At 11.5% CAGR, Genetic Testing Market Size Expected to Reach 23143.42 Mn by 2027 Says Brandessence Market Research

PUNE, India, March 22, 2021 /PRNewswire/ -- Genetic Testing Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027", Rising incidence of blood cancer, genetic disorders, cardiovascular diseases and surge in availability of new tests are some major factors driving the growth of the global genetic testing market. 

Genetic Testing Market is valued at USD 10801.98 Million in 2020 and expected to reach USD 23143.42 Million by 2027 with the CAGR of 11.5% over the forecast period.

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Genetic testing is a type of medical test that detects changes in chromosomes, genes, or proteins. The results of a genetic test can confirm a suspected genetic condition and helps to control a person's chance of developing or passing on a genetic disorder. Genetic testing, also called as DNA testing. Genetic testing can also contain measuring the results of genetic changes such as RNA analysis as an output of gene expression, or through biochemical analysis to measure specific protein output. There are various type of genetic test are available to determine disorders such as predictive testing, carrier testing, prenatal and newborn testing, diagnostic testing, pharmacogenomic testing, nutrigenomics and others. Among all, newborn testing can identify genetic disorders early in life so treatment can be started as early as possible.

Global genetic testing market has turn out to be an important topic during COVID-19 pandemic outbreak. Genetic testing market gaining huge attention due to pandemic outbreak.

Genetic testing market report is segmented on the basis of test type, application and by regional & country level. Based upon test type, genetic testing market is classified into predictive testing, carrier testing, prenatal and newborn testing, diagnostic testing, pharmacogenomic testing, nutrigenomics and others. Based upon application, genetic testing market is classified into cancer, genetic diseases, cardiovascular diseases and others. 

Genetic Testing Market Segmentation

By Test Type:

• Predictive testing
• Carrier testing
• Prenatal and Newborn Testing
• Diagnostic Testing
• Pharmacogenomic testing
• Nutrigenomics
• Others

By Application:

• Cancer
• Genetic diseases
• Cardiovascular diseases
• Others

Primary Key Players who are working in Genetic Testing Market:

Genetic testing market report covers prominent players are Ambry Genetics, Illumina, Inc., IntegraGen, BGI, Roche Diagnostics, Biocartis Group NV, Bio-Helix Co. Ltd., 23andMe, Inc., bioMerieux SA, Abbott, Blueprint Genetics, Quest Diagnostics, Sequenom, Inc.,  Cepheid, Counsyl, Inc., deCODE Genetics, GeneDx, Genomic Health, Inc., Genomictree, Inc., LabCorp (Laboratory Corporation of America Holdings), Invitae Corporation, Luminex Corporation, Molecular MD, Myriad Genetics, Inc., Natera, Inc., Pacific Biosciences of California, Inc., Pathway Genomics Corporation, Qiagen, Siemens Healthineers AG, HTG Molecular Diagnostics, Inc. and Others.

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BGI has Launched NGS-Based HPV Test to the Global Market

News: April 20, 2018, BGI launched NGS-based HPV genotyping product, SentisTM-HPVseq, to the global market. This product provides detection of both high-risk and low-risk HPV types, which is used to screen for cervical cancer. It is recognized as an effective method for primary cervical cancer screening. This HPV testing initiative has helped BGI expand its genetic testing portfolio and market share.

Genetic Testing Market Dynamics:

Rising incidence of blood cancer, genetic disorders, cardiovascular diseases and technological advancements and availability of new tests are some major factors driving the growth of the global genetic testing market. According to the American Heart Association, about 2,200 Americans die of disorder every day, a mean of 1 death every 40 seconds. According to Leukemia Research Foundation, every three minutes, someone is diagnosed with blood cancer more than 175,000 new cases are expected in the United States in 2019. Additionally, Leukemia is diagnosed 10 times more often in adults than children. New cases of leukemia, lymphoma and myeloma are expected to account for 10 percent of the estimated 1,762,450 new cancer cases diagnosed in the US in 2019.

According to American Cancer Society's, estimates for leukemia in the United States for 2020 are about 60,530 new cases of leukemia and 23,100 deaths from leukemia in all ages as well as about 19,940 new cases of acute myeloid leukemia in adults only. Moreover, due to the advancement in cancer research, more patients with cancer are being successfully treated will propel growth of markets. However, high costs of genetic testing and lack of skilled professionals will hamper the development of genetic testing market. According to the National Institutes of Health, the cost of genetic testing can range from under USD 100 to more than USD 2,000, depending on the nature and complexity of the test. However, innovations and advance development in genetic test and the increasing investment in cancer research is expected to boost the opportunity for the growth of genetic testing market.

Genetic Testing Market Regional Analysis:

North America is dominating the genetic testing market with the highest share due to rising awareness among the people about advanced treatment for healthcare. Presence of key players, established healthcare infrastructure, and availability of branded drugs are a number of the factors liable for its large share. Besides, favorable government initiatives and increase in number of research collaborations are some of the drivers expected to accelerate the regional market growth. The growth of genetic testing market in this region is primarily driven by the increasing blood cancer patient. In 2016, National Cancer Institutes stated that, there were an estimated 414,773 people living with leukemia in the United States. Cancer is one among the leading causes of death and disease within the U.S. The American Cancer Society (ACS) estimates that roughly 1.7 million new cases of cancer are going to be diagnosed within the U.S. in 2017.

According to The Leukemia & Lymphoma Society, an estimated combined total of 176,200 people in the US are expected to be diagnosed with leukemia, lymphoma or myeloma in 2019. Cancer usually develops in older people; 87% of all cancers in the United States are diagnosed in people 50 years of age or older. U.S. Department of Health and Human Services, the number of new cases of leukemia was 14.1 per 100,000 men and women per year and the number of deaths was 6.5 per 100,000 men and women per year.

The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period with due to the increase in healthcare expenditure, large population rate, growing prevalence of cardiac diseases, rising awareness about early diagnosis, developing healthcare infrastructure, and availability of effective treatment in emerging countries, such as China and India. According to American Heart Association, in 2016, among NH Asians, CVD caused the deaths of 11,023 males and 10,672 females. In the Asia-Pacific region, rising disposable income, adoption of western lifestyle, living more sedentary lives and consuming junk foods with higher energy and fat. Asia Pacific has leading innovation in the treatment of blood cancers by developing and providing transformational treatments that extend and enhance lives. These are the major factors increase the growth of genetic testing markets. According to leukemia study report, in 2017, there were 11,923 combined new cases of leukemia, lymphoma and myeloma in Australia. India has the third highest number of blood cancer patients in the world after the US and China. Blood cancer contributes to 7% of all cancer cases in India.

Continued Genetic Testing Market Report …

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