Key players in the genetic testing market are Abbott Laboratories, Bio-Rad Laboratories Inc., Eurofins Scientific, F. Hoffmann-La Roche Ltd. , Illumina Inc., Myriad Genetics Inc., QIAGEN, Thermo Fisher Scientific, Quest Diagnostics, BGI Group, Biocartis Group, 23 and Moi Inc.
New York, Sept. 20, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Genetic Testing Global Market Report 2022” – https://www.reportlinker.com/p06317640/?utm_source=GNW
Blueprint Genetics, CSL Limited, bioMérieux SA, PerkinElmer Inc. and Agilent Technologies Inc.
The global genetic testing market is expected to grow from $13.72 billion in 2021 to $15.36 billion in 2022 at a compound annual growth rate (CAGR) of 12%. The genetic testing market is expected to reach $22.91 billion in 2026 at a CAGR of 10.5%.
The genetic testing market consists of the sale of genetic testing services by entities (organizations, partnerships, and sole proprietors) that are used to confirm specific genetic disorders in children and their conditions based on physical signs and symptoms. Genetic testing refers to a kind of medical examination that looks for alterations in genes, proteins, or chromosomes.
The results of a genetic test can identify a genetic disease, as well as determine a person’s risk of developing a genetic disease.
The main types of genetic testing are predictive testing, carriage testing, prenatal and neonatal testing, diagnostic testing, pharmacogenomic testing, nutrigenomic testing, and other types. Predictive tests are part of a new and growing class of medical tests that are fundamentally different. traditional medical diagnostic examinations.
The different technologies involved are cytogenetic tests, biochemical tests and molecular tests and are used for different diseases such as Alzheimer’s disease, cancer, cystic fibrosis, sickle cell anemia, Duchenne muscular dystrophy, thalassemia, Huntington’s disease, rare diseases and other diseases. It is used in several applications, such as cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, etc.
North America was the largest region in the genetic testing market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in the Genetic Testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and South America. ‘Africa.
The Genetic Testing Market research report is one of a series of new reports that provide statistics on the Genetic Testing market, including global market size, regional shares, competitors holding market share genetic testing, detailed genetic testing market segments, market trends and opportunities, and any other data you may need to thrive in the genetic testing industry. This Genetic Testing Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing prevalence of genetic disorders is expected to propel the growth of the genetic testing market in the future. Genetic disorders refer to certain diseases that cause symptoms at birth, while others develop over time.
Genetic testing can help get a diagnosis for a genetic problem and information about the risk of developing cancer. For example, in November 2021, according to the National Center for Biotechnology Information, a US-based medical organization, genetic diseases were found in 9.4% of pediatric patients, with 44.7% of these patients being newborns. born seriously ill. Additionally, 13.17 million patients suffered from unique genetic disorders in the United States. Hence, the rising prevalence of genetic diseases is driving the genetic testing market.
Technological advancement is a crucial trend gaining popularity in the genetic testing market. Major companies operating in the genetic testing market are focusing on developing technologies to maintain their position in the market.
For example, in December 2020, Cell ID Pte. Ltd., a Singapore-based company that manufactures genetic testing products, has launched a portable genetic test for COVID-19 named Quiz PCR Biochip. It is a palm-sized portable mobile genetic test kit that uses an app to confirm if a person has COVID-19. This device also had a QR code for tracking. This device works on pooled screening technology. It can be easily mobile and can take tests anywhere anytime.
In January 2022, Exact Sciences, a US-based molecular diagnostics company that manufactures genetic testing products, acquired Prevention Genetics for $190 million. Following this acquisition, Exact Sciences aims to increase hereditary cancer screening tests for more patients.
Prevention Genetics is a US-based company that manufactures clinical DNA (genetic) tests for germline (inherited) genetic diseases.
The countries covered in the Genetic Testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and the United States.
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