The market research made on genetic testing shows a potential growth at the valuation of reach USD 33.4 billion during the forecast timeline which is till 2030 at a CAGR of 10.5%.
Genetic testing is useful in prenatal screening, predictive tools, and diagnostics. The genetic testing market is showing better growth because of the ongoing development in the area to create some useful testing kits. Overall, the market of genetic testing is likely to have better experience expansion because of the growing need, partnership, and increased acquisition amongst its key players.
The Covid-19 outbreak has severely affected the market for genetic testing. The lockdown across the world is likely to follow social distancing which further resulted in different challenges in the market for genetic testing. Covid-19 also caused a shutdown of clinics which further caused the genetic counseling face-to-face solution to be the primary source.
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The increased genetic testing demand in oncology and the increased genetic tests adoption in clinical care are likely to propel the market for genetic testing during the projection timeline. The surging requirement for personalized medicine is one salient cause that can augment the market size of genetic testing.
The increased genetic testing benefits awareness and the increased genetic disorders prevalence are some key drivers for the genetic testing market growth. The increased need to look for a cure to cancer is likely to create a demand for efficient testing which further can augment the market for global cancer. There has also been a rise in the biotechnology sector which is likely to propel the market for genetic testing which has also increased to a great extent in the assessment timeline.
The AI integration along with smart technologies in genetic testing is likely to offer a wide range of expansion scope during the forecast timeline. The product innovation in designing along with a good partnership amongst the distribution is some of the factors which can offer a good scope to the trade growth.
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The regional analysis has shown that North America is the market-dominating with a good share because of the increased genetic disorder incidences. There has also been a rise in personalized genetic testing demand. The increased support from the government and also the advanced healthcare sector presence are likely to further boost the regional market during the forecast timeline. APAC is likely to be one of the fast-growing markets because of the expanding pool of patients and the wide range of market scope in the evolving countries. Also, the increased initiatives are likely to develop the infrastructure of healthcare so the demand for an increased genetic population could further contribute to the market growth.
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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