Genetic Testing Market Overview
According to the analysis conducted by Market Research Future (MRFR), the Genetic Testing Market is projected to thrive at a CAGR of 10.30% and is expected to acquire a market value of USD 30.10 Billion by 2027.
Genetic Testing Market Dynamics
During the forecast period, the genetic testing market is expected to be propelled by rising demand for genetic testing in oncology and increased acceptance of genetic tests into clinical treatment. Another important factor that might boost the size of the genetic testing industry is the growing need for customized treatment. The increased knowledge of the benefits of genetic testing, as well as the rising occurrence of genetic diseases, are driving the genetic testing industry forward. The growing desire for a cancer cure is projected to increase demand for effective testing, which will help to boost the worldwide cancer testing market.
Furthermore, the rapid growth of the biotechnology industry is projected to considerably push the genetic testing market throughout the forecast period. During the projection period, the integration of AI and other smart technologies in genetic testing is projected to offer a variety of market development possibilities. Other variables that might give lucrative opportunities to develop the trade include product design innovation and excellent distribution relationships. The rising rate of infertility around the world, the growing number of fertility clinics around the world, public-private investments in the field of preimplantation genetic testing, technological advancements in the field of genetic analysis, and the high risk of chromosomal abnormalities in the fetus with increasing maternal age are all driving this market forward.
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During the assessment period, however, worries over the uniformity of genetic testing-based diagnoses and rigorous product approval requirements are likely to stymie the genetic testing market’s expansion.
Genetic Testing Market Segmental Analysis
The worldwide genetic testing market is divided into two types based on type: direct to consumer genetic testing and prescription genetic testing. The prescription genetic testing market is expected to grow at the fastest CAGR among all genetic testing market categories, reaching a market size of USD 21653.91 million by 2024.
The worldwide genetic testing market has been divided into three categories based on the method: chromosomal genetic tests, molecular genetic tests/DNA tests, and biochemical genetic tests. Molecular genetic/DNA testing are anticipated to lead the worldwide market throughout the forecast period, growing at a CAGR of 11.78 percent
The worldwide market has been divided into cancer screening, reproductive health, ancestry, predictive and pre-symptomatic testing, and others based on application. The reproductive health category, in particular, is projected to dominate the market.
Genetic Testing Market Regional Overview
Because of the rising prevalence of genetic disorders and desire for individualized genetic testing, the Americas are projected to dominate the market for genetic testing. During the projected period, the regional market is likely to benefit from increased government backing and the existence of the advanced healthcare industry
Because of the rising patient pool and undiscovered market potential in developing nations, APAC is projected to be the fastest-growing industry. Moreover, increased attempts to build healthcare infrastructure in order to satisfy the need for the growing elderly population might drive the regional market even further over the study period
During the projection period, the European market for genetic testing is expected to be the second-largest. Recent breakthroughs and advancements in molecular medicine in Europe are important drivers in the market’s growth. The growing incidence of genetic illnesses and disorders has opened up new opportunities for the development of genetic testing.
MEA is projected to expand as the population ages, the frequency of chronic illnesses such as cancer rises, and genetic testing improves.
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The notable players are PerkinElmer Inc. (US), Myriad Genetics Inc. (US), Abbott Laboratories (US), Illumina Inc. (US), Bio-Rad Laboratories Inc. (the US), QIAGEN (Germany), Eurofins Scientific (US), Quest Diagnostics Incorporated (US), Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (US), Blueprint Genetics (Finland), BGI Genomics (China).
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