Genetic Testing Market is estimated to be US$ US$ 32,061.14 million by 2030 with a CAGR of 8.9% during the forecast period

 



The report "Genetic Testing Market, By Type (Carrier Testing, Diagnostic Testing, Newborn Screening, Predictive and Presymptomatic Testing, Prenatal Testing, and Other Types), By Disease (Alzheimer’s Disease, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Huntington’s Disease, Rare Diseases, and Other Diseases), By Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030. The global genetic testing market accounted for US$ 13,707.14 million in 2020 and is estimated to be US$ 32,061.14 million by 2030 and is anticipated to register a CAGR of 8.9%.The rise in the incidence of genetic disorders & cancer and growth in awareness & acceptance of personalized medicines are the major factor driving the growth of the global genetic testing market. Also, increasing the application of genetic testing and advancements in genetic testing techniques in oncology are projected to boost the target market growth over the forecast period. According to the data published by NCBI, in August 2017, there were about 75,000 genetic tests available in the market, these include an approximate of 10,000 unique tests. Also, there has been an addition of more than 14,000 tests in the market since March 2014. Nevertheless, untapped emerging markets in developing countries are estimated to provide lucrative growth opportunities for global market players. Therefore, these factors are anticipated to propel the global genetic testing market share

Key Highlights:

·         In January 2017, Illumina, Inc. and Bio-Rad launched a solution for Single-cell Genomic Sequencing, to enable a robust study of complex diseases.

·         In March 2018, Danaher Corporation entered into a definitive agreement, to acquire Integrated DNA Technologies ("IDT"). It’s a privately-held provider of high-value consumables for genomics applications in molecular biology, next-generation sequencing, qPCR, synthetic biology, gene editing, and molecular diagnostics.

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Key Market Insights from the report:          

The global genetic testing market accounted for US$ 13,707.14 million in 2020 and is estimated to be US$ 32,061.14 million by 2030 and is anticipated to register a CAGR of 8.9%. The market report has been segmented based on type, disease, technology, and region.

·         By type, the diagnostic testing segment accounted for the highest global market share in 2017 and is expected to maintain its dominance over the forecast period. This is attributable to the increase in incidences of mortality rate due to the genetic diseases and growth in awareness among people regarding health across the world.

·         By Disease, the global genetic testing market is categorized into Alzheimer’s Disease, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Huntington’s Disease, Rare Diseases, and Other Diseases

·         By Technology, the global genetic testing market is categorized into cytogenetic testing, biochemical testing, and molecular testing.

·         By region, in 2017, North America was the leading revenue contributor to the global genetic testing market and is projected to dominate the market over the forecast period. This is mainly credited due to the occurrence of the majority of key players in this region.

The prominent player operating in the global Genetic Testing market includes 23andMe, Abbott Laboratories Inc., Bio-Rad Laboratories, F. Hoffmann-La Roche Ltd., Danaher Corporation (Cepheid), Genesis Healthcare, Illumina Inc., Luminex Corporation, Eurofins Scientific SE (Eurofins), and Myriad Genetics Inc.

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