Genetic testing is the medical procedure of acquiring blood samples from the targeted population or individual to carry out a series of tests in the laboratory to determine a diagnosis for any kind of disease. Kit-based panels are used to collect samples from humans and then stored in a laboratory for further scientific review. Genetic tests are also performed to determine carrier tests, prenatal and neonatal tests, pharmacogenetic tests and predictive tests for various results of genetic diseases and disorders. Thus, the genetic testing market has a wide reach within the medical research circles.
Genetic Testing Market Size
This market is projected to grow from $12,682 million in 2019 to $21,260 million in 2027. The expected CAGR rate is 10.1% from the year 2020 to 2027.
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Genetic Testing Market Share
North America remains the dominating scene when it comes to the genetic testing market due to the presence of large global pharma companies and an ailing old population. The next key player in this revolutionary technology is the Asia Pacific region; with the advancement in healthcare facilities, medical practices and an increase in the income of the working population, it has been possible to detect life-threatening diseases at an early stage.
The major pharma companies investing in this modern medical venture are Bio-Rad Laboratories, Inc., Myriad Genetics Inc., Abbott Laboratories, Eurofins Scientific, Illumina Inc., Thermo Fisher Scientific Inc., and CSL Ltd.
Genetic Testing Market Growth
The Genetic Testing Market is segmented according to the type of testing in the medical field – diagnostic testing, carrier testing, prenatal and newborn screening. According to diseases – detection of cancer, sickle cell anaemia, thalassemia, Huntington’s disease and other rare diseases. According to technology – biochemical, molecular and cytogenetic testing.
Due to the global pandemic crisis, home testing kits have been developed for the early detection of the COVID-19 virus. Blood sample testing has also increased, giving rise to an open genetic testing market during this pandemic. Government organizations have facilitated the presence of direct home testing, genetic kits in countries like Japan, the USA, and China for the early detection of chronic ailments among the ageing population.
It has been reported by the Clinical Cancer Research 2020 that the COVID-19 virus has risked the ageing population towards cancer-based diseases. As per the International Agency for Research on Cancer, it has been noted that there will be more than 30.2 million deaths by the year 2040 due to cancer-related ailments. Through genetic testing, the different variants that can affect the DNA sequencing due to cancer can be detected for tumours and cysts in the patients. With the advancement of genetic testing, it can be determined whether there is a cancerous mutation and its variants will affect family generations. It will also determine which tumour variants are resistant to medical treatments, thus revolutionizing the market for new medicines and treatments for various cancers.
Genetic Testing Market Value
The future for the genetic testing market looks bright, with many manufacturers and government agencies approving multiple biomarkers for cancer-based research. The Foundation Medicine Inc. has received the US FDA approval for testing liquid biopsy next-generation sequencing-based Foundation One Liquid CDx testing. This will result in the early identification of cancer treatments in at-risk patients. The FDA has also been judged that it has granted permission for blood-based cancer genetic testing, like wise known as liquid biopsy, to detect alterations in the tumour DNA and match the patients with potentially life-saving drugs and treatment.
Industry News
The genetic testing market is estimated to grow towards a billion-dollar market in the coming years. It will be the key to obtaining answers to cures for life-threatening diseases.
Competitive Dashboard:
Some of the key players profiled by MRFR are Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), Illumina Inc. (US), QIAGEN N.V. (Germany), Myriad Genetics (US), PerkinElmer Inc. (US), and Quest Diagnostics (US).
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