
    • Others