The global genetic testing market accounted for USD 3.8 billion in 2015 and is estimated to reach USD 4.23 billion in 2016. The market value is projected to reach USD 6.7 billion by 2021, at a CAGR of 9.7% during the forecast period 2016 to 2021.
Over the last decade, with the developments in superior testing methods and advanced diagnostic tools, genetic testing has grown to become one of the important markets in healthcare industry. Genetic testing allows diagnosis of a disease after its onset as well as predict the risk of acquiring a certain disease. Considering the large scale advantages and feasibility of providing advanced healthcare services to masses, governments across the world have taken initiatives to bring awareness and educate people regarding the benefits of genetic testing.
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The market is segmented by type into carrier testing, diagnostic testing, newborn screening, predictive & presymptomatic testing and prenatal testing. The newborn screening market accounted for the highest market share and is estimated to reach USD 1.269 billion in 2016. The market for this segment is expected to reach USD 2.08 billion by 2021, at a CAGR of 10.5% during the forecast period. The carrier testing market is expected to grow at the highest CAGR of 12.7% from 2016 to 2021.
The market is segmented by geography into North America, Europe, Asia-Pacific and Rest of the World. North America accounted for the highest market share and is estimated to reach USD 1.56 billion in 2016; the market in this regions is projected to be valued at USD 2.28 billion by 2021 with a CAGR of 7.9% from 2016 to 2021. The Asia-Pacific market is growing with a CAGR of 13.4%.
Global genetic testing market is segmented by diseases, where cancer testing market holds the largest share and estimated to reach USD 930 million in 2016 and expected to be valued at USD 1.64 billion in 2021. Alzheimer’s disease testing market holds the second largest share and estimated to reach USD 592 million in 2016.
Genetic testing market by technology is segmented into cytogenetic testing, molecular testing and biochemical testing markets. The molecular testing market holds the largest share of the global market and is estimated to reach USD 1.9 billion in 2016. The cytogenetic testing market is growing with the highest CAGR of 12.7%.
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