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Market Research Future Insights
According to MRFR analysis, the Genetic Testing Market is expected to register a CAGR of~10.10% from 2022to 2030 and hold a value of over USD 17.48 billion by 2030.
The genetic testing market refers to the global industry that encompasses the testing and analysis of an individual’s genetic material, such as DNA or RNA, to identify and assess genetic variations, mutations, or predispositions to certain diseases or conditions. Genetic testing can provide valuable information about a person’s genetic makeup, including their ancestry, potential risk factors for certain diseases, and the likelihood of passing on genetic conditions to their offspring. The market for genetic testing has witnessed significant growth in recent years, driven by advancements in genetic research, increased awareness and demand for personalized healthcare, and the declining cost of DNA sequencing technologies.
The pandemic accelerated genetic research efforts to understand the genetic factors influencing the severity and susceptibility to COVID-19. Genetic testing played a vital role in identifying specific genetic variations associated with disease outcomes, which helped in vaccine development and targeted treatment strategies.
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Market Segmentation
The Genetic Testing Market has been segmented into type and application.
Based on the type, the market has been segmented into molecular genetic tests, chromosomal genetic tests and biochemical genetic tests.
Based on the application, the market has been segmented into reproductive health, cancer screening ancestry and predictive and pre-symptomatic testing.
Key Players
Some of the key market players are:
Regional Analysis
North America has been the largest region in the genetic testing market. The United States, in particular, has been a significant contributor to the market’s growth due to factors such as advanced healthcare infrastructure, a high prevalence of genetic disorders, strong research and development capabilities, and a favorable regulatory environment.
Browse In-depth Market Research Report (150 Pages) on Genetic Testing:
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North America has a well-established genetic testing market, with numerous genetic testing laboratories, academic institutions, and biotechnology companies conducting extensive research and offering a wide range of genetic testing services. The region has also witnessed significant investments in genomic research and personalized medicine initiatives, further driving the growth of the genetic testing market.
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