Market Research Future published a Cooked research report on “Global Genetic Testing Market Research Report, forecast to 2024” – Market Size, Share, Growth, Analysis, Regional Outlook, Scope, Stake, Progress, Trends.
Genetic Testing Market Analysis
Genetic testing is the study of genes inherited from one’s parents with the help of laboratory methods. The test is conducted to identify the risk of health problems, to assess response to treatment, and to identify health risks in advance. The study undertaken by the team of Market Research Future reveals that the global genetic testing market is projected to reach a valuation of USD 10,033.4 million by the end of the forecast period in 2023 from its last calculated valuation of USD 4,683 in 2016. The growth of the market is calculated to be at a rate of 9.8% during the forecast period.
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It is reported that genetic testing has gained increasing traction and popularity in recent years for its capability of detecting and preventing genetic diseases, cancer, and so on. The growth of the market is identified to be the increasing consumer awareness concerning the early diagnosis of diseases as well as the rising expenditure on various preventive measures. The technological advancements introduced or slated to be introduced offers the market with enhanced opportunity to improve the efficiency and accuracy of the study. This, in turn, ameliorates the overall market of genetic testing. Also, the adoption of non-invasive genetic testing technology is also expected to push the growth of the market during the forecast period.
Genetic Testing Market Segmentation
The global genetic testing market segmentation is divided on the basis of four key dynamics:
By type, the market includes direct to consumer (DTC) genetic testing and prescribed genetic testing. Herein, the prescribed genetic testing segment held the largest share of the market as per the study conducted in 2016. The prescribed genetic testing segment held a staggering 97% of the market to its name. The segment is expected to continue its unprecedented dominance in the forthcoming years as well.
By method, the market includes Chromosomal Genetic Test, Molecular Genetic Test/ DNA Test, and Biochemical Genetic Test. The molecular genetic test/DNA test segment held the largest percentage of the market and is expected to expand further in the coming years.
By type of test, the genetic testing market includes Predictive Test, Family DNA Test, Diagnostic Test, and others. The diagnostic test segment dominates the category as the leading market share holder and is anticipated to held on to the same during the forecast period.
By indication, the market comprises of Autoimmune Disorder Testing, Neurogenetic Disorder Testing, Cancer Testing, Muscular dystrophies, and others. The cancer testing segment held the largest share of the market and is expected to retain its position in the forthcoming years of the forecast period.
Genetic Testing Market Regional Analysis
The global genetic testing market is regionally segmented into the following regions: America, Asia Pacific, Europe, and the Middle East & Africa.
Geographically, the market is led by the Americas with approximately 46.3% of the share tit its name. The growth and global positioning of the region can be attributed to the high awareness concerning genetic testing, continuous innovation, and fast-paced adoption of new and advancing technology. In this region, the US holds a majority of the market share and contributes significantly to the dominance of the North American region.
The European region holds the second spot in the global standings for genetic testing. The regional market is expected to reach a valuation of USD 2,553.10 million by the end of the forecast period in 2023. Whereas, the Asia Pacific region is expected to be the fastest growing market for genetic testing and is calculated to grow at a CAGR of 10.1% during the forecast period. The Middle Eastern and African is slated to attain limited growth during the forthcoming years owing to lack of awareness and lack of established infrastructure.
Genetic Testing Market Competitive Landscape
The global genetic testing market holds a number of key players, including QIAGEN N.V. (Germany), Abbott Laboratories (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Quest Diagnostics (U.S.), Myriad Genetics (U.S.), Illumina Inc. (U.S.), and PerkinElmer Inc. (U.S.).
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Genetic Testing Industry News
March 28th, 2019, Dana-Farber Cancer Institute announced the world’s first ever Lynch Syndrome Center to support families and patients with inherited condition.