Genetic Testing Market Overview
The global genetic testing market was analyzed by Market Research Future (MRFR) and it was projected that an impressive CAGR of 11.50% will be attained by the market over the forecast period of 2016 to 2024. The valuation of the genetic testing market was further stated to surpass its previous valuation and reach USD 22,834.19 Million by 2024.
The increasing prevalence of genetic-based diseases and disorders across the globe and an ongoing shift from service-driven to product-driven industry are primarily aiding the growth of the global market of genetic testing. The wide array of benefits provided by these form of tests have prompted people to take notice and be more aware of the same. This has, in turn, increased its popularity and enable people to be intrigued to go for tests in order to grab a fair understanding about their genetic structure and any possible disorders that may go through in the near future. The growing awareness about this technology has positively impacted the market and is slated to continue in the long run. However, needless to say, the high pricing associated with these tests and threat of inaccurate results can pose to be a major challenge for the market to grow and flourish.
Genetic Testing Market Segmentation
The global genetic testing market has been segmented in terms of type, method, and application.
By type, the market includes direct to consumer genetic testing and prescribed genetic testing.
By method, the market segments into chromosomal genetic tests, molecular genetic tests/ DNA tests, and biochemical, genetic tests.
By application, the market comprises predictive and pre-symptomatic testing, reproductive health, cancer screening, ancestry, and others. The reproductive health segment, which held a valuation of USD 3,993.67 million in 2018, is further narrowed into prenatal screening, carrier screening, and newborn screening. The cancer screening segment, on the other hand, was segmented into breast cancer, hereditary cancer, ovarian cancer, colon cancer, and others.
Genetic Testing Market Regional Analysis
The global genetic testing market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The Americas leads the global genetic testing market and is projected to continue its lead in the coming years. The presence of an established infrastructure, rising incidences of genetic diseases and abnormalities, and favorable support from the government for R&D activities to be conducted in genetics are all pushing the growth of the regional market.
The European region, standing second in the global rankings, is expected to move at a gradual pace to retain its positioning. Herein, recent developments and advancements made in molecular medicines are expected to be the vital factors influencing the market growth. Rising prevalence of genetic-related diseases in Europe has boosted the scope of development and usage of genetic tests in this region, thereby driving the market.
Asia Pacific is anticipated to be the fastest-growing regional market for genetic testing. The presence of a large pool of patient population, opportunities of potential developing in genetic testing, and fast-paced advancement in technology are cumulatively expected to push the Asia Pacific market in the coming years.
The Middle East & Africa region stands at the bottom of the pecking order in the genetic testing market standings. However, the regional market is primed for growth over the forecast period due to the increasing population of aged people, major innovations being made in genetic testing, and a rising number of chronic disease cases being reported.
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Genetic Testing Market Competitive Landscape
The global genetic testing market comprises a host of key players. This includes names like Abbott Laboratories (US), PerkinElmer Inc. (US), Quest Diagnostics Incorporated (US), Bio-Rad Laboratories, Inc. (US), Myriad Genetics, Inc. (US), Illumina Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), QIAGEN (Germany), Eurofins Scientific (US), BGI Genomics (China). Blueprint Genetics (Finland), Thermo Fisher Scientific Inc. (US), and others.
