NEW YORK, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Recent study report released by Data Bridge Market research titled “Global Genetic Testing Market” (covering USA, Europe, China, Japan, India, South East Asia, etc) highlights opportunities, risk analysis, and leveraged with strategic and tactical decision-making support. This research report presents key insights on the Global Genetic Testing Market along with the latest and updated industry details. According to the latest research, the Genetic Testing Market encompasses a variety of issues and tasks in the global market. This research report offers a comprehensive selection of financial products, product prospects, and development rates during the forecast period. In short, the study provides a general overview of the Genetic Testing market based on its current situation and market size in terms of volume and return. The regional study of the global Genetic Testing Market included in the report helps readers to gain a deep understanding of how various geographic markets have been developing over the past few years.
In the first section, Enhanced Report of Genetic Testing Market provides an overview of Genetic Testing industry which includes definitions, classifications, applications and industry chain structure. Global Genetic Testing Market report's main motive is to study comprehensive aspects of the market investors and key industry players, which enable them to make important decisions related to Genetic Testing growth opportunities and future investment scope. This report highlights the key industry competitors and provides an in-depth analysis of the key factors influencing the market.
Data Bridge Market Research analyses that the market is growing with a CAGR of 15.3% in the forecast period of 2022 to 2029 and is expected to reach USD 44,892.91 million by 2029 from USD 14,587.03 million in 2021.
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Global genetic testing market is driven by the factors such as high prevalence of genetic disorders, growing technological advancements in the genetic testing market which enhance its demand, as well as increasing investment in research and development, which leads to market growth. Currently, healthcare expenditure has increased across developed and emerging countries which are expected to create a competitive advantage for manufacturers to develop new and innovative genetic testing markets. However, the high cost associated with the genetic testing and stringent regulatory frameworks for genetic testing.
Genetic testing is a kind of medical test that identifies changes in genes, chromosomes, or proteins. The outcome of a genetic test can confirm or rule out a suspected genetic condition or aid in determining a person’s chance of developing or passing on a genetic disorder. Over 77,000 genetic tests are currently in use, and others are being developed.
The increasing innovations and technologies and rising number of players in the market, and novel product launches are also propelling the growth of the global genetic testing market.
Genetic Testing Market Key Players/ Company Profiles:
- Thermo Fisher Scientific Inc.
- Invitae Corporation
- Bio-Rad Laboratories
- Inc.PerkinElmer Inc.
- IlluminaInc.QIAGEN
- F. Hoffmann-La Roche Ltd.
- Fulgent GeneticsMyriad Genetics
- Inc.AbbottEurofins Scientific
- Sorenson Genomics
- BIO-HELIXBiocartis
- Cepheid (A subsidiary of Danaher)
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Opportunities
- Rising Disposable Income
The expense of money used by a country on its healthcare and its growth rate over time is inclined by a wide variety of economic and social factors including the financing arrangements and structure of the organization of the health system. In particular, there is a strong association between the complete income level of a country and how much the population of that country spends on health care.
Also, the strategic initiatives taken by key market players will provide structural integrity and future opportunities for the genetic testing market in the forecast period of 2022-2029.
Recent Development
- In December 2021, Thermo Fisher Scientific Inc., announced that it has completed its acquisition of PPD, Inc., a leading global provider of clinical research services to the biopharma and biotech industry, for $17.4 billion. This acquisition helped to generate more revenue and boosted the market growth.
Key Coverage in the Xyz Market Report:
- Detailed analysis of Genetic Testing Market by a thorough assessment of the technology, product type, application, and other key segments of the report
- Qualitative and quantitative analysis of the market along with CAGR calculation for the forecast period
- Investigative study of the market dynamics including drivers, opportunities, restraints, and limitations that can influence the market growth
- Comprehensive analysis of the regions of the Genetic testing industry and their futuristic growth outlook
- Competitive landscape benchmarking with key coverage of company profiles, product portfolio, and business expansion strategies
Key Market Segmentation:-
Type
- Diagnostic Testing
- Prenatal Testing
- New Born Screening
- Predictive and Presymptomatic Testing
- Carrier Testing
- Other Types
Technology
- Polymerase Chain Reaction
- DNA Sequencing (NGS-Based Testing)
- Whole Genome Sequencing
- Microarrays
- Fluorescence In Situ Hybridization (FISH)
- Others
Diseases
- Cancer
- Sickle Cell Anemia
- Thalassemia
- Rare Genetic Disorder
- Fragile X Syndrome
- Duchenne Muscular Dystrophy
- Huntington's Disease
- Cystic Fibrosis
- Others
End User
- Hospitals
- Clinics
- Diagnostic Centers
- Private Clinics
- Laboratory Service Providers
- Private Laboratories
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Genetic Testing Market Regional Analysis/Insights
The genetic testing market is analysed and market size insights and trends are provided by country, type, technology, diseases and end user as referenced above.
The countries covered in the genetic market report are U.S., Canada, Mexico, Germany, France, Italy, U.K., Spain, Netherlands, Russia, Switzerland, Turkey, Belgium and Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Vietnam, Philippines and Rest of Asia-Pacific, Brazil, Argentina and Rest of South America, Saudi Arabia, South Africa, UAE, Israel, Egypt, and Rest of Middle East and Africa.
North America is the major dominating region in the market due to the growing prevalence of genetic disorders amongst the population in these countries. And they are dominating the genetic testing market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to genetic defects and chromosomal aberrations in the population in the regions and rapid research development is boosting the market.
Global Genetic Testing Market Dynamics
Drivers
- Growing prevalence of genetic diseases
Genetic disorders may cause such severe health problems that they are incompatible with life. In the most severe cases, these conditions may cause a miscarriage of an affected embryo or fetus. The rising prevalence of genetic diseases and birth defects boosts the demand for genetic testing
As per the article, genetic disorders and congenital abnormalities: strategies for reducing the burden in the region, 2022,
Genetic disorders and congenital abnormalities occur in about 2%-5% of all live births, which accounts for up to 30% of pediatric hospital admissions and cause about 50% of childhood deaths in industrialized countries
Therefore, this is raising the demand for genetic testing market.
- Increase In The Adoption Of Next Generation Sequencing
As genomics-focused pharmacology continues to play a greater role in the treatment of various chronic diseases, especially cancer, next-generation sequencing (NGS) is evolving as a powerful tool for providing a deeper and more precise insight into the molecular underpinnings of individual tumors and specific receptors.
NGS offers advantages in accuracy, sensitivity, and speed compared to traditional methods that have the potential to make a significant impact on the field of oncology. Because NGS can assess multiple genes in a single assay, the need to order multiple tests to identify the causative mutation is eliminated.
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Reasons to buy:
- Review the scope of the Genetic Testing Market with recent trends and SWOT analysis.
- Outline of market dynamics coupled with market growth effects in coming years.
- Genetic Testing Market segmentation analysis includes qualitative and quantitative research, including the impact of economic and non-economic aspects.
- Regional and country level analysis combining Genetic Testing market and supply forces that are affecting the growth of the market.
- Market value data (millions of US dollars) and volume (millions of units) for each segment and sub-segment.
- and strategies adopted by the players in the last five years.
Table Of Content:
Section 01: executive summary
Section 02: scope of the report
Section 03: research methodology
Section 04: introduction
Section 05: market landscape
Section 06: market sizing
Section 07: five forces analysis
Section 08: market segmentation by product
Section 09: market segmentation by Application
Section 10: customer landscape
Section 11: market segmentation by end-user
Section 12: regional landscape
Section 13: decision framework
Section 14: drivers and challenges
Section 15: market trends
Section 16: competitive landscape
Section 17: company profiles
Section 18: appendix
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Browse Related Reports:
- Asia-Pacific Genetic Testing Market, By Type (Carrier Testing, Diagnostic Testing, Prenatal Testing, New Born Screening, Predictive And Presymptomatic Testing, Other Types), Technology (DNA Sequencing (NGS-Based Testing), Polymerase Chain Reaction, Microarrays, Whole Genome Sequencing, Fluorescence In Situ Hybridization (FISH), Others), Diseases (Rare Genetic Disorder, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Huntington’s Disease, Fragile X Syndrome, Duchenne Muscular Dystrophy, Others) End User (Hospitals, Clinics, Diagnostic Centres, Private Clinics, Laboratory Service Providers, Private Laboratories) Industry Trends and Forecast to 2029 https://www.databridgemarketresearch.com/reports/asia-pacific-genetic-testing-market
- Europe Genetic Testing Market, By Type (Carrier Testing, Diagnostic Testing, Prenatal Testing, New Born Screening, Predictive And Presymptomatic Testing, Other Types), Technology (DNA Sequencing (NGS-Based Testing), Polymerase Chain Reaction, Microarrays, Whole Genome Sequencing, Fluorescence In Situ Hybridization (FISH), Others), Diseases (Rare Genetic Disorder, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Huntington’s Disease, Fragile X Syndrome, Duchenne Muscular Dystrophy, Others) End User (Hospitals, Clinics, Diagnostic Centres, Private Clinics, Laboratory Service Providers, Private Laboratories) Industry Trends and Forecast to 2029 https://www.databridgemarketresearch.com/reports/europe-genetic-testing-market
- Middle East and Africa Genetic Testing Market, By Type (Carrier Testing, Diagnostic Testing, Prenatal Testing, New Born Screening, Predictive And Presymptomatic Testing, Other Types), Technology (DNA Sequencing (NGS-Based Testing), Polymerase Chain Reaction, Microarrays, Whole Genome Sequencing, Fluorescence In Situ Hybridization (FISH), Others), Diseases (Rare Genetic Disorder, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Huntington’s Disease, Fragile X Syndrome, Duchenne Muscular Dystrophy, Others) End User (Hospitals, Clinics, Diagnostic Centres, Private Clinics, Laboratory Service Providers, Private Laboratories) Industry Trends and Forecast to 2029 https://www.databridgemarketresearch.com/reports/middle-east-and-africa-genetic-testing-market
- North America Genetic Testing Market, By Type (Carrier Testing, Diagnostic Testing, Prenatal Testing, New Born Screening, Predictive And Presymptomatic Testing, Other Types), Technology (DNA Sequencing (NGS-Based Testing), Polymerase Chain Reaction, Microarrays, Whole Genome Sequencing, Fluorescence In Situ Hybridization (FISH), Others), Diseases (Rare Genetic Disorder, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Huntington’s Disease, Fragile X Syndrome, Duchenne Muscular Dystrophy, Others) End User (Hospitals, Clinics, Diagnostic Centres, Private Clinics, Laboratory Service Providers, Private Laboratories) Industry Trends and Forecast to 2029 https://www.databridgemarketresearch.com/reports/north-america-genetic-testing-market
- Prenatal Genetic Testing Market, By Technology {Diagnostics Methods, Screening Methods}, Screening Techniques (Carrier Screening, Sequential Screening, and Maternal Serum Quad Screening), Diseases (Alzheimer’s Disease, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Huntington’s Disease, Rare Diseases, Other Diseases), End User (Hospitals, Clinics, Diagnostic Centers), Product (Products, Consumables, Assay Kits And Reagents, Disposables, Instruments, Next Generation Sequencing Systems, Polymerase Chain Reaction Instruments, Microarrays, Ultrasound Devices, Other Instruments, Services) – Industry Trends and Forecast to 2029 https://www.databridgemarketresearch.com/reports/global-prenatal-genetic-testing-market
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