The Global Genetic Testing Market size is estimated to be USD 9.25 billion in 2019 and is predicted to reach USD 29.44 billion by 2030 with a CAGR of 11.1% from 2020-2030. Genetic Testing is the study of genetics which is used in the biology or life science for the better understanding of genetic disorders such as sickle cell anemia, Down ’s syndrome and others. This also helps in the development of treatment options for such conditions and also helps in the genetic comparison and development of targeted therapy, personalized medicine and others. Genetic testing can be carried out by using various different techniques, kits, equipments and others.
Market Dynamics and Trends
The improving and modernizing healthcare infrastructure as well as increased burden of chronic disorders on a global level has proliferated the genetic testing market growth. Furthermore, increased prevalence of genetic disorders coupled with increased awareness about genetic testing and wide applications in healthcare industry are expected to drive the growth of genetic testing market.
The other factors include increased demand of targeted therapy and personalized medicine coupled with increased adoption of personalized medicine and technological advancements are expected to support the market growth. However, stringent regulatory policies with lack of testing standards are also expected to negatively affect the market growth. Moreover, untapped opportunities in the developing economies and strategic developments among market players are also expected to create ample opportunities in genetic testing market over the forecast period.
Market Segmentations and Scope of the Study:
The global genetic testing market share is analyzed on the basis of type, technology, application and geography. On the basis of type, the market is segmented into Predictive Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others. Based on technology, the market is fragmented into Cytogenetic Testing/ Chromosome Analysis, Biochemical Testing, and Molecular Testing. The molecular testing is sub segmented into DNA Sequencing and Others. On the basis of application, the market is divided into Chromosome Analysis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America denotes a higher adoption of the genetic testing and is anticipated hold the highest market share during the forecast period. This is attributable to the factors including presence of well-established healthcare amenities, increased prevalence of genetic disorders with increased awareness, and technological advancements.
It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to increasing accessibility to healthcare facilities in the region, increased public awareness and increased demand of targeted therapy and personalized medicine with increase in disposable increase are also expected to further augment the growth of genetic testing market.
The genetic testing market, which is highly competitive, consists of various market players. Some of the major market players include Bio-Rad Laboratories, Inc. (RainDance Technologies, Inc.), Abbott Laboratories, Novartis International AG, F. Hoffmann-La Roche Ltd., Myriad Genetics, Inc. (Myriad RBM, Inc.), Eurofins Scientific, Danaher Corporation (Cepheid), Illumina, Inc., Thermo Fisher Scientific, Inc. and Qiagen N.V. among others.
Over the period of time there have been various developments taken place in the market and also expected to takes place in near future which contributes the overall market growth. For instance, in September 2019, Myriad Genetics, Inc., a leader in molecular diagnostics and precision medicine, has announced the collaboration with the Leeds Centre for Personalised Medicine and Health to evaluate the clinical utility of the Prolaris test in men diagnosed with prostate cancer.
- The genetic testing market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
- The study comprises a deep dive analysis of the genetic testing market trend including the current and future trends for depicting the prevalent investment pockets in the market.
- The information related to key drivers, restraints and opportunities and their impact on the genetic testing market is provided in the report.
- The competitive analysis of the market players along with their market share in the global genetic testing market.
- The SWOT analysis and Porters Five Forces model is elaborated in the study.
- Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
KEY MARKET SEGMENTS:
- Global Genetic Testing market – By Type
- Predictive Testing
- Carrier Testing
- Prenatal & Newborn Testing
- Diagnostic Testing
- Pharmacogenomic Testing
- Global Genetic Testing market – By Technology
- Cytogenetic Testing/ Chromosome Analysis
- Biochemical Testing
- Molecular Testing
- DNA Sequencing
- Global Genetic Testing market –By Application
- Chromosome Analysis
- Genetic Disease Diagnosis
- Cardiovascular Disease Diagnosis
- Global Genetic Testing market –By Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of RoW
- North America