According to the report, the global genetic testing services market was valued at US$ 41.2 Bn in 2022 and is anticipated to expand at a CAGR of 7.3% from 2022 to 2030.
According to the report, the global genetic testing services market was valued at US$ 41.2 Bn in 2022 and is anticipated to expand at a CAGR of 7.3% from 2022 to 2030
Genetic tests are characterized as medical gadgets accessible as units and boards that are utilized for testing genetic illnesses in people. Moreover, the testing is performed by gathering samples of blood from patients. These samples are then sudden spike in demand for research facility machines utilizing test packs. Moreover, there are various kinds of tests utilized in testing genetic issues. Some genetic tests incorporate predictive and presymptomatic testing, transporter testing, pre-birth and infant testing, diagnostic testing, pharmacogenomic testing, and others. Furthermore, these tests are utilized in the determination of medical conditions like malignant growth conclusion, genetic illness finding, and cardiovascular sickness analysis.
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The worldwide genetic testing market is relied upon to enlist significant development later on, attributable to an ascent in occurrences of genetic issues and disease and an ascent in mindfulness and acknowledgment of customized prescriptions. For example, genetic testing has been broadly utilized in pharmacogenomics, additionally alluded to as medication quality testing. Also, progressions in genetic testing strategies are relied upon to support the genetic testing market development during the conjecture time frame. Notwithstanding, normalization worries of genetic testing-based diagnostics and severe administrative necessities for item endorsements are expected to hamper the genetic testing market in the coming years. On the other hand, undiscovered developing business sectors in emerging nations are relied upon to give profitable freedoms to the market players.
The development of atomic science has changed the determination and treatment of infections. Current test techniques, in light of the recognition of DNA and RNA, offer a few benefits over customary strategies for the identification of sicknesses. The new methodology can recognize infections, microorganisms, and genetic varieties quicker and considerably more precisely.
New creative advancements like RT-PCR and sequencing are accessible in the market which gives relatively more affordable strategies for analysis, guess, and treatment choice in patients all through their treatment plan. This assists doctors with outlining suitable helpful systems for patients experiencing the infection. Accordingly, nonstop improvement in innovation is relied upon to drive the development of the worldwide genetic testing administrations market in the coming years.
The global genetic testing services market for the historical period 2017-2018 and forecast period 2019-2027, high incidence & prevalence of chronic diseases such as autoimmune, oncology, infectious and others are propelling the growth of global genetic testing services market. Moreover, increased diagnosis rate of the rare diseases and its growing incidence is estimated to boost the market of the genetic testing services market.
Increase in Prevalence & Incidence rate of Chronic Diseases: Key Drivers of Global Genetic Testing Services Market
Sedentary lifestyle and unhealthy diet is leading to surge in prevalence& incidence of chronic diseases. For instance, according to World Health Organization (WHO), in 2018 cancer burden is estimated to have risen to 18.1 million new cases and 9.6 million deaths globally. This is estimated to drive the market of global genetic testing services.
According to Autoimmunity Reviews, the autoimmune diseases are one of the leading cause of deaths in United States among young and middle aged people. For instance, according to International Journal of Recent Scientific Research, the incidence of celiac diseases have increased in countries like Scotland , Canada etc. over last 60 years. Furthermore, genetic factor plays an important role in activating the autoimmune diseases. For instance, the human leukocyte antigen (HLA) class II alleles is likely to be associated with the autoimmune disease predisposition. Moreover, giant cell arthritis (GCA) is likely to be most common in people with Northern European descent and pemphigus vulgaris (PV) diseases majorly affects the Mediterranean descent. All these facts drive the involvement of the genetic factors in triggering autoimmune diseases, thus estimated to boost the genetic testing services market.
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Technological Advancements to Propel Global Genetic Testing Services Market Growth
Growth of molecular biology has transformed the diagnosis and treatment of diseases. Modern test methods, based on the detection of DNA and RNA, offer several advantages over traditional methods for the detection of diseases. The new procedures can detect viruses, bacteria, and genetic variations faster and much more accurately.
New innovative technologies such as RT-PCR and sequencing are available in the market which provides comparatively less expensive method of diagnosis, prognosis, and therapy selection in patients throughout their treatment plan. This helps physicians to frame appropriate therapeutic regimes for patients suffering from disease. Thus, continuous improvement in the technology is expected to drive the growth of the global genetic testing services market during the forecast period.
Surge in Adoption of Genetic Testing Services to boost the market
Genetic testing services have come to use widely for many application in fields of oncology, obstetrics, ancestry etc. after the human genome project few years ago. The services are said to be help clinicians and patients to identify the hereditary diseases factor in patients
According to American College of Preventive Medicine, there are about 1500 genetic test available in clinical settings and the number is increasing due to increase R & D in the field of genetics.
People are turning towards the services since the genetic tests can predict the disease factors way earlier and are specific and getting approved by the regulatory, which in turn will propel the growth of global market during the forecast period
Global Genetic testing services Market: Competitive Landscape
This report profiles major players in the global genetic testing services market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global genetic testing services market is consolidated, with the presence of a number of international as well as regional players
Leading players operating in the global genetic testing services market are Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Genomic Health, Inc., NeoGenomics Laboratories, Inc., Eurofins Scientific, Ambry Genetics, Illumina, Inc, and other prominent players.
Global Genetic testing services Market: Key Developments
Key players in the global genetic testing services market are engaged in merger & acquisition, collaborations & agreement, product launch are few major strategies likely to fuel the growth of the global genetic testing services market. A few expansion strategies adopted by players operating in the global genetic testing services market are:
In year 2019, Exact Sciences acquired genomic health company which enabled them to develop molecular screening technology for detection of the breast, colorectal and other cancer type.
In December 2019, Veracyte acquired nCounter diagnostics platform for making the genomic tests available to the patients and physicians at global level. This will expand its genomic tests offerings for breast cancer and lymphoma.
In May 2017, the company announced the availability of Sera Prognostics PreTRM test which assess the risk of preterm birth. The company as a collaboration with
with Sera Prognostics, Inc. and with announcement LabCorp became the exclusive distributor of the test in U.S.
The report on the global genetic testing services market discussed individual strategies, followed by company profiles of service providers of genetic testing services. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global genetic testing services market.
Key Questions Answered in Global Genetic Testing Services Market Report
- What is the scope of growth for Test Type companies in the global genetic testing services market?
- What will be the Y-o-Y growth of the global genetic testing services market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global genetic testing services market?
- Will North America continue to be the most profitable market for genetic testing services providers?
- Which factors are anticipated to hamper the growth of the global genetic testing services market during the forecast period?
- Which are the leading companies in the global genetic testing services market?
Global Genetic Testing Services Market – Segmentation
Test Types
- Prenatal Testing
- New Born Screening
- Predictive and Presymptomatic Testing
- Pharmacogenomic Testing
- Others
Application
- Oncology
- Infectious Diseases
- Autoimmune Diseases
- Others
Service Providers
- Hospital based Laboratories
- Diagnostic laboratories
- Specialty Clinics
- Others
Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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