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)

About GMI Research

GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company's large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird's eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.

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