Genetic Testing Market Opportunities, Drivers, Manufacturers, Analysis and Forecasts Till 2027
Genetic Testing Market Report include on MarketReseacrhFuture.com with exhaustive Study. The report aims to provide an overview of Genetic Testing Market Report. The report provides key statistics on the market status. Global Forecast till 2027.
Market Scope
Market Research Future (MRFR) studied the global genetic testing market 2021 for the review period till 2024. As per MRFR analysis, the global genetic testing market is anticipated to register a 11.50% CAGR through the evaluation period. By 2024, the worldwide market of genetic testing is expected to value USD 22,834.19 Mn.
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Drivers and Restrains Impacting Genetic Testing Market
The growth of the genetic testing market can be attributed to the prevalence of genetic disorders and rising awareness about benefits of genetic testing. Genetic testing has been many years. Lately, the increasing potential for accurate diagnostic testing and the launch of next-generation sequencing technologies assisting medical geneticists and genetic counsellors and selecting the most suitable test for a patient can favor the market. Similarly, advances in genetic testing technology hold a major impact on the market surge as these tests accurately diagnose different type of diseases. On the contrary, shortage of expertise can slow down the growth of the global genetic testing market.
Segment Assessment of Genetic Testing Market
The global Genetic Testing Market segment study is based on applications, method, and type.
The method-based segments of the genetic testing market are biochemical genetic tests, molecular genetic tests or DNA tests, and chromosomal genetic tests. The introduction of novel technologies in genetic testing that offer greater accuracy of results and high efficiency in performance can rendering market expansion. The accessibility of efficient and sensitive methods of DNA sequencing in prenatal genetic testing that offers new approaches for initial screening test in pregnancies can add to the market rise.
By application, segments of the global market study for genetic testing are cancer screening reproductive health, ancestry, predictive, and pre-symptomatic testing among others. The sub-segments of the cancer screening segments are breast cancer, hereditary cancer, ovarian cancer, and colon cancer. The sub-segment of the reproductive health segment are carrier screening, prenatal screening, newborn screening, and ancestry.
By type, segments of the global market study for genetic testing are direct-to-consumer genetic testing and prescribed genetic testing. The prescribed genetic testing segment can thrive owing to rise in incidence of genetic disorders. The surge in cases of sickle cell anemia, hemophilia, and cystic fibrosis, underpin the rise in number of prescribed genetic testing.
Key Players of Genetic Testing Market
PerkinElmer Inc. (US), aAbbott Laboratories (US), Myriad Genetics Inc. (US), Bio-Rad Laboratories Inc. (the US), Illumina Inc. (US), Eurofins Scientific (US), QIAGEN (Germany), Quest Diagnostics Incorporated (US), Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (US), Blueprint Genetics (Finland), and BGI Genomics (China) are some reputed companies that are functioning the global genetic testing market, enlisted by MRFR.
Competitive Landscape
Genetic testing has observed increase in demand over the past few years owing to the expansion of the biotechnology industry and the integration of AI in testing procedures. Companies that are operating in the worldwide market of genetic testing are facing challenges due to the lack of funding for research in prognosis and shortage of expertise. Mergers and acquisitions by reputed key players are anticipated to aid the market gain momentum during the assessment period till 2024. The report reveals that the market can witness a healthy CAGR, based on the SWOT analysis of the genetic testing market by Porters’ Five Force Model
Regional Study of Genetic Testing Market
The genetic testing market in Europe covers Germany, the United Kingdom, Italy, and France. The genetic testing market in the Asia Pacific region covers India, Australia, China, and Japan among others. The market of genetic testing in the rest of the world covers the Middle East, Brazil, and Africa among others.
The rise of genetic testing market in APAC can be supported by the surging need to find a cure for cancer and the growing demand for an effective testing in the forecast period. The regional market can register a healthy growth pace due owing to these key factors. MRFR research suggests that APAC, Europe, and North America are regional genetic testing markets that can dominate the market of genetic testing on global scale during the forecast tenure. In North America, the market of genetic testing is expected to witness tremendous growth across reproductive health and molecular genetic test or DNA test segments. The United States, following Mexico and Canada, have companies that are active dealers in the genetic testing solutions, and are expected to contribute largely to the increase in profit margins of their businesses.
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