Genetic Testing Market Analysis
The global genetic testing market is likely to touch USD 22,834.19 million at an 11.50% CAGR between 2019- 2024, according to the new report by Market Research Future (MRFR). Genetic testing, simply put, includes testing the genome for identifying alterations in proteins, genes, or chromosomes. It has wide applications in predictive & pre-symptomatic testing, ancestry, cancer screening, reproductive health, and others.
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Various factors are adding to the global genetic testing market growth. According to the new MRFR report, such factors include changing trends to product-driven from service-driven industry, growing cases of genetic disorders & cancer, increasing awareness about the various benefits of genetic testing, and advances in genetic testing techniques. Additional factors adding market growth include the acceptance of personalized medicines, untapped emerging markets, and the growing application of genetic testing in oncology.
On the contrary, inaccuracy of tests, strict regulatory needs for product approvals, standardization concerns of genetic testing-based diagnostics, and high test cost are factors that may limit the global genetic testing market growth over the forecast period.
Genetic Testing Market Segmentation
The MRFR report gives an inclusive segmental analysis of the global genetic testing market report based on application, method, and type.
By type, the genetic testing market is segmented into direct to consumer genetic testing and prescribed genetic testing. Of these, the prescribed genetic testing will lead the market over the forecast period. It is likely to touch USD 21653.91 million at a healthy CAGR by 2024.
By method, the genetic testing market is segmented into biochemical genetic tests, chromosomal genetic tests, and molecular genetic tests/DNA tests. Of these, the molecular genetic tests/DNA tests segment will have a major share in the market over the forecast period. It is likely to grow at an 11.78% CAGR by 2024.
By application, the genetic testing market is segmented into predictive & pre-symptomatic testing, ancestry, cancer screening, reproductive health, and others. Of these, the reproductive health segment will have a major share in the market over the forecast period.
Genetic Testing Market Regional Analysis
Based on the region, the global genetic testing market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Among these, the Americas will dominate the market over the forecast period. Increasing support from government for R&D, the presence of sophisticated infrastructure, and rising genetic diseases are adding to the global genetic testing market growth in the region.
The global genetic testing market in Europe is predicted to hold the second-largest share over the forecast period. The rising prevalence of genetic disorders and diseases coupled with recent advances and developments in molecular medicines is adding to the genetic testing market growth in the region.
The global genetic testing market in the APAC region is predicted to grow at a fast pace over the forecast period. The presence of ample opportunities for market development, rapid development in technology, and a vast patient population are adding to the genetic testing market growth in the region. Japan has the maximum share in the region.
The global genetic testing market in the MEA is predicted to have sound growth over the forecast period. Innovations in genetic testing, rising prevalence of chronic diseases like cancer, and the growing aging population are adding to the genetic testing market growth in the region.
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Genetic Testing Market Key Players
Eminent players profiled in the global genetic testing market report include BGI Genomics (China), Thermo Fisher Scientific Inc. (US), Blueprint Genetics (Finland), F. Hoffmann-La Roche Ltd (Switzerland), Eurofins Scientific (US), Quest Diagnostics Incorporated (US), Illumina Inc. (US), Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), PerkinElmer Inc. (US), and Myriad Genetics, Inc. (US).
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