Genetic Testing Market Overview
As per the assessment conducted by Market Research Future (MRFR), the global market for the genetic testing market is estimated to garner a market value of USD 22,834.19 million while thriving at a CAGR of 11.50% by 2024. Genetic testing is used in prenatal screening, diagnostics, and as a predictive tool.
The on-going technical development in genetic testing is anticipated to play a significant role in developing the global market during the forecast period. The rising demand for genetic testing in oncology and the increasing adoption of genetic tests into clinical care is another salient factor that can drive the regional market. Furthermore, the growing demand for personalized medicine can be recognized a crucial factor that can augment the market size in the assessment timeframe. On the contrary, lack of expertise in developing and underdeveloped countries is expected to hamper the market growth. In addition, the high expenses associated with genetic testing is likely to affect the adoption rate and inhibit the market rise.
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The outbreak of COVID-19 is likely to bring a negative impact on the market growth due to the temporary shutdown of testing labs and clinics, which brought a negative impact on the market.
Genetic Testing Market Segmentation
The global market for the genetic testing market can be segmented into method, type, and application.
The method-based segments of the global genetic testing market are molecular genetic tests/ DNA tests, chromosomal genetic tests, and biochemical, genetic tests. Among all, the molecular genetic test/DNA tests is anticipated to procure a market share of 11.78% during the review time.
The type-based segments of the global genetic testing market are prescribed genetic testing and direct to consumer genetic testing. Among all, the prescribed genetic testing is anticipated to procure a major market share while expanding at the highest CAGR by 2024.
The application-based segments of the global genetic testing market are reproductive health, cancer screening, ancestry, predictive and pre-symptomatic testing, and others. Among all, the reproductive health segment is anticipated to lead the segment in the assessment tenure.
Genetic Testing Market Regional Analysis
As per the assessment conducted by MRFR, the Americas is anticipated to lead the global market during the forecast period. The region is expected to thrive at the maximum CAGR in the coming time. The increasing demand for personalized genetic testing and the favorable initiatives taken by the government are other salient causes that can grow the market in the coming time. APAC is anticipated to be the fastest-growing region during the review time. The increasing adoption of a sedentary lifestyle and the growing consumption of junk food is likely to play a salient role in driving the regional market in the assessment tenure. Developing countries such as; India and China are anticipated to make a notable contribution in developing the industry in the coming time. On the other hand, MEA is likely to witness the growing adoption of technology and increased government initiatives that can improve the healthcare infrastructure. In addition, the increasing prevalence of metabolic diseases in the region is likely to increase the demand for genetic testing and augment the market share of the region.
Genetic Testing Market Key Players
Some of the renowned players of the global genetic testing market are Blueprint Genetics (Finland), Bio-Rad Laboratories, Inc. (US), PerkinElmer Inc. (US), Myriad Genetics, Inc. (US), Illumina Inc. (US), QIAGEN N. V. (Germany), Eurofins Scientific (US), F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (US), Quest Diagnostics Incorporated (US), BGI Genomics (China), and Thermo Fisher Scientific Inc. (US).
Genetic Testing Industry News
February 2021- Seneca Therapeutics has expanded its R&D pipeline to include six new armed gene therapy/oncolytic constructs directed against important cancer targets and indications.
February 2021– Scientists in Beijing have developed a new gene therapy that can reverse some of the effects of aging in mice and increase their lifespans. The therapy can be fruitful for humans in the future.
February 2021- Taysha Gene Therapies, a patient-centric, clinical-stage gene therapy company, which is focused on developing and commercializing AAV-based gene therapies for the treatment of monogenic diseases of the CNS, announced their collaborations with Cleveland Clinic and UT Southwestern Gene Therapy Program (UTSW_ to advance next-generation mini-gene payloads for AAV gene therapies for the treatment of genetic epilepsies and additional CNS disorders.
February 2021– Paragon Biosciences, a life science innovator, and cell and gene therapy and synthetic biology utilizing AI, has launched CiRC Biosciences, a cell therapy company, developing a treatment for severe diseases with an initial focus on the eye.
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