Latest Report on “Genetic Testing Market size | Industry Segment 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), Regional Outlook, Market Demand, Latest Trends, Genetic Testing Industry Share & Revenue by Manufacturers, Company Profiles, Growth Forecasts – 2024.” Analyzes current market size and upcoming 5 years growth of this industry.
Genetic Testing Market overview
Genetic testing is a process that involves a set of lab tests for the study of the genetic makeup of the patient and identifying the gene mutations and alterations in the healthy structure of the DNA that leads to the development of the genetic disorders. The genetic tests help to confirm and rule out the suspected genetic condition and it also helps to determine the probability of developing a genetic disorder or for passing the same to the next generation.
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There have been more than 1,000 genetic tests that are in use and for more that are being developed. The genetic testing helps in studying the gene that is present in cells and tissues. The genetic disorders such as sickle cell anemia, cancer, cystic fibrosis, Down syndrome, and others. There are different techniques that are used for employing the gene tests for producing kits, media, reagents and others.
The global genetic testing market report presents the benefits of genetic testing, the rising prevalence of genetic disorders, and the changing trends that range from service-driver to product-driven industry. The genetic testing market is anticipated to grow at the CAGR of 11.50% and it will reach USD 22, 834.19 million by the year 2024. But the high cost of tests and the inaccuracy of tests will be a threat for the growth of the global genetic testing market.
Genetic Testing Market segmentation
The genetic testing market report presents the growth of the global market with the rise in the growth of genetic testing. On the basis of method, the global genetic testing can be split into:
- Chromosomal genetic tests
- Molecular genetic tests/DNA tests
- Biochemical tests
- Genetic tests
And on based on the type, the global genetic testing market can be classified into:
- Direct to consumer genetic testing
- Prescribed genetic testing
And based on the applications, the global market can be differentiated as:
- Cancer screening
- Reproductive health
- Predictive and presymptomatic testing
The reproductive health segment presents the market value of USD 3,993.67 million in 2018.
Genetic Testing Market Regional analysis
The genetic testing market comprises the growth of the global market that is based on the regions of Asia-Pacific, Europe, Americans, Middle East and Africa. The American region dominated the global market based on the increasing genetic diseases and abnormalities. The government supports research and development in genetics that are the major driving factors for the growth of the global market. The European market is used for genetic testing and that is the second-largest during the forecast period. There is a presence of genetic diseases and disorders that has expanded the scope of the development of different genetic tests. The market in Japan holds the market share of 27.7% in the year 2018.
Genetic Testing Market Key Players
The major players in the global genetic testing market are
- Myriad Genetics Inc. (US)
- PerkinElmer Inc. (US)
- Abbott Laboratories (US)
- Bio-Rad Laboratories Inc. (US)
- Illumina Inc. (US)
- QIAGEN (Germany)
- Quest Diagnostics Incorporated (US)
- Eurofins Scientific (US)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Blueprint Genetics (Finland)
- Thermo Fisher Scientific Inc. (US)
- BGI Genomics (China)
Genetic Testing Industry news
Bio-Rad Laboratories, a global leader of life science research products, has announced that the company will be launching a blood-based immunoassay kit for identifying antibiotics for the COVID-19. The performance of the assay has been established for undergoing clinical evaluation in different hospitals for further clinical performance.
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