Genetic Testing Market Size to Reach USD 21,260 Million by 2027 at a CAGR of 10/1% | Valuates Reports
BANGALORE, India, Jan. 31, 2022 /PRNewswire/ -- The Genetic Testing Market is Segmented by Type (Predictive & Presymptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing), Application (Cancer diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027. It is published in Valuates Reports under the Biological Sciences Category.
The genetic testing market accounted for USD 12,682 Million in 2019 and is expected to reach USD 21,260 Million by 2027, registering a CAGR of 10.1% from 2020 to 2027.
Major factors driving the growth of the genetic testing market are:
Because of the rising incidences of genetic disorders and cancer, as well as increased awareness and acceptance of personalized medicines, the global genetic testing market is expected to grow significantly in the future.
Genetic testing alleviates uncertainty and enables people to make well-informed decisions about their health care. This factor is expected to drive the genetic testing market forward. Prenatal testing, for example, is the most effective strategy for reducing the burden of genetic disorders and congenital disabilities that cause significant functional impairment after birth.
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TRENDS INFLUENCING THE GROWTH OF THE GENETIC TESTING MARKET:
The genetic testing market is expected to grow as planning parents become more aware of prenatal testing. Prenatal tests provide information about the health of a baby. They aid in the detection of any issues that may affect them, such as birth defects or genetic diseases. The results can assist you in making the best health care decisions for your child both before and after birth.
Genetic testing is expected to grow in response to the rising demand for precision medicine. Pharmacogenetic testing can be used to determine whether or not a particular medicine is likely to be effective for you, find out what dosage would be best for you, and predict whether the medicine will cause a serious side effect.
The growth of the genetic testing market is expected to be aided by an increase in the number of cancer cases. Genetic testing can help you estimate your lifetime risk of developing cancer. It accomplishes this by scanning your genes, chromosomes, and proteins for specific changes. Mutations are the term for these changes. The results of the genetic test will aid in the diagnosis and treatment of cancer. As an example, assist in identifying steps to reduce your risk. Surgery, medication, frequent screening, or lifestyle changes are some of the options.
There are several ways to obtain genetic testing, one of which is to contact your doctor, who will arrange for the test to be performed on your behalf. Technological advancements, on the other hand, have given the general public the freedom to conduct their own genetic testing. DNA testing kits can be ordered online and delivered to one's door. After receiving the test results, they can be easily uploaded to third-party interpretation websites that print out medical diagnoses and analyze them. As more people enroll online for genetic testing and become aware of their DNA data, the genetic testing market is expected to witness rapid growth.
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GENETIC TESTING MARKET SHARE ANALYSIS
Based on technology, the molecular testing segment has taken over the majority of the genetic testing market. The fact that molecular testing is the most widely used technology for genetic testing contributes to the segment's growth.
Based on type, in 2019, the prenatal & newborn testing segment was the most profitable, and this trend is expected to continue during the forecast period. This is due to a rise in public awareness about healthcare and an increase in the number of people dying from genetic diseases around the world.
Based on region, North America led the global genetic testing market in 2019 and is expected to continue to do so throughout the forecast period. This is due to the presence of the majority of the region's key players.
However, due to rising affordability, increased healthcare spending, and increased awareness of genetic disorders, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period.
Key Market Players:
- Abbott Laboratories
- Bio-Rad Laboratories, Inc. (RainDance Technologies, Inc.)
- Myriad Genetics, Inc. (Myriad RBM, Inc.)
- Danaher Corporation (Cepheid)
- F. Hoffmann-La Roche Ltd.
- Eurofins Scientific
- Illumina, Inc.
- Qiagen N.V.
- Thermo Fisher Scientific, Inc.
- CSL Ltd.
- PerkinElmer, Inc.
- Natera
- Sonic Healthcare
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