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Genetic Testing Market Worth $43.3 Billion by 2029 – Exclusive Report by Meticulous Research®



Redding, California, Nov. 23, 2022 (GLOBE NEWSWIRE) — According to a new market research report, Genetic Testing Market By Product & Service (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) – Global Forecast to 2029,’ published by Meticulous Research®, the genetic testing market is expected to grow at a CAGR of 11.6% from 2022 to reach $43.3 billion by 2029.

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Genetic testing involves identifying changes in genes, chromosomes, or proteins. This testing has been made possible by developing next-generation sequencing (NGS) technologies that allow large quantities of nucleic acid sequences to be obtained in a clinically meaningful time frame. Genetic testing involves the analysis of chromosomes, proteins, and certain metabolites to detect heritable disease-related genotypes, mutations, phenotypes, or karyotypes for clinical purposes. It involves diagnostic testing, newborn screening, prenatal testing, preimplantation testing, carrier testing, and other types of testing such as predictive testing or pre-symptomatic testing and forensic testing.

Some of the major factors driving the genetic testing market are the favorable government initiatives for promoting clinical genetic testing, increasing prevalence of genetic disorders, increased need for early disease detection & prevention, increasing applications of genetic testing in oncology, and decreasing cost of sequencing procedures. Furthermore, the growing scenario of genetic direct-to-consumer genetic testing and the emerging field of genetic counseling is expected to provide significant growth opportunities for this market.

However, factors such as the high cost of genetic testing and the social and ethical implications of genetic testing are expected to restrain the growth of this market to a notable extent. In addition, factors such as the low chances of positive, actionable mutations and genetic data privacy & security concerns are the major challenges to the growth of this market.

The Impact of COVID-19 on the Genetic Testing Market

The coronavirus disease (COVID-19) outbreak in March 2020 impacted nearly every country around the globe. According to the WHO, as of 14th October 2022, there were 620.8 million confirmed cases and 6.5 million confirmed deaths. The continued outbreak of COVID-19 and its various escalations due to the Delta and Omicron variants has impacted the global genetic testing market to a certain extent. A negative impact was observed on the test volumes of various clinical genetic tests such as newborn screening, prenatal testing, preimplantation testing, and carrier testing, among others.

Further, due to the severe lockdowns and restrictions, there was a supply chain disruption and a shortage of skilled professionals. There were delays in test results and a shortage of test kits and other laboratory equipment. These factors hampered this market’s growth during the pandemic’s peak.

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The genetic testing market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts it for 2029 – by Product & Service (Consumables & Reagents, Instruments, and Services), Test Type (Diagnostic Testing, Prenatal Testing, Carrier Testing, Newborn Screening, Preimplantation Testing, and Other Test Types), Method (Molecular Tests, Chromosomal Tests, and Biochemical Tests), End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

Based on product & service, in 2022, the consumables & reagents segment is estimated to account for the largest share of the genetic testing market. The large market share of this segment is attributed to factors such as recurring demand for consumables, test kits, & reagents; high demand for early disease diagnosis & treatment for genetic diseases; and increasing prevalence of cancer.

Based on test type, in 2022, the diagnostic testing segment is estimated to account for the largest share of the genetic testing market. The large market share of this segment is attributed to the high adoption of genetic testing in cancer diagnostics, increased need for early disease diagnosis, technological advancements, increased accuracy of diagnosis using genetic testing, and high prevalence of cancer and other rare genetic disorders.

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Based on method, in 2022, the molecular tests segment is estimated to account for the largest share of the genetic testing market. This segment’s large market share is attributed to molecular test’s ability to identify and finely characterize the genetic basis of inherited diseases and diagnosis of hereditary cancer syndromes through mutation analysis. Molecular tests vary in scope and include targeted single variant, single gene, gene panel, and whole exome sequencing/whole genome sequencing.

Based on end user, in 2022, the hospitals & clinics segment is estimated to account for the largest share of the genetic testing market. The large share of this segment is attributed to the growing demand for advanced technology in the genetic screening of hereditary cancers, better infrastructure and utilization of advanced techniques in hospitals, and high rates of hospitalizations due to the rising prevalence of chronic diseases.

Based on geography, in 2022, North America is estimated to account for the largest share of the genetic testing market, followed by Europe and Asia-Pacific. North America’s major market share is attributed to the high adoption of NGS-based diagnostic testing, the high investments in R&D, and government support and investments to enhance the genome sequencing infrastructure in the region. However, Asia-Pacific is slated to register the highest growth rate in the genetic testing market during the forecast period. The high market growth in Asia-Pacific is attributed to the advancing healthcare infrastructure in the region, a large patient pool coupled with the growing adoption of advanced genomics technologies, the growing prevalence of various chronic diseases, and the increasing affordability of genomic testing.

The report also includes an extensive assessment of the product & service, test type, method, end user, and geography, and key strategic developments adopted by leading market participants in the industry over the past years (2019–2022). In recent years, the genetic testing market has witnessed numerous product launches & approvals, agreements, collaborations, partnerships, and acquisitions & mergers.

Some of the key players operating in this market areIllumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Quest Diagnostics Incorporated (U.S.), Eurofins Scientific SE (Luxembourg), 23andMe, Inc. (U.S.), Foundation Medicine, Inc. (U.S.) (Subsidiary of Roche Holding AG), Rosetta Genomics Ltd. (U.S.), OPKO Health Inc. (U.S.), Natera, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.) and Invitae Corporation (U.S.).

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Scope of the Report:

Genetic Testing Market, by Product & Service

  • Consumables & Reagents
  • Instruments
  • Services

Genetic Testing Market, by Test Type

  • Diagnostic Testing
  • Prenatal Testing
  • Carrier Testing
  • Newborn Screening
  • Preimplantation Testing
  • Other Test Types

(Other test types include forensic testing, microorganism genomics, and posthumous (testing of post-mortem tissues)).
Genetic Testing Market, by Method

  • Molecular Tests
  • Chromosomal Tests
  • Biochemical Tests

Genetic Testing Market, by End User

  • Hospitals & Clinics
  • Diagnostic Laboratories
  • Academic & Research Institutes
  • Others End Users

(Other end users include contract research organizations, forensic laboratories, pharma & biotech companies, and government laboratories, among others)
Genetic Testing Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Mr. Khushal Bombe
Meticulous Market Research Inc.
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California, 96001, U.S.
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oToBrite Unveils Automotive-Grade 5MP/8MP Camera Modules to Meet Soaring Demand for High-Level ADAS/Autonomous Driving




HSINCHU, Sept. 28, 2023 /PRNewswire/ — oToBrite, a prominent provider of Vision-AI ADAS/AD solutions, has unveiled its latest offering in response to the surging demand for high-level Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) applications. With the need for enhanced perception technology, particularly for heavy commercial vehicles, as the heavier the vehicle is, the longer it will take to stop, oToBrite has successfully introduced automotive-grade 5MP/8MP camera modules. These cutting-edge modules can improve the visibility and perception capabilities of ADAS/AD systems, and have been adopted among clients in North America.

oToBrite has been a leading tier-1 player for vision-AI ADAS/AD solution in the automotive industry, leveraging its full-stack capabilities spanning camera module production technology, edge-computing system design, and vision-AI model development. The company offers flexible business model and comprehensive vision-AI technology stack, enabling it to provide system solutions, camera modules, or AI IP licensing to cater to diverse customer requirements. Its automotive-grade camera modules have already garnered the trust of prominent clients and entered the supply chain of car OEMs such as Luxgen, SONY, Toyota, XPENG, etc. with over 1 million automotive-grade camera modules deployed. To learn more about oToBrite’s offerings, please visit
The newly launched 5MP/8MP camera modules from oToBrite feature high-sensitivity CMOS sensors. oToBrite’s 5MP camera module series is equipped with Sony IMX490 Sensor and has multiple viewing angles, including 30°, 60°, 90°, and 120°. The 8MP camera module series employs Sony IMX728 sensors and also offers various viewing angles. Both 5MP and 8MP series are equipped with GMSL2 interfaces and tested with waterproof and dustproof standards of IP67/69K. They can operate within a temperature range of -40°C to +85°C, ensuring the utmost reliability and stability for customers.
oToBrite holds a distinct advantage in camera production technology, with 1K class clean room factory certified with IATF16949 and endorsed by several leading car OEMs. Additionally, the in-house developed 5/6-axis active alignment machine for high-end camera modules exhibits the capability to manufacture over 60 SKU variants of camera modules.
About oToBrite
oToBrite is a leading vison-AI ADAS/AD solutions provider. Based in Hsinchu Science Park, oToBrite has IATF 16949 certified clean room factory and several years of experience as an automotive Tier-1 supplier. Through comprehensive research and development capabilities, oToBrite provides vision-AI algorithm, ECU/domain controller and automotive-grade/special purpose camera products.
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CFOs are the change agents driving shift to servitized business model to harness growth, cost efficiency and technology opportunities




Time for action is now: Customer expectations for servitization already exist (61%) and projected to increase (70%) in the next three years, in terms of value, service and reliability.
LONDON, Sept. 28, 2023 /PRNewswire/ — IFS, the global cloud enterprise software company, has shared the latest findings of its recent global research polling 2,000 senior decision-makers – VP and above – in France, Germany, Japan, Nordics, UK, USA and the UAE –across Manufacturing, Services, Telecoms, Energy & Resources, Construction & Engineering, and A&D industries. In its last overview, the company highlighted the overarching dependence on AI to create and accelerate business value from servitization.  

The survey points to specific executives as drivers or enablers to successfully make the shift and align the organization behind it. The survey highlights the CFO (21%) behind the CEO (35%) as the guardian of business resilience, financial health and as the purse string holder for technology investments. CFOs recognize that the move to servitization is essential in providing predictability in revenues, expenditure and third-party costs, and are aligning themselves to becoming stewards of identifying cross-business strategies that will build competitive advantage. 
At the heart of the business case for servitization, the CFO is focused on three elements: Faster and more cost-efficient time to market, visibility and predictability into revenues and CAPEX, accelerating organization alignment across people, processes and technology, to support not only the processes but also to provide the insights required to assess and optimize as they go within their business and intra-company.  
CFOs exhibit the greatest urgency in implementing a servitized model out of all C-level respondents (CIOs, CHROs and CTOs), with (32%) prioritizing adoption within the next 18 months. This implies change is not only necessary but will deliver business benefits, with progress and success measured by a fully servitized P&L. CFOs are also most likely (26%) to say their role is the one driving the shift within the organization, as they understand how technology capabilities will reach deep into their organization and enable it to become more technology-driven with regards to the design and delivery of products and services: Product R&D (34%) and service R&D (32%) are two areas CFOs prioritized when looking at servitized business processes.  
The priority outcome CFOs want to achieve from servitization is enhancing insight-driven decision-making capabilities (32%) – pointing to why AI is their #1 essential technology choice (49%) as it will fuel faster, more accurate and more data-led inputs into the strategic choices that impact the bottom line.   
Technology as a revenue growth enhancer makes wise fiscal sense. For example, EAM is a must-have for servitization success (34%)– assets that are predictively maintained will last longer, have less downtime and result in less expenditure. FSM (40%) maximizes profitable revenue streams and enables significant cost savings across the service lifecycle through optimized workforce scheduling and planning. Similarly, the wealth of connected asset data that can be harnessed through the application of automation, ML, IoT, end-to-end connectivity – all CFO “must-implements” – explain why CFOs have emerged as such strong proponents of technology and servitization.   
The CFO’s confidence about the organizational readiness is high at (42%) indicating they have the processes mapped out and are progressing well in their move to servitization, but still have either organizational impacts on people and processes (23%) or technology needs to overcome, making the CHRO the second most significant executive to drive and enable the transformation. 
CHROs are more cautious about servitization readiness within the organization, being acutely aware that shifting from a product-focused to a service-focused mindset within their organizations is a barrier to implementing servitization (42%). However, CHROs are in alignment with the CFO on customer expectations for servitization, which are high now, and are set to increase. They also agree that technology is essential to success, with AI their top pick (50%).  
Alex Rumble, SVP of Corporate Communications, Product Marketing, AR, & CI at IFS, commented: “The CFO’s remit has evolved hugely in the last decade away from financial reporting to understanding and influencing business-wide strategies and aiding transformation.” Rumble added, “Our research illustrates this very well and that CFOs not only understand the positive impact of aligning a business behind the customer’s expectations, but also the much broader business value of doing so.” She concluded: “Today CFOs are visionary advocates of change and digital transformation and will help build predictability in revenue and costs, ultimately the holy grail for CFOs but still technology dependent.” 
Together, CFOs and CHROs can partner to be a powerful force to not only accelerate servitization, but also ensure that the whole organization is primed for success. CHROs must act as a secondary catalyst to mobilize cultural change, acting as a bridge between the business and ensuring the communication and implementation of the overall strategy is not siloed to the C-level. 
About IFS 
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build, and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers – at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of over 5,500 employees every day live our values of agility, trustworthiness, and collaboration in how we support our thousands of customers. Learn more about how our enterprise software solutions can help your business today at 
CONTACT: IFS Press Contacts: EUROPE / MEA / APJ: Adam Gillbe IFS, Director of Corporate & Executive Communications Email: [email protected] Phone: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi Morgan IFS, Director of Corporate & Executive Communications Email: [email protected] Phone: +1 520 396 2155
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CFOs are the change agents driving shift to servitized business model to harness growth, cost efficiency and technology opportunities

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Breaking language barriers: thebigword’s AI workflows enhance translation delivery on time to 99% while significantly reducing turnaround times




LEEDS, England, Sept. 27, 2023 /PRNewswire/ — thebigword, a leading provider of language solutions, is proud to announce an improvement in its on-time delivery performance and significant reduction of turnaround times. This has been made possible through a strategic fusion of human expertise and state-of-the-art AI and Machine Translation technologies.

This exciting achievement reaffirms the company’s commitment to delivering accurate and timely translations to clients worldwide, setting new industry standards.
With the ever-growing demand for rapid and high-quality translations, thebigword has taken numerous steps, including the ability to create and implement self-driving AI workflows, to ensure their clients are receiving the highest quality of translation and customer service.
Through the enhanced integration of AI and Machine Translation solutions into its translation workflows, thebigword has achieved remarkable outcomes, such as the significant reduction in turnaround times and this notable increase in on-time deliveries. With 99% of translation projects across various languages and industries delivered on time to clients, with shorter turnaround times.
thebigword’s collaborative approach leverages the strengths of their human translators with the power of AI technologies to allow for faster translation turnaround times, while maintaining the highest levels of accuracy. Their technology platform also enables quick resource allocation, ensuring that translation projects are assigned, executed and delivered quickly to reduce delivery times.
Joshua Gould, Chief Executive Officer of thebigword Group said: “thebigword is delivering a very human service with the utilisation of next-generation AI. These innovations represent an ongoing effort to enhance the overall client experience through our ability to deliver accurate, high-speed translations at an affordable price for any budget.”
Mark Daley, Global Managing Director of thebigword Translation said: “thebigword understands how crucial timely delivery of accurate translations are for the global success of our clients, and some of the latest technological integrations we have enabled have allowed us to achieve an impressive 99% as well as faster turnaround times.”
As thebigword celebrates this achievement, it looks forward to building on its success with other translation milestones and continuing to provide high-quality translation services – further enabling its mission of eradicating the final barrier of global communication.
About thebigword:
As one of the largest language service providers globally, thebigword utilises the greatest minds and boundary-shattering technology to deliver phenomenal quality at scale to both our clients and linguist network.
thebigword provides the best translation, interpretation, localisation and language technology solutions for businesses, the public sector and individuals – handling up to 50,000 worldwide assignments every day.
For more information about thebigword’s innovative AI and Machine Translation solutions, please visit
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For media enquiries, please contact:Lauren HockneyGlobal Head of [email protected]

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