Genetic Testing Market Overview
The global genetic testing market is estimated to attain a size of over USD 30.10 billion by 2027. Furthermore, the report suggests that the market is anticipated to exhibit a healthy CAGR of approximately 10.30% throughout the assessment timeframe, says Market Research Future (MRFR).
Genetic testing is used as a predictive tool for diagnostics and prenatal screening. The global market for genetic testing has recorded enormous growth in recent times. The growing global requirement drives the genetic testing market’s growth. The growing number of partnerships and acquisitions among leading players is projected to boost the market growth over the estimated era. On the other hand, the strict rules implemented for product approvals and worries concerning the consistency of genetic testing-based diagnostics are projected to impede the genetic testing market’s growth over the future years.
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Genetic Testing Market Segment Analysis
The genetic testing market has been broken into various segments based on type, application, method, and region.
By type, the genetic testing market is split into prescribed and direct-to-consumer genetic testing.
Based on method, the genetic testing market is split into genetic tests, biochemical, molecular genetic tests/ DNA tests, and chromosomal genetic tests.
Based on application, the global market for genetic testing is fragmented into predictive & pre-symptomatic testing, ancestry, reproductive health, cancer screening, etc.
Genetic Testing Market Regional Analysis
The global genetic testing market is studied across four major regions, including the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The MRFR report suggests that the Americas region will likely lead the global genetic testing market over the forecasted era. The regional market’s growth is driven by the rising demand for personalized genetic testing and rising incidences of genetic disorders. Furthermore, the presence of the advanced healthcare sector and the increasing government support are also projected to catalyze the regional market’s growth.
The Asia-Pacific regional genetic testing market is likely to record the highest growth over the coming years. The regional market’s growth is being propelled by the growing patient pool and untapped market opportunities in developing nations. Furthermore, the increasing initiatives to develop healthcare infrastructure and increasing geriatric population are also anticipated to boost the regional market’s growth.
The European regional genetic testing market is expected to lock up the second position in the assessment era. The regional market’s growth is primarily being propelled by the recent advances and developments in molecular medicines across the region. Furthermore, the growing prevalence of genetic diseases and disorders is also likely to boost up the growth of the regional genetic testing market over the estimated timeframe.
Genetic testing for the Middle East & Africa is being driven by the growing geriatric population, innovations in genetic testing, and the increasing number of chronic diseases such as cancer.
Genetic Testing Market Competitive Analysis
The global market for genetic testing has an incredibly strong and competitive landscape. The players across the global market are focusing on the expansion of their global market footprint by adopting several new approaches such as mergers, partnerships, and acquisitions. The players are making investing heavily in R&D activities to introduce innovative technologies. The list of prominent leaders in the global genetic testing market includes Thermo Fisher Scientific Inc. (US), Abbott Laboratories (US), BGI Genomics (China), Quest Diagnostics Incorporated (US), QIAGEN (Germany), Illumina Inc. (US), Myriad Genetics Inc. (US), Blueprint Genetics (Finland), Hoffmann-La Roche Ltd (Switzerland), Eurofins Scientific (US), Bio-Rad Laboratories Inc. (the US), and PerkinElmer Inc. (US) among several others.
Genetic Testing Market Recent Developments
A prominent player in clinical diagnostics testing and bioanalytical testing, Eurofins Scientific, has announced that Eurofins Clinical Testing Lux Sarl, its subsidiary, has announced the acquisition of a pioneer in genetic testing in Vietnam, Genetic Testing Service JSC (“Gentis”).
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Sema4 has announced the signing of a definitive agreement for the acquisition of GeneDx from OPKO Health, a genetic testing company. The deal has been sealed for over USD623 million. GeneDx offers advanced genomic testing to patients and their families, providing a clinical genomics program with proficiency in exome sequencing for rare and ultra-rare pediatric genetic disorders.
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