Genetic Testing Market Analysis
Genetic testing helps to identify the sequence variations that play a significant role in confirming a genetic condition and also helps to determine the chances of developing a disease in the future. The test results help people to make decisions about managing their health and support timely intervention to the clinical translation of disease onset. The benefit of getting a chance to avoid potential risks of developing genetic disorders, more and more people are opting for genetic tests nowadays.
Resultantly, the global genetic testing market has been witnessing a constant rise over recent years. Also, the growing awareness about the befits of genetic testing has impacted the growth of this market positively. Moreover, the rising prevalence of genetic disorders escalates market growth further. According to Market Research Future (MRFR), the global genetic testing market is poised to touch a valuation of USD 22,834.19 MN by 2024, registering 11.50% CAGR throughout the assessment period (2019-2024).
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Changing trends from service-driven to product-driven industry and increasing government initiatives aiming at enhancing genetic testing capabilities are primary growth drivers of the market. Additionally, increasing R&D activities, funds allotments for R&D, and program launches are anticipated to present high growth opportunities for the players. Besides, the rising R&D expenditures and rapidly evolving biotechnology sector impact the market growth, positively.
Conversely, the high cost of these tests and inaccuracy are the major factors impeding the growth of the market. Also, the market growth is restricted by the limitations of genetic testing, such as limited information about an inherited condition that often can’t determine if a person would show symptoms, how severe the symptoms would be, or whether the disorder would progress over time or decrease.
Additionally, the lack of treatment strategies for many genetic disorders once they are diagnosed, is estimated to restrict genetic testing market growth. Nevertheless, growing funding from the public & private sector and rising technological advances would support the growth of the market throughout the review period. There have been some phenomenal advances in the field of genetic testing, such as the integration of artificial intelligence (AI) into medical diagnostic technology, which has made the process of obtaining an individual’s entire genome fast and cost-effective.
Genetic Testing Market – Segmentation
The report has been segmented into four major dynamics.
By Type: Prescribed Genetic Testing and Direct-to-Consumer Genetic Testing
By Method: Molecular Genetic Tests/ DNA Tests, Chromosomal Genetic Tests, and Biochemical Genetic Tests.
By Application: Reproductive Health (Prenatal Screening, Newborn Screening, and Carrier Screening), Ancestry, Predictive, Pre-Symptomatic Testing, others), Cancer Screening (Breast Cancer, Hereditary Cancer, Ovarian Cancer, Colon Cancer, others), and other applications.
By Regions: Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Reproductive health is the largest application segment. In 2018, the segment had reached a valuation of USD 3,993.67 MN, holding the largest as in 33.61% of the market share. On the basis of type, the prescribed genetic testing holds the major share of the overall genetic testing market.
The segment is further estimated to reach a valuation of USD 21653.91 MN by the end of 2024. Whereas, based on the method, the molecular genetic test/DNA tests segment accounts for a major share. It is expected that the segment would grow at 11.78% CAGR during the forecast period.
Global Genetic Testing Market – Geographical Analysis
North America dominates the global genetic testing market, holding the largest share of the market. The region enjoys the presence of several well-established players who make substantial interments continually.
The US market, backed by the high healthcare expenditure, accounts for the key growth contributor in the region. Cumulatively led by these trends, the North American genetic testing market is likely to retain its dominance throughout the review period.
Europe is another lucratively growing market for genetic testing. The market is predominantly driven by the rapid adoption of new technologies and growing awareness about genetic testing. Additionally, increasing per capita healthcare expenses and the well-established healthcare sector in the region are some of the key driving forces behind the regional market growth. Germany and France are the major markets that are driving the regional market on a large scale.
The Asia Pacific genetic testing market is growing rapidly, offering more opportunities to market players. The market growth attributes to improving economic conditions and advancing medical technologies. China, India, and Japan, with their huge population, provide a huge impetus to the regional market growth. Moreover, advances in the medical field and increasing numbers of genetic testing activities in the region are impacting the market growth positively. The APAC genetic testing market is projected to register a phenomenal CAGR during the forecast period.
Global Genetic Testing Market – Competitive Analysis
Highly competitive, the genetic testing market appears to be well established with the presence of several notable players. To gain a larger competitive advantage in this market, players adopt strategic initiatives such as collaborations, mergers & acquisitions, and product launch/innovations. These players invest substantially to drive R&D and expansion plans. R&D helps them to bring about novel products while investments in acquisitions & partnerships, help them to increase their global footprints.
Genetic Testing Market Major Players:
Players heading the global genetic testing market include PerkinElmer Inc. (US), Myriad Genetics, Inc. (US), Abbott Laboratories (US), Illumina Inc. (US), Bio-Rad Laboratories, Inc. (US), QIAGEN (Germany), Eurofins Scientific (US), Quest Diagnostics Incorporated (US), F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (US), Blueprint Genetics (Finland), and BGI Genomics (China), among others.
Genetic Testing Industry/Innovations/Related News:
January 22, 2020 —- Quest Diagnostics (the US), a clinical laboratory, announced the acquisition of a Finnish genetic testing company Blueprint Genetics for the expansion of next-generation sequencing capabilities in rare diseases. Blueprint Genetics has been expanding its footprints in the US market and is active in gene variant interpretation using bioinformatics technology & next-generation sequencing. Quest is one of the world’s largest lab-testing companies and is currently focusing on improving its next-generation sequencing capabilities. The acquisition would help Quest to improve genetic testing for rare and genetic diseases.
Browse the market data and information spread across 150 pages with 149 data tables and 19 figures of the report “Genetic Testing Market: Information by Type (Prescribed Genetic Testing and Direct-to-Consumer Genetic Testing), Method (Molecular Genetic Tests/ DNA Tests, Chromosomal Genetic Tests and Biochemical Genetic Tests), By Application (Reproductive Health (Newborn Screening, Prenatal Screening and Carrier Screening), Cancer Screening (Hereditary Cancer, Breast Cancer, Ovarian Cancer and Colon Cancer), Ancestry, Predictive and Pre-Symptomatic Testing and others) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Global Forecast till 2024” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/genetic-testing-market-2009
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