The genetic testing market size is expected to hit US$ 13.90 billion by 2030 from valued at US$ 7.54 billion in 2020 with a CAGR of 7.6% over the forecast period 2021 to 2030.
The genetic testing market size is expected to hit US$ 13.90 billion by 2030 from valued at US$ 7.54 billion in 2020 with a CAGR of 7.6% over the forecast period 2021 to 2030.
The genetic testing is a way of carrying out tests for the treatment and diagnostics of genetic disorders. The different types of tests are being carried out for the diagnosis of genetic diseases. Those tests are pharmacogenomics, carrier testing, nutrigenomics, predictive testing, prenatal and newborn testing, and diagnostic testing. By using genetic testing, variety of diseases is being treated such as Duchenne muscular dystrophy, cancer, Huntington’s disease, Alzheimer, and Thalassemia cystic fibrosis.
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The growing need for personalized medicine combined with surge in the demand for genetic testing in the field of oncology is driving the growth of the global genetic testing market. The hospitals and clinics are adopting genetic testing at a rapid pace, which is boosting the growth of the global genetic testing market over the projected period.
In addition, the growing concerns regarding genetic disorders are emphasizing the need and importance of genetic testing. The key market players are promoting the benefits of genetic testing through campaigns, which is also propelling the growth of the global genetic testing market. The biggest concern growing among people is the increase in number of cancer patients. The cancer is increasing at a rapid growth globally. One of the prominent types of cancer is breast cancer, which is affecting the women population. That’s the reason, the genetic testing is highly recommended to the female population. All of these factors is boosting the expansion and development of the global genetic testing market during the forecast period.
Report Highlights:
- Based on the test type, the diagnostic testingsegment dominated the global genetic testing market in 2020 with largest market share. This is attributed to the growing prevalence of chronic disorders and rising geriatric population. In addition, the surge in demand for diagnostic testing is driving the growth of the genetic testing market.
- On the basis of disease type, the cancersegment holds the largest market share the global genetic testing market in 2020. According to National Cancer Institute, in the U.S., a projected 1,806,590 new cases of cancer were identified in 2020, with 606,520 people dying from the disease. This means the rate of cancer is rising at rapid pace globally.
- North America is the largest segment for genetic testing market in terms of region. The growth of the genetic testing market in the North America region is attributed to the presence of the major market players.
- Asia-Pacific region is the fastest growing region in the genetic testing market.This is owing to the growing awareness about the genetic testing, rising healthcare expenditure, and surge in the number of chronic and genetic disorders.
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Future of Genetic Testing Market
The innovation is stated as key to the growth and development of healthcare centers. The adoption and integration of advanced technologies in genetic testing has open windows for the growth of the global genetic testing market. The technologies such as artificial intelligence and internet of things in genetic testing are expected to boost the expansion of the growth of the global genetic testing market. Moreover, the major market players are developing new products with innovative and advanced technologies. The growth of the global genetic testing market has created opportunities for the revenue growth for key market players. These technologies had also helped the companies to gain profit by developing cost effective and effective genetic testing products.
COVID-19 Impact Analysis:
- The impact of the COVID-19 pandemic was moderate on the growth of the global genetic testing market.
- The genetic testing market faced negative outcomes due to lockdown restrictions and ‘stay at home’ norms.
- However, the genetic testing market also grew due to the coronavirus outbreak. The people were afraid of getting some kind of infections during the epidemic, which raised the demand for genetic testing on a large scale.
Key Developments in the Marketplace:
- Genome Research Institute and financed by the National Genome Research Institute and financed by the National Institutes of Health. Invitae will provide genetic testing for all 25,000 patients as part of this collaboration.
- In September 2021, MedGenome Labs announced Genessense, evidence based genetic screening tests can be ordered online through the Genessense website or through e-commerce platforms in the future.
- AvaGen, the Genetic Eye Test, in the U.S. in July 2021, which is intended to help patients evaluate their risk of eye disorders and other ocular chronic disorders.
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Market Segmentation
By Test Type
- Carrier Testing
- Predictive Testing
- Diagnostic Testing
- Prenatal & Newborn Testing
- Nutrigenomics
- Pharmacogenomics
- Others
By Disease
- Cancer
- Alzheimer’s
- Thalassemia
- Cystic Fibrosis
- Huntington’s Disease
- Duchenne Muscular Dystrophy
- Other Diseases
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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