Genetic Testing Market Overview
Market Research Future (MRFR) expects the genetic testing market size is projected to reach USD 30.10 Billion at CAGR of 10.30% by 2027. Thalassemia is one of the most burdensome and prevalent genetic disorders worldwide, proving to be a massive health concern. This will be a major growth booster for the genetic testing market in the following years. The escalating demand in oncology combined with the surging use of genetic tests in clinical care will also foster the market share during the projection timeline. Rising preference for personalized medicines can be another salient reason for the strong growth of the genetic testing industry.
The genetic testing industry has a number of end-users, with forensics and hospitals touted to be the leading applications. In view of the rapidly booming world population and the surge in various health conditions, genetic testing will enjoy a higher demand in the next couple of years. The integration several cutting-edge technologies like artificial intelligence (AI) in genetic testing will give way to several attractive opportunities in the years ahead. On top of that, developments in product design along with robust distribution collaborations and partnerships will enhance the growth potential of the genetic testing market as well.
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Cancer remains another public health concern across the globe, claiming lives rapidly as healthcare continues to look for a cure. This sheds the light on genetic testing, its significance in timely diagnosis of breast cancer, ovarian cancer, prostate cancer, bowel cancer, and womb cancer. History of this disorder in the family is one of the important prerequisites, which helps curb its development. This application of genetic testing will contribute majorly to the market growth in the ensuing years.
Market Segmentation
The several genetic testing types considered in the extensive report include direct-to-consumer genetic testing along with prescribed genetic testing. The prescribed genetic testing category remains in the lead and can capture the fastest CAGR and reach USD 21653.91 million by the end of the analysis timeline.
The top methods covered in the MRFR analysis include biochemical, chromosomal genetic tests, and molecular genetic tests/ DNA tests.
Genetic testing has applications in cancer screening, reproductive health, ancestry, predictive and pre-symptomatic testing, and more. The highest position in the market has been secured by the reproductive health segment.
Regional Outlook
The American market will be reaching the top spot in the years to come, on account of the surging instances of genetic disorders as well as the soaring preference for personalized medicines. The huge government backing given to the genetic testing companies and the flourishing healthcare sector in the United States considerably add to the American market’s value.
Asia Pacific is projected to be another profitable market, securing the fastest CAGR from 2020 and 2027, given the burgeoning patient population in China, India, and more. With huge untapped lucrative opportunities present in these rapidly emerging nations along with the government efforts to upgrade the healthcare infrastructure will further augment the business growth in the years to follow.
Leading Vendors
QIAGEN (Germany), Thermo Fisher Scientific Inc. (US), Illumina Inc. (US), Blueprint Genetics (Finland), Myriad Genetics Inc. (US), Bio-Rad Laboratories Inc. (the US), PerkinElmer Inc. (US), Quest Diagnostics Incorporated (US), Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (US), BGI Genomics (China), Eurofins Scientific (US) have been recognized as some of the top genetic testing developers in the worldwide industry.
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Recent Developments
NEOGEN Corporation has acquired Spokane, a Washington-based companion animal genetic testing firm owned by Genetic Veterinary Sciences Inc. The company, Genetic Veterinary Sciences Inc. focuses on offering companion animal owners, veterinarians, and breeders, all the genetic information that allows maximum genetic health for cats, birds, and dogs. Some of their popular brands are Canine HealthCheck, Paw Print Genetics, AvianDx, and My CatScan.
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