Market Research Future published a research report on “Genetic Testing Market Research Report – Global Forecast Till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
The Global Genetic Testing Market has been evaluated as rapidly growing and is expected to grow further. The advent of genetic testing has revolutionized the molecular diagnostic and cytogenetic industry. Benefits such as predicting risk of diseases, genetic abnormalities along with prenatal and newborn congenital abnormalities etc. had increased the market of global genetic testing globally.
Technological advancements such as DTC (Direct to Consumer) had led the market to grow further. Basically DTC is the type of genetic test that is accessible to the consumer directly, without having go through the healthcare professional to obtain a genetic test.
Not just in human the market also had great scope for agricultural and animal related disease and advancement as well. Process like biotechnology and genetic engineering has increases its future scope in both the other areas (animals and agricultural related market).
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Genetic testing market is expected to witness the highest growth in 2017-2023, and the growth is likely to be driven by huge population opting for screening of disease like cystic fibrosis and cancer, of which cancer contributes the major market for genetic testing worldwide. Approximately 80% of people aged 50 or above are diagnosed with cancer and this number is expected to further increase by 2023.
The prominent players in the global Genetic Testing Market are Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), Illumina Inc. (US), Myriad Genetics, Inc. (US), PerkinElmer Inc. (US), QIAGEN N. V. (Germany), Quest Diagnostics Incorporated (US), Eurofins Scientific (US), F. Hoffmann-La Roche Ltd (Switzerland), Blueprint Genetics (Finland), BGI Genomics (China), and Thermo Fisher Scientific Inc. (US).
The global genetic testing market has been segmented on the basis of type, method, type of test, and indication.
- By mode of type, the global genetic testing market has been segmented into DTC genetic testing and prescribed genetic testing. Among these, the prescribed genetic testing is presumed to occupy the largest market share.
- By mode of method, the global genetic testing market has been segmented into chromosomal genetic test, molecular genetic test/DNA test, and biochemical genetic test. Among these, the molecular genetic tests/DNA is likely to occupy the largest market share.
- By mode of type of test, the global genetic testing market has been segmented into predictive test, diagnostic test, family DNA test, and others. Among these, the diagnostic test is predicted to account for the largest market share globally due to its widespread applications in various diseases.
- By mode of indication, the global genetic testing market has been segmented into neurogenetic disorder testing, cancer testing, muscular dystrophies, autoimmune disorder testing, and others. Among these, cancer testing occupied the largest market share owing to the increasing prevalence of cancer across the globe.
Detailed Regional Analysis:
Geographically, the genetic testing market span across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the American region occupied the largest market share with 46.3% and is likely to retain a significant share in the coming years. The growth is credited to the augmenting adoption of advanced technologies, continuous innovation, and growing awareness regarding genetic testing in this region. Moreover, the rising prevalence of genetic diseases like Turner syndrome, cancer, spinal muscular atrophy, and neurofibromatosis has contributed to the market growth in this region.
The Asia Pacific region is predicted to experience the steepest rise in the market proliferation grabbing 10.1% CAGR during the appraisal period. Growth factors contributing to the market growth include raising awareness regarding the advantages of predictive testing coupled with the increasing adoption of advanced technology for clinical applications.
The European region is estimated to register a significant growth rate owing to the advancements made in genomic technology and increasing awareness among the global population regarding the benefits of genetic testing.
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- Genetic testing products manufacturers and suppliers
- Genetic testing services providers
- Hospitals and clinics
- Medical research laboratories
- Research and development (R&D) companies
- Government authorities
- Market research and consulting service providers
- Potential investors
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