GLOBAL BIOCHEMICAL GENETIC TESTING MARKET (2024 - 2030)

In 2023, the Global Biochemical Genetic Testing Market reached a valuation of $562.25 million, with projections indicating an expansion to $962.35 million by 2030. Anticipated growth over the forecast period of 2024-2030 suggests a Compound Annual Growth Rate (CAGR) of 7.98%.

BIOCHEMICAL  Market Overview:

Biochemical Genetic Testing involves medical examinations focusing on genetic, chromosomal, and protein alterations within organisms, utilizing chemical processes within the body. The outcomes of such tests typically confirm or dismiss suspected genetic disorders, aiding in assessing the likelihood of developing or passing on genetic conditions through familial lines. Key drivers of the global Biochemical Genetic Testing Market include the escalating prevalence of genetic disorders, advancements in associated technological devices and software, and substantial investments in research and development by industry leaders. Presently, increased healthcare spending, propelled by government-led awareness initiatives in various developed and developing nations, is poised to foster competition among manufacturers, stimulating the introduction of improved genetic testing solutions in the market.

COVID-19 Impact on the Biochemical Genetic Testing Market:

The COVID-19 pandemic, declared a global health emergency by the World Health Organization in January 2020, significantly disrupted economic activities across sectors worldwide. Supply chains were particularly affected, leading to production and distribution challenges. Shutdowns in several economies, including China, India, Saudi Arabia, UAE, and Egypt, impeded the transportation of goods and services. The healthcare sector faced critical setbacks due to restricted access to services amidst lockdowns. Patients with conditions like cerebral palsy encountered difficulties in receiving necessary care, exacerbating health risks. Despite the adverse effects during the peak of the pandemic, gradual economic reopening in 2021 presented growth opportunities for industry players.

Market Drivers:

The rising incidence of genetic disorders is fueling demand for biochemical genetic testing kits:

Increasing instances of genetic disorders, contributing to severe health complications, are driving the demand for biochemical genetic testing devices globally. Reports indicate that genetic disorders and congenital abnormalities affect approximately 2% - 5% of all live births and account for about 30% of pediatric hospital admissions. Consequently, the growing number of such cases is propelling demand for biochemical genetic testing solutions.

Adoption of advanced technologies and heightened R&D investments are bolstering market expansion:

The advent of advanced technologies, especially in cancer treatment and management of chronic diseases, is shifting focus towards genomics-centric pharmacology. These technologies offer advantages like enhanced accuracy, sensitivity, and speed compared to traditional methods, revolutionizing oncology and other medical fields. Continuous scientific innovations present new opportunities for technological development, particularly in rare disease management, through collaborations involving researchers, patients, and regulators.

Increased health awareness is driving the healthcare sector, stimulating demand for biochemical genetic testing kits:

Rising health awareness levels among individuals have led to the establishment of numerous registries, playing a crucial role in epidemiological and clinical research. These registries facilitate clinical trial planning and enrollment processes by providing valuable data insights. Additionally, they expedite service planning and support public health initiatives and clinical research endeavors.

Market Restraints:

High installation costs associated with devices and genetic testing R&D are expected to hinder market growth:

The substantial and fluctuating costs linked with sequencing and biochemical genetic testing pose challenges to market growth. Furthermore, the intricate nature of diagnosing specific genetic disorders entails significant expenses, dampening the market growth rate within the healthcare sector.

The Biochemical Genetic Testing Market – Segmentation by Type

• Diagnostic Testing
• Prenatal Testing
• New Born Screening
• Predictive and Presymptomatic Testing
• Carrier Testing
• Pharmacogenomic Testing
• Other Types

The market for biochemical genetic testing is categorized into various types, including Diagnostic Testing, Prenatal Testing, New Born Screening, Predictive and Presymptomatic Testing, Carrier Testing, Pharmacogenomic Testing, and other types.

The Prenatal and New Born Screening segments collectively command the highest revenue share within the global market and are expected to maintain their dominance in the foreseeable future. This can be attributed primarily to the increasing awareness among individuals and the escalating healthcare expenditures across different economies.

Furthermore, the Pharmacogenomic Testing segment is projected to experience the most rapid Compound Annual Growth Rate (CAGR) throughout the forecast period.

Biochemical Genetic Testing Market – Segmentation by Technology

• Polymerase Chain Reaction
• DNA Sequencing (NGS-Based Testing)
• Whole Genome Sequencing
• Microarrays
• Fluorescence In Situ Hybridization (FISH)
• Others

The biochemical genetic testing market is segmented based on technology into Polymerase Chain Reaction, DNA Sequencing (NGS-Based Testing), Whole Genome Sequencing, Microarrays, Fluorescence In Situ Hybridization (FISH), and other technologies.

The Next-Generation Sequencing (NGS) technology segment holds the largest revenue share, accounting for approximately 35%, and dominates the segment as of 2022. The widespread availability and swift adoption of NGS-based gene panels for various genetic-related disease testing, including cancer, neurologic disease, cardiovascular disease, paediatric conditions, have propelled this segment forward.

Biochemical Genetic Testing Market – Segmentation by End-User

• Hospitals
• Clinics
• Diagnostic Centers
• Private Clinics
• Laboratory Service Providers
• Private Laboratories

The biochemical genetic testing market is segmented by end-users into Hospitals, Clinics, Diagnostic Centers, Private Clinics, Laboratory Service Providers, and Private Laboratories.

Research laboratories lead the global market as of 2022, capturing over 46.90% of the overall revenue share. On the other hand, the diagnostic laboratories segment is poised to witness the highest CAGR over the forecast period, driven by the increasing number of mergers and collaborations between diagnostic laboratories and genetic testing companies.

Biochemical Genetic Testing Market – Segmentation by Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East and Africa

The market for biochemical genetic testing is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

North America emerges as the dominant region in 2022, owing to the rising prevalence of genetic disorders within the population. The region continues to lead the Biochemical Genetic Testing Market in terms of both market share and revenue, and this dominance is expected to persist during the forecast period, driven by genetic defects, chromosomal abnormalities, and rapid research and development activities.