New York, USA, July 20, 2023 (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, End-User and Region - Forecast till 2032", the market size is projected to grow from USD 8.91 Billion in 2022 to USD 19.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.5% during the forecast period (2022 - 2032).
Market Scope
The term "genetic test" refers to various medical tools, such as kits and panels, used to diagnose genetic disorders in people. Additionally, blood samples from patients are obtained for the examination. Then, utilizing test kits, these samples are tested through laboratory equipment. A genetic test is a medical procedure to find any chromosome structure or DNA sequence alterations. Either directly by sequencing or inadvertently through several genetic testing techniques, the gene included inside the structure of DNA can be found. Additionally, several test kinds are utilized to diagnose genetic abnormalities. Additionally, these tests detect several illnesses, including cancer, hereditary diseases, and cardiovascular diseases. Technological advances in genetic testing include the creation of next-generation DNA sequencing and chromosomal microarray testing, which have transformed the detection of chromosomal structural and mathematical abnormalities and, in turn, assisted in the identification of several rare genomic and genetic conditions.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 19.8 billion |
| CAGR | 10.5% |
| Base Year | 2021 |
| Forecast Period | 2022-2032 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Method, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rising incidence of hereditary and chronic illnesses and the development of cutting-edge testing tools |
| Advancements in genetic testing techniques to boost market growth |
Genetic Testing Market Competitive Landscape:
- QIAGEN (Germany)
- Eurofins Scientific (US)
- PerkinElmer Inc. (US)
- Myriad Genetics Inc. (US)
- Abbott Laboratories (US)
- Illumina Inc. (US)
- Quest Diagnostics Incorporated (US)
- Hoffmann-La Roche Ltd (Switzerland)
- Thermo Fisher Scientific Inc. (US)
Genetic Testing Market Trends:
Market Drivers:
In the upcoming years, it is predicted that worldwide demand for genetic testing will grow dramatically due to the rise in the frequency of hereditary diseases and cancer and more awareness of and acceptance of custom-made drugs. For instance, genetic testing has been utilized extensively in pharmacogenomics, constantly known as drug-gene testing. Furthermore, advancements in genetic testing techniques are likely to speed up market expansion during the predicted time frame. The overall incidence of genetic disorders is increasing, and these trends directly impact consumer awareness of newborn screening and market expansion. Clinical decision-makers use Pharmacogenomics testing more frequently to aid in selecting the best medications and dosages for their patients. Additionally, the current surge in technological advancements has opened up many business opportunities.
The rise is aiding the rapid expansion of the market in the frequency of long-term illnesses and the creation of specialized testing kits for specialized therapeutic fields. The increased emphasis on regulating genetic testing and raising public knowledge of them by governments in various nations has successfully sped up their global adoption. The rising R&D funding and the significant market presence of major businesses have established a high entry hurdle for new entrants. To maintain an advantage in the market, innovating in developing goods, improving quality, and forming solid distribution partnerships is essential.
Restraints
However, it is anticipated that concerns with the consistency of diagnoses obtained through genetic testing and strict requirements for product approvals would restrain the growth of the genetic testing business throughout the predicted time frame.
Browse In-depth Market Research Report (150 Pages) on Genetic Testing: https://www.marketresearchfuture.com/reports/genetic-testing-market-2009
COVID 19 Analysis
Globally, the COVID-19 epidemic had a terrible effect on the community, the public healthcare system, and the economy. However, genetic testing is predicted to have a little favorable impact on the growth rate. For instance, many researchers used genotoxic tests to evaluate the COVID-19 virus-fighting abilities of various medications. The COVID-19 epidemic has also harmed the market. This caused disruption, constrictions, difficulties, and adjustments in every industry's sector. The market for genetic testing is also negatively impacted by the pandemic. This is because doctors are often unavailable for counseling, genetic counselors frequently cannot meet with patients in person, and laboratories cannot do the necessary tests.
Genetic Testing Market Segmentation
The market is segmented by application into carrier screening, newborn screening, prenatal screening, and reproductive health. Prescribed genetic testing and direct-to-consumer genetic testing are both available on the market. The market offers pre-symptomatic and predictive testing based on ancestry. By this method, the market consists of chromosomal genetic testing, biochemical, genetic tests, and molecular genetic tests/DNA tests.
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Genetic Testing Market Regional Insights
Due to the rising frequency of chronic and genetic problems in the region and the rising demand for individualized genetic testing services, North America now controls most of the global market for genetic testing. The industry is still growing due to North America's significant role in raising the public's awareness of genetic disorders. Additionally, many major firms are centered here, which is essential for the growth of the genetic testing market. The second-greatest market share belongs to Europe's market for genetic testing. This results from patients learning more about inherited conditions such as cystic fibrosis (CF), cancer, and thalassemia. On the other hand, unexplored newly developed markets in emerging economies are anticipated to offer lucrative prospects for industry participants.
For instance, investments in infrastructure and healthcare have increased significantly in developing nations like Brazil, India, and China, resulting in a rise in the need for genetic testing. The expanding healthcare infrastructure in the area, a sizable patient population paired with a growth in the usage of cutting-edge genomics methods, a spike in the prevalence of many chronic diseases, and the dropping price of genomic testing. Additionally, the Indian market for DNA testing was the one with the quickest growth in Asia-Pacific, while China's market for genetic testing had the greatest market share.
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