TOP 10 COMPANIES IN GENETIC TESTING MARKET

The Genetic Testing Market is projected to reach $ 28.24 billion by 2030, at a CAGR of 10.4% from 2023 to 2030. Genetic testing developments can transform the treatment and diagnosis of different inherited diseases. Genetic testing is widely adopted due to its potential to answer broader questions by analysis of DNA. Genetic tests further determine the change in a particular chromosome or gene that help physicians make informed and accurate decisions for treatment planning for certain inherited conditions.

The growth of the genetic market is mainly driven by government initiatives promoting genetic testing, the increasing prevalence of genetic disorders, the growing need for the early detection & prevention of diseases, the increasing applications of genetic testing in oncology, and the decreasing costs of sequencing procedures. However, the high cost of genetic testing in low-income countries and its social and ethical implications restrain the growth of the genetic testing market. The growing potential of direct-to-consumer genetic testing and the emerging field of genetic counseling are expected to create growth opportunities for the players operating in this market. However, the low chances of positive, actionable mutations and concerns regarding the security & privacy of genetic data are major challenges to market growth.

Here are the top 10 companies operating in the Genetic Testing Market

ILLUMINA, INC. (U.S.)

Incorporated in 1998 and headquartered in California, U.S., Illumina develops, manufactures, and markets life sciences tools and integrated systems for functional and variational analysis of genes. The company provides array and sequence-based solutions such as integrated sequencing and microarray systems, consumables, and genetic and genomic analysis tools.

The company has two reportable business segments, namely, Core Illumina and GRAIL. Illumina operates in around 28 countries globally, with commercial offices in the U.S., Australia, Germany, China, France, Japan, Brazil, the Netherlands, the U.K., Singapore, and South Korea. It has a strong distribution network in Africa, Asia-Pacific, North America, Central America, South America, Europe, and the Middle East and has manufacturing and R&D operations in the U.S., Singapore, and the U.K.

LABORATORY CORPORATION OF AMERICA HOLDINGS (U.S.)

Established in 1995 and headquartered in North Carolina, U.S., Laboratory Corporation of America Holdings is a company that provides vital diagnostic information to pharmaceutical companies, hospitals, doctors, patients, and researchers. The company operates through two reportable segments, namely, LabCorp Diagnostics (Dx) and LabCorp Drug Development (DD). In genetic testing, the company offers components such as testing and related services, testing operations and productivity, technology-enabled services, and support and development of new tests. The DD segment offers central laboratory services, preclinical services, technology solutions, and clinical development and commercialization services. Laboratory Corporation has nearly 2,000 patient service centers and over 6,000 in-office phlebotomists in customer offices and facilities across the U.S.

THERMO FISHER SCIENTIFIC INC. (U.S.)

Founded in 1956 and headquartered in Massachusetts, U.S., Thermo Fisher Scientific offers products and services in pharmaceutical, biotechnology, agricultural, clinical, healthcare, and government markets. The company operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services.

The Life Sciences Solutions segment provides reagents, consumables, and medical and biological research instruments. This segment has four primary businesses, namely, Biosciences, Clinical Next-Generation Sequencing, Genetic Sciences, and BioProduction. Some of the major subsidiaries of the company are Molecular Probes, Inc. (U.S.), Thermo Electron North America LLC (U.S.), Thermo Foundation, Inc. (U.S.), European Laboratory Holdings Limited (U.K.), and Patheon France SAS (France), among others.

MYRIAD GENETICS, INC. (U.S.)

Founded in 1991 and headquartered in Utah, U.S., Myriad Genetics provides insights that help individuals and healthcare providers treat, detect, and prevent disease. The company also commercializes and develops genetic tests that help detect the risk of disease progression and guide treatment solutions for medical specialties. Myriad Genetics operates in a single reporting segment. However, the company segregates its revenue based on components of consolidated operations, namely, Molecular Diagnostic Testing and Pharmaceutical and Clinical Services.

The Molecular Diagnostic Testing category provides hereditary cancer, tumor profiling, pharmacogenomics, prenatal, and autoimmune services, among others. Myriad has a strong geographic presence in about 128 countries, with 16 direct subsidiaries, 112 distributors, and sales offices in countries such as Germany, France, Spain, Italy, and Switzerland. It also has a global network of distributors to provide molecular diagnostic tests to its customers.

OPKO HEALTH INC. (U.S.)

Founded in 1991 and headquartered in Florida, U.S., Opko Health is a healthcare company. The company operates through two business segments, namely, Diagnostics and Pharmaceuticals. It offers a comprehensive test menu of clinical diagnostics for urine, tissue, and blood analysis which includes immunoassay, hematology, clinical chemistry, hormones, infectious disease, serology, and toxicology assays, as well as anatomic pathology (biopsies), Pap smear, and different types of tissue analysis, including testing for COVID-19. The company provides laboratory testing services to its customers in metropolitan areas in New Jersey, Florida, New York, and Texas, among others.

Some of the other key subsidiaries of the company are OPKO Ireland Global Holdings, Ltd (Ireland), OPKO Canada Corp, ULC (Canada), FineTech Pharmaceutical, Ltd. (Israel), and EirGen Pharma Limited (Ireland), among others.

Meticulous Research in its latest publication on Genetic Testing Market has predicted the growth of 10.4% during the forecast year 2023-2030

F. HOFFMANN-LA ROCHE LTD. (SWITZERLAND)

Founded in 1896 and headquarters in Basel, Switzerland, F. Hoffmann-La Roche Ltd. is a research-based healthcare company engaged in creating innovative medicines and providing solutions for diagnostics tests. The company operates through two major business segments, namely, Pharmaceuticals and Diagnostics. The Diagnostics division offers centralized and point-of-care kits & reagents, advanced staining reagents, molecular diagnostic tests, and blood screening tests and manufactures equipment and reagents for research and medical diagnostic applications. This segment is further categorized into Core Lab, Molecular Lab, Point of Care, Diabetes Care, and Pathology Lab.

F. Hoffman-La Roche has a strong global presence in 100 countries. The company has 23 manufacturing sites and 29 research and development facilities in the U.S., Austria, Germany, Poland, Switzerland, South Africa, and China. Some of its key subsidiaries are Genentech, USA Inc. (U.S.), Chugai Pharmaceutical Co., Ltd. (Japan), Inflazome Ltd. (Ireland), Spark Therapeutics, Inc. (U.S.), Ventana Medical Systems Inc. (U.S.), Flatiron Health (U.S.), Kapa Biosystems, Inc. (U.S.), Bioveris Diagnostics (U.S.), and Viewics, Inc. (U.S.), among others.

NATERA, INC. (U.S.)

Founded in 2004 and headquartered in Texas, U.S., Natera is a diagnostic company engaged in bioinformatics and molecular technology. Natera’s cell-free DNA technology combines novel molecular assays with statistical algorithms, including data for identifying genetic variations, covering serious conditions with high coverage and accuracy. The company mainly focuses on women’s health, develops and commercializes non- or minimally-invasive tests for evaluating risks, and enables early disease detection of genetic conditions such as Down syndrome.

Since 2009, the company has been launching a wide range of products that help in improving patient care in oncology, women’s health, and organ health. It has a direct sales force in the U.S., further adding to the company’s network of more than 100 laboratory and distribution partners.

Natera International, Inc. (U.S.) is a key subsidiary of the company. Natera reports its revenue in two categories, Product Revenues and Licensing and Other Revenues. The company is certified under Clinical Laboratory Improvement Amendments (CLIA) in Austin, Texas, and San Carlos, California.

PERKINELMER, INC. (U.S.)

Founded in 1937 and headquartered in Massachusetts, U.S., PerkinElmer offers services, products, and solutions for life sciences, diagnostics, and applied markets. The company operates in two segments, namely, Diagnostics and Discovery & Analytical Solutions.

The Diagnostic segment offers genetic test products such as instruments, assay platforms, reagents, and software to medical labs, clinicians, hospitals, and medical professionals. This segment mainly focuses on the emerging diagnostics market, reproductive health, and applied genomics. Furthermore, the company provides its offerings for the detection of genetic disorders in pregnancy and childhood and the testing of infectious diseases for the diagnostic market.

The company serves customers in 190 countries and is a part of the S&P 500 index. Some of its key subsidiaries are Xenogen Corporation (U.S.), BioLegend, Inc. (U.S.), 2Cure, LLC (U.S.), PerkinElmer Diagnostics Holdings, Inc. (U.S.), and PerkinElmer Pty. Ltd (Australia), among others.

CENTOGENE N.V. (GERMANY)

Founded in 2006 and headquartered in Rostock, Germany, Centogene provides its offerings to various end users, which include patients, physicians, and biopharmaceutical companies. It also provides offerings in clinical development and diagnostics for rare, neurodegenerative, and metabolic diseases. The company operates in three business segments, namely, Pharmaceutical, Diagnostics, and COVID-19. The Diagnostics segment operates in the genetic testing market.

Some of its major subsidiaries are Centogene GmbH (Germany), Centogene FZ-LLC (UAE), Centogene US, LLC (U.S.), Centogene GmbH (Austria), Centogene India Pvt. Ltd. (India), and Centogene Switzerland AG (Switzerland), among others.

KONICA MINOLTA, INC. (JAPAN)

Founded in 1873 and headquartered in Tokyo, Japan, Konica Minolta provides its genetic testing offerings for primary care. The company’s healthcare business comprises two categories, Healthcare and Precision Medicine. The Precision Medicine segment consists of genetic testing; provision of services related to primary care; and provision of drug discovery support services. This category focuses on services for disease prevention, early detection, early diagnosis, and new drug development support.

Ambry Genetics Corporation (U.S.) is the company’s key subsidiary operating in the genetic testing market. Ambry provides tests in mainly four categories of genetic diseases, Hereditary Cancer, Heart Conditions, Hereditary Neurological Disorders, and Rare Conditions. The company offers genetic testing solutions to clinicians for better disease risk assessment and helps them make informed decisions. The company has partnered with various national and regional health insurance companies. With its diverse range of 600 genetic tests used by medical professionals in the field of oncology, cardiology, neurology, exome & general genetics, preventive care and women’s health, the company also offers featured add-ons in its testing menu, which can be ordered as per clinical need.

Authoritative Research on the Genetic Testing Market – Global Opportunity Analysis and Industry Forecast (2023-2030)

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• Recent financial performance
• Key products
• Significant company strategies
• Partnerships and acquisitions

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