At 17.0% CAGR, Asia Pacific Genetic Testing Services Market is Projected to be Worth US$ 2,550.10 Million by 2031 says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific genetic testing services market was valued at US$ 728.38 million in 2023 and is expected to reach US$ 2,550.10 million by 2031, registering a CAGR of 17.0% from 2023 to 2031. Increasing awareness and acceptance of personalized medicines and growing preference for direct-to-consumer (DTC) genetic testing are among the critical factors attributed to drive the Asia Pacific genetic testing services market.

Personalized medicine is the field that utilizes patients' genetic and environmental data to deliver optimal healthcare. It is based on the principle that every patient is unique and requires individualistic pharmacological treatment. Since it is a rapidly evolving area, it is presently incorporated into several healthcare systems. The successful completion of the Human Genome Project (HGP) in 2003 and the fast-decreasing human genome sequencing costs encouraged the development of a new medical approach, which is called personalized medicine. With an expanding repository of personalized data at the molecular level, molecular diagnostics companies are exceptionally positioned to unlock value.

For instance, the Phenome India Project focuses on personalized medicine by analyzing the genetic, environmental, and lifestyle factors influencing health in the Indian population. It aims to create tailored healthcare solutions based on individual genetic profiles, improving disease prevention, diagnosis, and treatment. By studying India’s unique genetic makeup, the project strives to offer more effective, personalized healthcare interventions. Large-scale drug discovery is a key to increasing the viability and usefulness of personalized medicines for the diagnosis of diseases and disorders. Genomics is one of the fastest-growing divisions of medical science. It is driving a paradigm shift in the research methodology of a disease, as well as diagnosing and treating illness. Genetic testing has been extensively used in pharmacogenomics, also known as drug-gene testing. It helps in accelerating drug discovery and its development.

On the flip side, social and ethical implications of genetic testing hamper the growth of Asia Pacific genetic testing services market.

Based on service type, the Asia Pacific genetic testing services market is segmented into predictive testing, carrier testing, prenatal testing, new-born screening, and diagnostic genetics testing. The predictive testing segment held 32.6% market share in 2023, amassing US$ 237.52 million. It is projected to garner US$ 876.61 million by 2031 to register 17.7% CAGR during 2023–2031.

In terms of disease, the Asia Pacific genetic testing services market is categorized into cancer, cardiovascular disease, metabolic disease, and other. The cancer segment held 50.3% share of Asia Pacific genetic testing services market in 2023, amassing US$ 366.24 million. It is anticipated to garner US$ 1,412.04 million by 2031 to expand at 18.4% CAGR during 2023–2031.

In terms of service provider, the Asia Pacific genetic testing services market is categorized into hospital-based laboratories, diagnostic laboratories, and other service provider. The hospital-based laboratories segment held 63.6% share of Asia Pacific genetic testing services market in 2023, amassing US$ 463.26 million. It is projected to garner US$ 1,752.86 million by 2031 to expand at 18.1% CAGR from 2023 to 2031.

Based on country, the Asia Pacific genetic testing services market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 31.0% share of Asia Pacific genetic testing services market in 2023. It was assessed at US$ 226.09 million in 2023 and is likely to hit US$ 846.73 million by 2031, registering a CAGR of 17.9% during 2023–2031.

Key players operating in the genetic testing services market are Eurofins Scientific SE, Exact Sciences Corp, Laboratory Corp of America Holdings, 23andMe Holding Co, Ambry Genetics Corp, Quest Diagnostics Inc, Illumina Inc, F. Hoffmann-La Roche Ltd, NeoGenomics Inc, Centogene NV, Ancestry Genomics Inc, Gene By Gene Ltd, SIVOTEC BioInformatics LLC, Progenesis, Fulgent Genetics, Inc, VERITAS INTERCONTINENTAL, and GeneDx, LLC. among others.

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