Dublin, March 05, 2024 (GLOBE NEWSWIRE) -- The "Genetic Testing Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Companies Analysis" report has been added to ResearchAndMarkets.com's offering.
This analysis reveals that the Genetic Testing Market is set to expand, driven by advancements in technology and an increasing awareness of genetic diseases. The market is projected to reach a valuation of US$ 37.58 billion by the year 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 9.75% from 2024 to 2030. These insights stem from an in-depth study reflecting the growing public interest in personal health management and ancestral discoveries facilitated by genetic testing.
The key drivers for this growth include technological innovations and a rising prevalence of chronic diseases. The market has seen a notable surge due to demand for early detection and management of genetic disorders, which include conditions such as cystic fibrosis and Down’s syndrome. With genetic testing becoming increasingly mainstream, its applications in predictive diagnostics, personalized medicine, and health optimization have made it a fundamental aspect of proactive healthcare approaches.
Segment-Wise Insights
- Diagnostic Testing emerges as a prominent segment within the Genetic Testing Market due to its crucial role in the identification and management of hereditary conditions.
- Consumables, such as reagents and assay kits, have become pivotal, commanding a significant share of the market due to their extensive application across various genetic testing platforms.
- Advancements in DNA Sequencing technology have amplified its significance, allowing for a deeper unravelling of genetic data which contributes to precision medicine and disease risk management.
- The spread of Infectious Diseases necessitates the need for genetic testing, enabling rapid identification and control of pathogenic strains critical to public health.
Geographic Analysis
North America, spearheaded by the United States, is expected to hold the largest share in the Genetic Testing Market. Contributing factors include a high incidence of genetic and rare diseases, significant investments in R&D, and the presence of leading market players.
End-user Applications
The analysis suggests that Hospitals and Clinics command a substantial share of the Genetic Testing Market. This sector's significance is reinforced by its role in newborn screenings, cancer diagnosis, and comprehensive genetic services offered to patients.
Market Leaders
Prominent companies at the forefront of the Genetic Testing Market include Abbott Laboratories, Danaher Corporation (Cepheid Inc.), and Illumina Inc., among others. These organizations demonstrate the competitive landscape, highlighting the importance of continued innovation and strategic partnerships.
Genetic testing stands out as a transformative factor in the health industry, with its scope covering predictive testing, niche diagnostics, and personalized therapeutics. The global analysis forecasts a dynamic period for the Genetic Testing Market, with robust growth trajectories driven by advancements in genomics and increased health consciousness among populations worldwide.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 260 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $19.6 Billion |
| Forecasted Market Value (USD) by 2030 | $37.58 Billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Global |
Companies Mentioned
- Abbott Laboratories
- Danaher Corporation (Cepheid Inc.)
- Illumina Inc.
- BioRad Laboratories Inc.
- F Hoffmann-La Roche AG
- Diasorin
- Revvity Inc.
- Thermo Fisher Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/fih2ou
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
