Genetic Testing Market 2022 Detailed Analysis, Business Statistics, Trends and Top Companies by Forecast to 2028
The genetic testing market value is expected to reach USD 23143.42 million by 2027 with a CAGR of 11.5% over the forecast period.
Rising incidence of blood cancer, genetic disorders, cardiovascular diseases and increasing availability of new tests are some of the major factors driving the growth of the global genetic testing market.
Scope of Genetic Testing Market Report:
Genetic testing is a type of medical test that detects changes in chromosomes, genes, or proteins. The results of a genetic test can confirm a suspected genetic condition and help control a person’s risk of developing or passing on a genetic disease. Genetic testing, also called DNA testing. Genetic testing may also contain the measurement of the results of genetic modifications such as analysis of RNA as a result of gene expression, or through biochemical analysis to measure the production of specific proteins. There are different types of genetic testing available to determine disorders such as predictive testing, carriage testing, prenatal and neonatal testing, diagnostic testing, pharmacogenomic testing, nutrigenomics, and others. Among all, neonatal testing can identify genetic disorders early in life so that treatment can be started as early as possible.
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The Genetic Testing market report is segmented on the basis of Test Type, Application, and by regional and country level. Based on the type of test, the genetic testing market is categorized into predictive testing, carrier testing, prenatal and neonatal testing, diagnostic testing, pharmacogenomic testing, nutrigenomic testing, and others. Based on application, the genetic testing market is categorized into cancer, genetic diseases, cardiovascular diseases, and others.
Genetic Testing Market Key Players:
- Amber genetics
- Roche Diagnostics
- Biocartis Group SA
- Bio-Helix Co. Ltd.
- bioMérieux SA
- Genetic Master Plan
- Quest Diagnosis
- deCODE Genetics
- Genomic Health Inc.
- LabCorp (Laboratory Corporation of America Holdings)
- Invitee Corporation
- Luminex Corporation
- Molecular MD
- Myriad Genetics Inc.
- Pacific Biosciences of California Inc.
- Pathway Genomics Corporation
- Siemens Healthineers AG
- HTG Molecular Diagnostics Inc.
Segmentation of the genetic testing market
By trial type:-
- Predictive tests
- carrier test
- Prenatal and neonatal tests
- Diagnostic tests
- Pharmacogenomic testing
Per application: –
- Genetic diseases
- Cardiovascular illnesses
Genetic Testing Market Dynamics –
Rising incidence of blood cancers, genetic disorders, cardiovascular diseases, technological advancements and availability of new tests are some of the major factors driving the growth of the global genetic testing market. According to the American Heart Association, about 2,200 Americans die from disorders every day, an average of 1 death every 40 seconds. According to the Leukemia Research Foundation, every three minutes someone is diagnosed with blood cancer, more than 175,000 new cases are expected in the United States in 2019. In addition, leukemia is diagnosed 10 times more often in adults. than in children. New cases of leukemia, lymphoma, and myeloma are expected to account for 10% of the 1,762,450 estimated new cancer cases diagnosed in the United States in 2019. According to the American Cancer Society, leukemia estimates for the United States for 2020 are approximately 60,530 new cases of acute leukemia and 23,100 leukemia deaths at all ages as well as approximately 19,940 new cases of acute myeloid leukemia in adults only. Additionally, due to advancements in cancer research, more cancer patients are being successfully treated, which will drive the growth of the markets. However, the high costs of genetic testing and the lack of qualified professionals will hamper the development of the genetic testing market. According to the National Institutes of Health, the cost of genetic testing can range from under $100 to over $2,000, depending on the nature and complexity of the test. However, innovations and advanced development of genetic testing and growing investment in cancer research are expected to boost the growth opportunities of the genetic testing market.
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- Germany, France, United Kingdom, Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, United Arab Emirates, Egypt, South Africa, Rest of MEA
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