Genetic Testing Market Overview
Genetic testing market 2020 can potentially garner a robust CAGR of 11.50% between 2018 and 2024 (review period), confirms Market Research Future (MRFR). MRFR also projects the market to hit a valuation of USD 22,834.19 Million by 2024. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Genetic Testing Market Key Companies
Some of the reputed firms in the global industry include
- Abbott Laboratories (US)
- Eurofins Scientific (US)
- Blueprint Genetics (Finland)
- Thermo Fisher Scientific Inc. (US)
- Quest Diagnostics Incorporated (US)
- Bio-Rad Laboratories Inc. (US)
- QIAGEN (Germany)
- BGI Genomics (China)
- Illumina Inc. (US)
- F. Hoffmann-La Roche Ltd (Switzerland)
- PerkinElmer Inc. (US)
- Myriad Genetics Inc. (US)
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Genetic Testing Market Top Drivers and Deterrents
The surge in technological innovations in light of rising R&D efforts has led to cost-effective and fast sequencing of DNA. For example, whole exome sequencing offers quicker results as it targets the protein coding sequences present in the genome. Also, the development of modern techniques such as next generation sequencing and microarrays has boosted the accessibility of DNA testing. Besides, the growing preference for personalized medicines owing to their high effectiveness and lower number of side effects is working in favor of the genetic testing market.
Genetic testing basically helps offer data that is useful in providing targeted treatment, which is a key reason for high demand. The rising uptake of genetic testing in routine clinical and healthcare is projected to up the market demand in the coming years. The market lucrativeness has also been boosted by the increasing number of government initiatives and efforts by healthcare providers to incorporate genetic testing in routine healthcare. For instance, in 2020, Geisinger Health System confirmed its plan to include genomic sequencing in their clinical care to elevate patient outcomes. These are some of the factors that can bolster the growth of the genetic testing market in the years to follow.
The rising availability of advanced and effective genetic tests in the market has caused a hike in their demand, while the surge in the cases of chronic diseases has also been quite favorable. Partnerships and agreements between companies that are part of the market and increased R&D also help enhance the growth potential. For instance, in September 2020, ATDBio, a genetic testing specialist from Southampton along with The University of Oxford were granted funds from the Innovate UK for their cancer diagnosis project. The amount is expected to help them develop new materials that can boost single-cell RNA sequencing/scRNA-Seq.
Genetic Testing Market Segmentation
Type, method and application are the top segments as per which the market research has been carried out in the MRFR report.
The types of genetic testing in the market include prescribed genetic testing as well as direct to consumer genetic testing.
Method-wise, the Genetic Testing Market categories include chromosomal genetic tests, biochemical genetic tests and molecular genetic tests/ DNA tests.
Cancer screening, reproductive health, predictive and pre-symptomatic testing, ancestry, and others are the primary application areas discussed in the market study. The value achieved by the reproductive health segment in 2018 was USD 3,993.67 million.
Genetic Testing Market Regional Insight
The genetic testing market has been regionally segmented with respect to Europe, the Americas, the Middle East & Africa/MEA and Asia Pacific/APAC.
The American market’s growth remains unparalleled and is projected to garner even better impetus in the near future. The solid market growth in the region is the result of the rise in genetic diseases as well as abnormalities and the presence of an advanced infrastructure. The strong governmental support in terms of research and development also positively impacts the market. To illustrate, the National Genome Research Institute or NHGRI recently launched a program called IGNITE/Implementing Genomics in Practice, to bolster the adoption rate of genetic testing. To add to that, the escalating number of research institutes along with the existence of well reputed firms also benefits the American market.
The European market is the second highest gainer, thanks to the advances and innovations in molecular medicines and the mounting cases of genetic disorders. The development scope of various genetic tests has also been boosted by the soaring demand for personalized medicines in the region. A few other growth inducers include the rising prominence of sedentary lifestyle and smoking.
The fastest advancing market for genetic testing belongs to APAC, considering the vast pool of target patients and favorable innovations in the healthcare sector along with the surge in research and development activities in the genetic testing field. The region has a significant untapped potential, which is increasingly being sensed by various global players, which indicates promising prospects in the coming years. MRFR estimates that in 2018, the Japanese market accounted for a share of 27.7% in the region.
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