Market research future will be publishing a cooked research report on “Global Genetic Testing Market” that contains the information from 2019 to 2024.The genetic testing market is expected to grow at a CAGR 11.50% during the forecast period of 2019 to 2024.
Market Research Future (MRFR) recognizes the following companies as the key players in the global genetic testing market that includes 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 genetic testing market is estimated to be valued at USD 22834.19 million by 2024 and expected to grow at a CAGR of 11.50% during the forecast period. Genetic testing also known as DNA testing is a branch of science that can provide information about a person's genes and chromosomes.
Genetic tests can confirm or rule out a suspected genetic condition, and it can help determine a person’s probability of developing a genetic disorder or passing the same to the next generation. Currently, there are more than 1,000 genetic tests in use, and more are being developed.
The global genetic testing market has been segmented on the basis of type, method, and application. On the basis of type, the market has been divided into prescribed genetic testing and direct to consumer genetic testing. The prescribed genetic testing is holding the major share of the overall genetic testing market. It has been estimated that the prescribed genetic testing is expected to grow at the highest CAGR to reach USD 21653.91 million by the end of 2024.
Based on method, the genetic testing market is segmented into molecular genetic tests/ DNA tests, chromosomal genetic tests, and biochemical genetic tests. The molecular genetic test/DNA tests account for major share with 11.78% CAGR during the forecast period.
The genetic testing market, by application, is segmented into reproductive health, cancer screening, ancestry, predictive and pre-symptomatic testing, and others. The reproductive health segment accounted for the largest market share of 33.61% in 2018.
Geographically, the global genetic testing market is segmented into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. As per MRFR analysis, the Americas accounted for the largest market share as of 2018 and is projected to grow at the highest CAGR during the forecast period. Increasing genetic diseases and abnormalities, the presence of sophisticated infrastructure, and governmental support for research and development in genetics are the major driving factors for market growth in this region. Europe accounted for the second largest market share owing to technological advances, well-developed health care sector, and governmental support for the research and development of different tests and devices. Asia-Pacific is the fastest growing market for genetic testing owing to the presence of a huge patient population, rapid development in technology, and the presence of huge opportunities for the development of the market. The Middle East & Africa accounted for the 8.8% market share in 2018.
Key Findings of the Study:
- Global genetic testing market is projected to reach 22834.19 million by 2024 with 11.50% CAGR during the review period of 2019 to 2024.
- The Americas accounted for the largest share due to the increasing genetic diseases and abnormalities, the presence of sophisticated infrastructure, and governmental support for research and development in genetics in the region.
- The molecular genetic test/DNA test segment is the dominant method for the genetic testing market across all regional segments during the forecast period.
- Prescribed genetic testing is the leading segment, which is growing at the highest CAGR to reach USD 21653.91 million by the end of 2024.
- Some of the players operating in the genetic testing market are Illumina Inc. (US), Thermo Fisher Scientific Inc. (US), Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), among others.
This research report provides the insights, on various levels of analyses such as industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global genetic testing market, including the high-growth regions and their political, economic and technological environments. Furthermore, the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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