The global genetic testing market players is likely to touch USD 17.48 billion at an 10.10% CAGR between 2022- 2030, according to the new report by Market Research Future (MRFR). Genetic testing, simply put, includes testing the genome for identifying alterations in proteins, genes, or chromosomes. It has wide applications inpredictive & pre-symptomatic testing, ancestry, cancer screening, reproductive health, and others.
The growth of the global genetic testing market is being fueled by a number of factors. These include shifting industry trends toward a product-driven model from a service-driven one, an increase in the prevalence of genetic diseases and cancer, growing public awareness of the many advantages of genetic testing, and improvements in genetic testing methods, according to the new MRFR report. The acceptance of personalised medicines, untapped emerging markets, and the expanding use of genetic testing in oncology are additional factors boosting market growth.
On the contrary, inaccuracy of tests, strict regulatory needs for product approvals, standardization concerns of genetic testing-based diagnostics, and high test cost are factors that may limit the global genetic testing market growth over the forecast period.
Eminent profiled the global genetic testing market players include BGI Genomics (China), Thermo Fisher Scientific Inc. (US), Blueprint Genetics (Finland), F. Hoffmann-La Roche Ltd (Switzerland), Eurofins Scientific (US), Quest Diagnostics Incorporated (US), Illumina Inc. (US), Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), PerkinElmer Inc. (US), and Myriad Genetics, Inc. (US).
The MRFR report gives an inclusive segmental analysis of the global genetic testing market based on application, method, and type.
By type, the genetic testing market is segmented into direct to consumer genetic testing and prescribed genetic testing. Of these, the prescribed genetic testing will lead the market over the forecast period.
By method, the genetic testing market is segmented into biochemical genetic tests, chromosomal genetic tests, and molecular genetic tests/DNA tests. Of these, the molecular genetic tests/DNA tests segment will have a major share in the market over the forecast period.
By application, the genetic testing market is segmented into predictive & pre-symptomatic testing, ancestry, cancer screening, reproductive health, and others. Of these, the reproductive health segment will have a major share in the market over the forecast period.
Based on the region, the global genetic testing market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Among these, the Americas will dominate the market over the forecast period. Increasing support from government for R&D, the presence of sophisticated infrastructure, and rising genetic diseases are adding to the global genetic testing market growth in the region.
The global genetic testing market in Europe is predicted to hold the second-largest share over the forecast period. The rising prevalence of genetic disorders and diseases coupled with recent advances and developments in molecular medicines is adding to the genetic testing market growth in the region.
Over the course of the projection period, it is expected that the worldwide market for genetic testing in the APAC region would expand quickly. The region’s genetic testing market is expanding as a result of the abundance of development opportunities, rapid technological advancements, and sizable patient population. The largest stake in the region belongs to Japan.
Over the forecast period, the global genetic testing market in the MEA is expected to grow steadily. The region’s genetic testing market is expanding as a result of advances in the field, an increase in the prevalence of chronic diseases like cancer, and an ageing population.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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