The global genetic testing market accounted for USD 3.2 billion in 2014 and is expected to grow at a CAGR of 9.26 percent to reach USD 6.5 billion by 2022. The factors contributing to the market growth include aging population, growing awareness, availability of direct-to-consumer tests and increasing incidence of genetic disorders. However, factors such as high cost for testing and reimbursement issues are inhibiting the growth of the market. Genetic testing for cancer is likely to be the fastest-growing segment during the forecast period. Increasing incidence of genetic diseases is providing more opportunities for genetic testing along with the rise in personalized medicine. The federal agencies that play a significant role in regulating genetic tests are Food and Drug Administration (FDA), Federal Trade Commission (FTC), and Center for Medicare and Medicaid services (CMS).
Global genetic testing market is segmented on the basis of application and geography. By application, the market is categorized into cancer genetic testing market, prenatal genetic testing market, pharmacogenomics genetic testing market, and predisposition cancer genetic testing market. By geography, market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America leads the genetic testing market followed by Europe.