Genetic Testing Market Trends

Growth Drivers

• Growth in Penetration of Online Website to Purchase Products– Since the prevalence of online websites is so high, genetic kits are easily available through the same, reaching a large number of customers. Owing to this, the demand for home genetic testing is growing. At-home genetic testing is the greatest option for people who wish to learn more about their heritage, family links, or special genetic features such as caffeine sensitivity or other dietary requirements. With a substantial surge from a few years ago, there are now over 3 billion consumers who purchase online across the globe.
• Growing Geriatric Population- The elderly population is more prone to certain genetic-related diseases. Moreover, when the genes or chromosomes undergo a mutation, genetic illnesses result. While some illnesses manifest symptoms at birth, others do so over time. Hence, the significance of genetic testing is growing. According to the World Health Organization, one in six people on the planet is estimated to be 60 years of age or older by the year 2030. At this point, it is anticipated to be 1.4 billion people, up from 1 billion in 2020, who are 60 years of age or older.

Challenges

• Growing Price of Genetic Testing- The intricacy of the associated processes is the primary cause of the high cost of genetic testing. The price is determined by several elements, including the test's type. In some particular situations, the patient's age affects the cost as well. Moreover, the three major factors involved in genetic testing are the time-consuming process, the need for advanced-level medical technology, and the intensive labor procedure. Genetic testing is more expensive than other types of testing owing to all of these variables.
• Issues with Genetic Testing-Based Diagnostics' Uniformity
• Regulatory Standards that are Strict for Product Approvals