At 15.9% CAGR, North America Genetic Testing Services Market is Projected to be Worth US$ 5,892.93 Million by 2031 says Business Market Insights

According to Business Market Insights’ research, the North America genetic testing services market was valued at US$ 1,808.02 million in 2023 and is expected to reach US$ 5,892.93 million by 2031, registering a CAGR of 15.9% from 2023 to 2031. Artificial Intelligence-Powered Genetic Testing and availability of funding are among the critical factors attributed to drive the North America genetic testing services market.

As of 2018, there were ~75,000 genetic tests available in the market, with nearly ten new tests entering the market every day. As per the study "Trends in Availability of Genetic Tests in the United States, 2012–2022," published in 2023, ~129,624 and 197,779 genetic tests in the US and globally, respectively, have been made accessible and submitted to the genetic testing registry as of November 2022. These tests have been extended from single-gene tests to panels that look at multiple genes. Whole-genome sequencing and now whole-exome sequencing have also become more popular. To solve the growing problem of health data exhaust, the field of medicine is increasingly revolving around enhanced clinical tools, such as artificial intelligence (AI) and machine learning, which have been mentioned as a way to improve the acceptance of genomic medicine. Today, many companies have turned to machine learning to process the vast amount of data needed to correctly analyze and understand clinical data in fields such as radiology and cardiology.

Many of the consumer-facing genetic testing technologies that are available in the market are using machine learning or AI to function. In numerous ways, genetic testing of diseases is the perfect field for machine learning because of the vast volumes of data that these programs need to struggle with. For example, working in the human genome includes reading billions of bits of information, and prior to the introduction of machine learning, many of these tasks were pretty tricky. AI offers great potential when it comes to analyzing genetic data and supporting clinical specialists in making diagnoses.

Google has a program called Deep Variant that can now be used to plot the human genome thoroughly and can be used on the full range of a person's genetic information. Moreover, agencies such as the National Institutes of Health are working on ways through which machine learning and AI can add to a better understanding of genetics and genomics. Furthermore, Blueprint Genetics is using AI in clinical interpretation. Machine learning and AI are acting as a catalyst for faster and more diverse improvement in genetic research and engineering. These tools are simple to integrate and extremely scalable, putting genetic laboratories in a unique position to scale their operations and match the fast growth of the genetic testing field. Thus, through the successful integration of these tools, clinicians will be able to diagnose rare genetic diseases more efficiently and effectively, bringing hope to the millions of people affected by them globally.

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

Based on services type, the North America 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 32.1% market share in 2023, amassing US$ 580.35 million. It is projected to garner US$ 1,963.90 million by 2031 to register 16.5% CAGR during 2023–2031.

In terms of disease, the North America genetic testing services market is categorized into cancer, cardiovascular disease, metabolic disease, and others. The cancer segment held 45.1% share of North America genetic testing services market in 2023, amassing US$ 815.67 million. It is anticipated to garner US$ 2,909.54 million by 2031 to expand at 17.2% CAGR during 2023–2031.

In terms of service provider, the North America genetic testing services market is categorized into hospital-based laboratories, diagnostic laboratories, and other service provider. The hospital-based laboratories segment held 62.7% share of North America genetic testing services market in 2023, amassing US$ 1,133.65 million. It is projected to garner US$ 3,968.93 million by 2031 to expand at 17.0% CAGR from 2023 to 2031.

Based on country, the North America genetic testing services market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 81.5% share of North America genetic testing services market in 2023. It was assessed at US$ 1,472.87 million in 2023 and is likely to hit US$ 4,976.32 million by 2031, registering a CAGR of 16.4% 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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