Market Research Future published a research report on “Genetic Testing Market Research Report – Global Forecast Till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
Market Research Future (MRFR) asserts that the global genetic testing market is likely to garner USD 10,033.4 million by 2023, grabbing a CAGR of 9.8% during the forecast period (2017-2023). Detection and prevention of genetic diseases are favoring the market growth across the globe. Genetic testing is referred to as a type of medical test which analyzes the changes in proteins, chromosomes, and genes occurred by any disease or any suspected genetic condition. The test is usually performed on tumors in order to diagnose cancer and accordingly plan the treatment. It involves the use of laboratory procedures to examine the genes inherited from parents. They have gained prominence over the last few years for the prevention and detection of genetic disorders and cancer.
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Market Potential and Pitfalls
Genetic testing has gained immense prominence in the last few years for prevention as well as detection of genetic diseases and cancer. With the augmenting awareness among the global population associated with the early diagnosis, the market for genetic testing is estimated to propel during the appraisal period. Several technological advancements have been made in this field which offers enhanced accuracy and efficiency. This is anticipated to fuel the market growth during the assessment period. Moreover, the adoption of non-invasive genetic testing technology is likely to generate revenue for the market in the coming years. The increased demand from patients for personalized medicines is also anticipated to trigger the demand for genetic testing in the coming years. Personalized medicines provide tailored medical treatment to the patients based on the molecular basis. Developed economies like Europe undergo genetic testing in order to detect several rare and genetic diseases. Detection at an early stage enables early treatment and reduces the severity of the disease.
Technological advancements in genetic testing have also triggered the market growth across the globe. With the availability of new tests and advancements in the testing techniques, the demand for genetic testing has propelled across the world. Innovations in tests offering efficient and safer techniques of the disease detection, surpassing the risk of miscarriage during early pregnancy stage are driving the Genetic Testing Market growth throughout the estimated period.
On the contrary, the dearth of advanced infrastructure and experienced professionals in the underdeveloped as well as developing nations are some of the top barriers considered to vitiate the market growth in the coming years. Moreover, accessibility to quality healthcare especially in areas with the low resource is difficult to maintain due to the lack of proper infrastructure. Such factors are likely to restrain the market growth to a certain extent.
The prominent players in the global genetic testing market are Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), Illumina Inc. (US), Myriad Genetics, Inc. (US), PerkinElmer Inc. (US), QIAGEN N. V. (Germany), Quest Diagnostics Incorporated (US), Eurofins Scientific (US), F. Hoffmann-La Roche Ltd (Switzerland), Blueprint Genetics (Finland), BGI Genomics (China), and Thermo Fisher Scientific Inc. (US).
The global genetic testing market has been segmented on the basis of type, method, type of test, and indication.
- By mode of type, the global genetic testing market has been segmented into DTC genetic testing and prescribed genetic testing. Among these, the prescribed genetic testing is presumed to occupy the largest market share.
- By mode of method, the global genetic testing market has been segmented into chromosomal genetic test, molecular genetic test/DNA test, and biochemical genetic test. Among these, the molecular genetic tests/DNA is likely to occupy the largest market share.
- By mode of type of test, the global genetic testing market has been segmented into predictive test, diagnostic test, family DNA test, and others. Among these, the diagnostic test is predicted to account for the largest market share globally due to its widespread applications in various diseases.
- By mode of indication, the global genetic testing market has been segmented into neurogenetic disorder testing, cancer testing, muscular dystrophies, autoimmune disorder testing, and others. Among these, cancer testing occupied the largest market share owing to the increasing prevalence of cancer across the globe.
Detailed Regional Analysis:
Geographically, the genetic testing market span across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the American region occupied the largest market share with 46.3% and is likely to retain a significant share in the coming years. The growth is credited to the augmenting adoption of advanced technologies, continuous innovation, and growing awareness regarding genetic testing in this region. Moreover, the rising prevalence of genetic diseases like Turner syndrome, cancer, spinal muscular atrophy, and neurofibromatosis has contributed to the market growth in this region.
The Asia Pacific region is predicted to experience the steepest rise in the market proliferation grabbing 10.1% CAGR during the appraisal period. Growth factors contributing to the market growth include raising awareness regarding the advantages of predictive testing coupled with the increasing adoption of advanced technology for clinical applications.
The European region is estimated to register a significant growth rate owing to the advancements made in genomic technology and increasing awareness among the global population regarding the benefits of genetic testing.
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- Genetic testing products manufacturers and suppliers
- Genetic testing services providers
- Hospitals and clinics
- Medical research laboratories
- Research and development (R&D) companies
- Government authorities
- Market research and consulting service providers
- Potential investors
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