According to Stratistics MRC, the Global Genetic Testing market accounted for $3.5 billion in 2015 and is expected to reach $6.0 billion by 2022 growing at a CAGR of 8.2% from 2015 to 2022. Genetic tests have revolutionized the molecular diagnostics market. Factors such as growing awareness, technological advancements in genetic sequencing, advancement in DNA analysis, early diagnosis and personalized medicines are driving the market growth. Growing incidence of genetic diseases and screening new-born babies or embryos for genetic defects will provide wider opportunities. The lack of governmental regulation and the potential misinterpretation of genetic information as well as ethical issues will challenge the market. Lack of reimbursement & medical coverage and high cost of the procedures will restrain the market growth.
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Diagnostic testing and Newborn screening application have projected to grow in the market. The Carrier Testing market is expected to witness the highest growth during the forecast period and Cancer genetic testing commanding the largest market share. North America dominated the global market followed by Europe. Asia Pacific is the fastest growing market led by China.
Some of the key players in global Genetic Testing market are Abbott Laboratories, Biocartis SA, Applied Biosystems Inc, Celera Group, AutoGenomics Inc, Roche Diagnostics Limited, IntegraGen S.A, Transgenomic, Inc, Molecular Inc, Luminex Corporation , Quest Diagnostics Inc, PerkinElmer Inc, BioRad Laboratories, ELITech Group, Agilent Technologies Inc and Thermo Fisher Scientific.
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