Pune, India, May 28, 2019 (GLOBE NEWSWIRE) -- The recent report published by Market Research Future (MRFR) has stated that the global genetic testing market is set to reach a CAGR of 11.50%, Worth USD 22834.19 Mn during the forecast period of 2019-2024.
Genetic tests are generally used to confirm or rule out a suspected genetic condition, the probability of the development of a genetic disorder or the same being passed on to the next generation. Latest statistics state that currently, more than 1,000 genetic tests are in use, with more to be developed in the forthcoming years.
There are quite a few factors leading the global genetic testing market to garner notable growth during the conjectured period. One of the protuberant drivers includes the rising awareness about the benefits of genetic testing and increasing prevalence of genetic disorders. Also, the role played by genetic testing in forensic investigations is likely to become increasingly vital, driving growth to the genetic testing market over the forecast period. Additionally, a change in trend has been noticed of the genetic testing industry from it being a service-driven to a product-driven industry, fueling market growth for genetic testing.
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A wide range of benefits offered by genetic testing including the knowledge about genetic alterations in the fetus that may lead to abnormal growth and better awareness about genetic diseases and disorders are contributing heavily to the growth of the global genetic testing market during the assessment period. Growing awareness towards such diseases and disorders has induced more people to go and get themselves and their family members tested, allowing them to get a better understanding of their genetic structure. This has led to a mounting audience for genetic testing, ascending the growth chart of the market to new levels. Further, change in food habits, pollution, and exposure to harmful radiations for chemicals are contributing to the increasing prevalence of genetic diseases, driving the market exponentially.
Key Players
The global genetic testing market is influenced by the activities of many giants operating in the genetic testing marketplace. Some of these prominent market players include Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), Illumina Inc. (US), Myriad Genetics, Inc. (US), PerkinElmer Inc. (US), QIAGEN N. V. (Germany), Quest Diagnostics Incorporated (US), Eurofins Scientific (US), F. Hoffmann-La Roche Ltd (Switzerland), Blueprint Genetics (Finland), BGI Genomics (China), and Thermo Fisher Scientific Inc. (US).
Market Segmentation
The global genetic testing market is studied for various segments on the basis of type, method, application, and region. On the basis of type, the global genetic testing market is segmented into direct to consumer genetic testing and prescribed genetic testing. Among these, the prescribed genetic testing segment is estimated to hold the largest market share. The prescribed genetic testing segment is expected to garner a revenue valuation of USD 21653.91 million by the end of 2024. Such market domination can be attributed to the widespread availability of service providers of several genetic tests and lower availability of direct to consumer tests all over the globe.
On the basis of method, the genetic testing market is segmented into molecular genetic tests/ DNA tests, biochemical genetic tests, and chromosomal genetic tests. The molecular genetic tests segment is projected to account for a significant market share and is likely to grow at 11.78% CAGR during the assessment period. Since molecular testing helps in the determination of the sequence in DNA or RNA related to a particular disease or disorder, the high prevalence of genetic diseases has led to ascending demand for molecular testing.
On the basis of application, the global genetic testing market is segmented into cancer screening, reproductive health, predictive & pre-symptomatic testing, and ancestry. The reproductive health segment held 33.61% of the market, the largest share, in 2018. The segment is also anticipated to upscale at a significant rate between 2018 and 2024.
Americas Projected to Register Highest CAGR during Assessment Period of 2019-2024
The global genetic testing market is estimated to reach a market valuation of USD 22834.19 million by the end of the conjectured time period. On the basis of geography, the global Genetic Testing Market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. As per the analysis conducted by Market Research Future (MRFR), the Americas (North America and Latin America) together held the largest market share in the beginning of the forecast period. The Americas are also estimated to register the highest CAGR during the forecast period. Such growth can be attributed to the increasing genetic disabilities and abnormalities, presence of sophisticated infrastructure, and governmental support for the research and development in genetics.
Europe accounted for the second largest market share in 2018, owing to the well-developed health sector, technological advances, along with governmental support for research and development of different tests and devices. Asia Pacific is anticipated to grow at the fastest rate for genetic testing market during the forecast period due to the presence of a large patient populace, rapid development witnessed in technology, and the presence of huge opportunities for the development of the market in the region.
Browse the market data and information spread across 123 pages with 128 data tables and 46 figures of the report “Genetic Testing Market - Forecast 2019-2024” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/genetic-testing-market-2009
Competitive Analysis
With a rising trend of getting genetic testing done for DNA ancestry information among direct consumers, many companies are seen partnering with companies in the tours and travel domain to offer travel suggestions to their patients based on their ancestry. These suggestions include different packages from their fellow partners relating to staying, conveyance fares, etc.
For instance, recently, in May 2019, 23andMe, a personal genomics and biotechnology company, recently partnered with Airbnb, a global online hospitality service and marketplace. This partnership will let its customers plan heritage vacations based on their 23andMe DNA ancestry results.
Similar partnership occurred between AncestryDNA and Go-Ahead Tours in 2017 where the companies offered genealogy-themed tours and later even offered genealogy cruises to their customers, based on their ancestry results.
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