Selbyville, Delaware, March 10, 2021 (GLOBE NEWSWIRE) --
According to latest report “Genetic Testing Market by Test Type (Predictive Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing), Application (Cancer, Genetic Disease, Cardiovascular Disease), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of genetic testing will cross $31.8 billion by 2027. Availability of different genetic tests across the globe for early and accurate disease diagnosis will enhance the market growth during the forecast timeline.
Direct-to-consumer genetic tests provides access to genetic information of the customers without necessarily involving any health insurance company or a healthcare provider in the process. DTC tests enable customers to identify a genetic predisposition to various diseases such as diabetes, cancer and Alzheimer’s. In addition, some DTC genetic tests are used for prediction of potential allergies, responses to medications as well as risk of cardiovascular and other diseases. Therefore, surging demand for direct-to-consumer genetic testing among individuals worldwide will prove advantageous for the market expansion. Furthermore, DTC genetic testing can be used to promote knowledge of genetic diseases by identifying ancestral origins and explore them to undertake a precautionary preparation for healthcare. Thus, rising awareness among people pertaining to health safety will significantly drive the industry growth.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2490
The carrier testing segment in the genetic testing market will showcase growth rate of 10.5% till 2027. Carrier screening is a type of genetic test that detects a defective gene for a certain genetic disorder that a child might carry. This type of testing is widely done during or before pregnancy to find out regarding a baby having any particular genetic disorder. Similarly, carrier screening further provides a life-lasting information regarding a person's reproductive risk and also their chances of expecting a kid with any genetic ailment.
The genetic testing market for cardiovascular segment was valued over USD 1.4 billion in 2020 owing to rising cases of cardiovascular disorders throughout the world. Genetic screening for inherited heart disease can extensively identify the exact cause of a family's heart disease. Cardiovascular disease is the foremost leading cause of death worldwide, and nearly around 85% of deaths are due to heart attack and stroke that elevates the demand for genetic tests. Imperative improvements can be done in the lives of people suffering from cardiovascular diseases by diagnosing it at early stage resulting in high probability of surviving as well as reduced treatment expense.
Asia Pacific genetic testing market accounted for more than 13.5% of revenue share in 2020 propelled by numerous government initiatives focusing on better and advanced healthcare for better patient care and management. Continuous economic developments and advances in the industry have stimulated the market demand.
Some of the prominent companies operating in the genetic testing market include Ambry Genetics (Konica Minolta), Abbott Laboratories, BGI, Biocartis Group NV, 23andMe, Inc., Ltd., bioMérieux SA, Bio-Helix Co., Blueprint Genetics, Eurofins Scientific and Cepheid (Danaher Corporation) among others. Different business leaders are executing various growth strategies in order to gain financial stability in the market.
Request for customization of this research report @
https://www.gminsights.com/roc/2490
Some major findings of the genetic testing market report include:
- Favorable regulatory framework in the developed economies including U.S., Germany, UK and France will act as a major impact rendering factor for the market revenue.
- The recent outbreak of COVID-19 will have a substantial impact on the overall genetic testing industry, due to reduction in test procedures as a result of strict lockdown throughout the world to confine the rising COVID-19 cases.
- Genetic testing has wide range of applications in the field of cancer, genetic disease and cardiovascular disease among others that will prove beneficial for the industry expansion.
- Technological advancements and consumer’s interest in personalized medicines are some of the aspects that surges the demand for several genetic tests.
- However, high costs associated with genetic testing may hamper the market progression to certain extent.
Table of Contents (ToC) of the report:
Chapter 3 Genetic Testing Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By test type
3.4.2 By application
3.5 Regulatory scenario
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.8 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/genetic-testing-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.