New York, US, May 11, 2022 (GLOBE NEWSWIRE) — Genetic Testing Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Genetic Testing Market Information by Type, Method, Application – Forecast till 2027”, the 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.
Prenatal screening, diagnostics, and predictive testing are all employed in genetic testing. Because of the ongoing progress in the area to provide usable testing kits, the genetic testing industry is expected to grow. Overall, the genetic testing market is expected to increase significantly due to increased demand, acquisitions, and strategic collaborations among key companies.
The market’s 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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Because of the rising incidences of genetic diseases and cancer, as well as increased knowledge and acceptance of tailored medications, the global genetic testing market is predicted to grow significantly in the future. In pharmacogenomics, often known as drug-gene testing, genetic testing has been widely used. Furthermore, developments in genetic testing methodologies are projected to enhance market growth throughout the forecast period.
During the forecast period, the genetic testing market is expected to be propelled by rising demand for genetic testing in oncology and increased incorporation of genetic tests into clinical treatment. Another important factor that could boost the size of the genetic testing market is the growing need for personalized medication. The knowledge expanding of the benefits of genetic testing, as well as the genetic occurrence of genetic illnesses, are driving the genetic testing industry forward. The growing need for a cancer cure is likely to increase demand for effective testing, which will help to boost the worldwide cancer testing market. Furthermore, the rapid growth of the biotechnology sector is likely to significantly boost the genetic testing market throughout the forecast period.
During the projection period, the integration of AI and other smart technologies in genetic testing is likely to offer a variety of market potential prospects. Other elements that can create lucrative opportunities to grow the trade include product design innovation and good distribution partnerships.
During the assessment period, however, worries over the standardization of genetic testing-based diagnoses and tight product approval procedures are projected to stymie the genetic testing market’s expansion.
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The COVID-19 outbreak has had a significant influence on the genetic testing sector. The worldwide ban on social distancing has created a slew of issues for the genetic testing industry. COVID-19 resulted in the closure of testing labs and clinics, limiting face-to-face genetic counseling and negatively impacting the market. In order to assist minimize the spread of the disease, clinics reduced face-to-face genetic counseling. Genetic testing behemoths like GeneDx, on the other hand, offered a service in which they delivered clinician-ordered genetic tests. Clinics and healthcare practitioners, as well as patients, are now utilizing telemedicine to undertake genetic counseling. Furthermore, because prenatal testing is so important, it is the least affected of all types of genetic testing. Many prenatal genetic counselors, for example, reported delivering face-to-face assistance during the epidemic. As a result, the pandemic had a negative influence on the genetic testing market as a whole.
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The global genetic testing market is divided into two types based on type: direct to consumer genetic testing and prescribed genetic testing. The recommended 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 global 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 predicted to lead the global market throughout the forecast period, growing at a CAGR of 11.78 percent.
The global market has been divided into cancer screening, reproductive health, ancestry, predictive and pre-symptomatic testing, and others based on application. Among all, the reproductive health segment is likely to dominate the market.
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Because of the rising rates of genetic disorders and desire for tailored genetic testing, the Americas are likely to dominate the market for genetic testing. During the projected period, the regional market is expected to benefit from increased government backing and the existence of the advanced healthcare industry.
Because of the expanding patient pool and undiscovered market prospects in developing countries, APAC is likely to be the fastest-growing industry. Moreover, expanding measures to construct healthcare infrastructure in order to fulfill the need for the growing senior population could boost the regional market even further over the study period.
During the forecast period, the European market for genetic testing is expected to be the second-largest. Recent discoveries and advancements in molecular medicine in Europe are essential elements in the market’s growth. The growing frequency of genetic diseases and disorders has opened up new opportunities for the development of genetic diagnostics.
MEA is predicted to develop as the population ages, the frequency of chronic diseases such as cancer rises, and genetic testing improves.
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