Genetic Testing Market Size and Trends Analysis By Type (Prescribed Genetic Testing and Direct-to-Consumer Genetic Testing), Method (Molecular Genetic Tests/ DNA Tests, Chromosomal Genetic Tests and Biochemical Genetic Tests), By Application (Reproductive Health (Newborn Screening, Prenatal Screening and Carrier Screening), Cancer Screening (Hereditary Cancer, Breast Cancer, Ovarian Cancer and Colon Cancer), Ancestry, Predictive and Pre-Symptomatic Testing and others) – Forecast till 2030
The Genetic Testing Market is anticipated to reach USD 17,321.37 million by 2030 at 10.10% CAGR during the forecast period 2022-2030. Genetic testing is used in prenatal screening, diagnostics, and as a predictive tool. The market of genetic testing is predicted to propel due to the on-going development in the field to produce useful testing kits. Genetic testing may be utilised in a variety of contexts, including prenatal screening, diagnostics, and forecasting tools. It is anticipated that the market for genetic testing will surge as a result of the ongoing research in the sector that is aimed at producing usable testing kits. The market as a whole is probably going to see a large expansion as a result of the rising demand, the rising number of acquisitions, and the expanding number of collaborations among important players.
The widespread spread of COVID-19 has had a significant negative influence on the market for genetic testing. The worldwide lockdown was out in order to maintain social distance brought up a variety of difficulties for the genetic testing industry. As a result of COVID-19, testing laboratories and clinics had to close their doors, which led to a reduction in the availability of in-person genetic counselling and is anticipated to have a detrimental influence on the market.
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The key factors driving the expansion of the market for genetic testing are the growing knowledge about the advantages of genetic testing and the rising prevalence of genetic illnesses. It is anticipated that the growing desire to discover a cure for cancer would generate a need for effective testing, which will have the potential to expand the market for cancer testing worldwide. In addition, the exponential growth of the biotechnology industry is anticipated to provide a considerable boost to the genetic testing business during the course of the evaluation period.
Genetic Testing Market Segmentation:
The global market for genetic testing has been divided into two categories, namely, direct to consumer genetic testing and prescription genetic testing, based on the different types of genetic testing. The prescription market segment of genetic testing is predicted to increase at the greatest CAGR during the projection period 2022-2030. This is the case when compared to the other market segments.
Chromosomal genetic tests, molecular genetic tests/DNA tests, and biochemical genetic tests are the three submarkets that make up the worldwide market for genetic testing. These submarkets are divided based on the technique. It is anticipated that the market for molecular genetic/DNA testing would lead all others while expanding at a compound annual growth rate (CAGR) of 11.78% over the course of the forecast period.
Cancer screening, reproductive health testing, ancestry testing, predictive and pre-symptomatic testing, and other types of testing are some of the application-based submarkets that make up the worldwide market. It is anticipated that the reproductive health sector would lead the market in terms of overall size.
Genetic Testing Market Analyses of the Region
Because of the rising prevalence of genetic disorders and the rising demand for individualised genetic testing, it is anticipated that the Americas will have the largest share of the market for genetic testing. It is anticipated that throughout the time of forecast, the regional market would see growth as a result of increased government backing and the presence of an advanced healthcare sector.
It is anticipated that the Asia-Pacific region would be the market with the highest rate of growth due to the increasing patient pool and the unexplored market prospects in the developing nations. In addition, expanding measures to improve healthcare infrastructure to fulfil the need of an increasing elderly population will further boost the regional market throughout the review term. This demand is expected to grow at a faster rate than the overall population.
During the time frame covered by this analysis, it is anticipated that the market for genetic testing will be second biggest in Europe. Recent innovations and advancements in the field of molecular medicine in Europe are important elements that contribute to the expansion of this market for genetic testing. The scope of opportunities for the development of various genetic tests has broadened as a result of the rising incidence of genetic illnesses and disorders.
The market for MEA is anticipated to expand on account of factors such an ageing population, an increase in the prevalence of chronic illnesses such as cancer, and developments in genetic testing.
Browse In-depth Market Research Report (150 Pages) on Genetic Testing: https://www.marketresearchfuture.com/reports/genetic-testing-market-2009
Genetic Testing Market Key Players:
The following companies are considered to be key players in this industry: PerkinElmer Inc. (the United States), Myriad Genetics Inc. (the United States), Abbott Laboratories (the United States), Illumina Inc. (the United States), Bio-Rad Laboratories Inc. (the United States), QIAGEN (Germany), Eurofins Scientific (the United States), Quest Diagnostics Incorporated (the United States), Hoffmann-La Roche Ltd. (Switzerland), Ther (China)
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