Genetic Testing Market Trends

Growth Drivers

• Rising utilization in developing personalized therapies: As the targeted therapeutics industry gain traction, demand in the genetic testing market is propelling. The significant contribution of precision medicine to making diagnosis and treatment more effective and with fewer errors is pushing pharma developers to analyze the individual genetic composition of each patient. For instance, in June 2023, Illumina an AI-powered software, PrimateAI-3D, to detect disease-causing genetic mutations in patients, helping tailor therapies as per need.
• Improved availability of user-friendly tools: With the growing popularity of direct-to-customer (D2C) commercialization, the services and products available in the market are becoming more accessible to individuals. For instance, in 2021, MedGenome launched its new D2C subsidiary, Genessense, in this field, targeting the consumers seeking easy detection tool to identify genetic susceptibility to various lifestyle diseases. Additionally, the widespread e-commerce retailing is also improving public access to associated commodities. Furthermore, initiatives from several government bodies are also promoting their advantages in preventive healthcare. On this note, in 2022, a total of 6214 new genetic tests were made available worldwide (NLM).

Challenges

• Economic disparity and variability: The intricacy of the associated processes is the primary cause of the heightened cost of commodities from the market. 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 large workforce, making it more expensive. All of these variables also make it difficult for companies to offer generalized affordable options while maintaining the quality and accuracy.