Genetic Testing Market Research Report
Growth opportunities in the genetic testing market look
promising over the next six years. This is mainly due to the ability to lower
the cancer risk through lifestyle modification and precise and stable
recognition.
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Genetic Testing Market Dynamics (including
market size, share, trends, forecast, growth, forecast, and industry analysis)
Key
Drivers
The surging demand for testing genetic & oncology
diseases and the growing occurrence of cancer and genetic disorder cases are
the crucial drivers responsible for the growth of the genetic
testing market. The aggregate new cancer cases are anticipated to reach
29.5 million, with 16.4 cancer-related deaths by the end of 2040. Also, other
benefits, which include its capability to decrease the possibility of cancer
through lifestyle changes, provision of information to help in the formulation
of informed medical decisions, clarity, and firm diagnosis accompanied with
better accuracy, are strengthening the genetic testing market size.
The augmentation in technological enlargement and the rise
in R&D activities of genetic testing are promoting market growth. Moreover,
the growing consumer preference in favor of customized medicines and the rising
occurrence of chronic diseases drive market growth. However, the excessive
price and strict norms associated with the acceptance of products obstruct the
genetic testing market share. For example, the US university, in 2019, proposed
to integrate with the All-India Institute of Medical Sciences in Delhi and the
Kasturba Medical College in Manipal to enlarge the genetic testing in India.
Type
Segment Drivers
Based on the type, the prenatal & newborn testing is
projected to witness a faster CAGR during the forecast period. This is
primarily attributed to the increasing death rates led by genetic disorders.
Also, an expansion in the prenatal screening checks for chromosomal disorders
and metabolic problems are propelling the growth of genetic testing industry.
Regional
Drivers
Based on the regional coverage, Asia-Pacific is predicted to
expand at a higher CAGR over the forecast period. This is due to the rise in
the enlargement of healthcare infrastructure and the rising awareness towards
early screening of genetic disorders. The increasing healthcare expenditure,
accelerating disposable income, and the inactive lifestyle of the population
are driving the market growth.
Genetic
Testing Market’s leading Manufacturers:
·
QIAGEN
·
Thermo Fisher Scientific Inc.
·
F. Hoffmann-La Roche Ltd
·
Danaher
·
Abbott Laboratories
·
BGI
·
Eurofins Scientific
·
Illumina, Inc
·
Myriad Genetics, Inc.
·
Bio-Rad Laboratories, Inc
Genetic Testing Market Segmentation:
Segmentation by Type
·
Carrier Testing
·
Predictive & Presymptomatic Testing
·
Diagnostic Testing
·
Prenatal & Newborn Testing
·
Pharmacogenomic Testing
·
Others
Segmentation by Technology
·
Biochemical Testing
·
Cytogenetic Testing
·
Molecular Testing
Segmentation by Application
·
Genetic Disease Diagnosis
·
Cancer Diagnosis
·
Cardiovascular Disease Diagnosis
·
Others
Segmentation by Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining countries of the
LAMEA region)
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