Genetic Testing Market Size (2020 to 2025)
As per our recent research report, the size of the global genetic testing market is forecasted to grow at a CAGR of 9.86% between 2020 to 2025.
Key Market Drivers:
The global genetic testing market has been experienced significant growth in the past few years. Technological advancements have created several opportunities for market expansion. Factors like widespread chronic diseases and developing customized testing kits for niche therapies aim for the rapid growth of Genetic testing markets globally. In addition to it, the government initiatives for creating awareness of genetic tests resulted in faster adoption of these tests globally. With increasing research and development funding, major players in the market have welcomed new entrants. Factors like innovations in product design, improvement in quality, and strong partnerships make the market grow effectively.
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Significant Challenges:
Restrictions on a genetic market would make the market growth declined. Some of the factors restricting the genetic market growth are lack of skilled professionals in emerging countries in inhibiting the market expansion, high-cost incurring on making genetic testing, and poor technology in some parts of the countries. However, the government’s regulations regarding DNA prototyping and nuclear reimbursement structure act as a hindrance for new entry market players.
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This research report on the global genetic testing market has been segmented & sub-segmented based on type, application, and region.
By Type:
- Carrier Testing
- Prenatal Testing
- Diagnostic Testing
- Neonatal Testing
By Application:
- Cancer Testing
- Pharmacogenomics Testing
- Prenatal Testing
- Predisposition Testing
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Geographically, North America is dominating the genetic testing market to make genetic testing, growth factors like rising demand for personalized genetic testing services, and an increase in widespread chronic and genetic disorders. Two federal agencies in genetic testing regulate the food and Drug Administration and Centers for Medicare.
In genetic testing market growth, Europe held a major share in the market after North America and is expected to rise over the forecast period. Availability of technology, advancements in-hospital healthcare, and demand for personalized medicines are influencing the genetic testing market growth in this region.
Asia Pacific held a substantial growth in 2019 with a CAGR of 15% during the outlook period. Increasing consumption of junk food and sedentary lifestyle is causing high growth. However, smoking and consumption of alcohol increase the number of patients in this region. Majorly, developing infrastructure, and rising disposable income will grow the market.
The Middle East and Africa held a share in the genetic testing market, valued at USD 0.2 billion in 2019. And it is estimated to have a standard growth over the foreseen period. Technology and government initiatives for developing healthcare infrastructure by which genetic testing market can be grown in this region.
NOTABLE COMPANIES IN THIS MARKET:
Companies like Abbott Laboratories, Roche Molecular Diagnostics, Inc., Abbott Molecular Inc., Auto Genomics, Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc., and Applied Biosystems, Inc. are currently dominating the global genetic testing market.
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List of Tables & Figures of the report:
- Global Genetic Testing Market, By Region, From 2020 to 2025 (USD Billion)
- Global Genetic Testing Market, By Type, From 2020 to 2025 (USD Billion)
- Global Carrier Testing Market, By Region, From 2020 to 2025 (USD Billion)
- Global Diagnostic Testing Market, By Region, From 2020 to 2025 (USD Billion)
- Global Prenatal Testing Market, By Region, From 2020 to 2025 (USD Billion)
- Global Neonatal Testing Market, By Region, From 2020 to 2025 (USD Billion)
- Global Genetic Testing Market, By Application, From 2020 to 2025 (USD Billion)
- Global Cancer Testing Market, By Region, From 2020 to 2025 (USD Billion)
- Global Prenatal Testing Market, By Region, From 2020 to 2025 (USD Billion)
- Global Pharmacogenomics Testing Market, By Region, From 2020 to 2025 (USD Billion)
- Global Predisposition Testing Market, By Region, From 2020 to 2025 (USD Billion)
- 87+ More
Browse Regional Reports:
- North America Genetic Testing Market
- Europe Genetic Testing Market
- APAC Genetic Testing Market
- Latin America Genetic Testing Market
- The Middle East and Africa Genetic Testing Market
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