Genetic Testing Market, Investment Opportunity, Regional Analysis

Genetic testing Industry Research Report, Forecast Period 2019-2024. The Market Size expected to reach CAGR of 11.50% during forecast period 2019 to 2023. The Global Market is based on Industry Size, Share, Trend and Growth. The report is published by MRFR.

Genetic Testing Market Synopsis:

According to the new study offered by Market Research Future (MRFR), the global genetic testing market is set to thrive at a CAGR of 11.50% during the forecast period (2019-2024). The global market is poised to reach a valuation of USD 22,834.19 Mn by 2024.

Genetic testing has gained popularity in the healthcare sector as it facilitates early detection of chronic diseases. Rising awareness among the people coupled with increasing patient pool is likely to boost the future trajectory of the genetic testing market. In addition, the rising expenditure in preventive healthcare is another major factor favoring the expansion of the market globally.

Genetic testing offers high precision which is likely to benefit its adoption across the global healthcare sector in the foreseeable future. Investments are likely to flow towards the market for innovations and advancements. The market seems highly lucrative at present and is estimated to remain so over the assessment period. Furthermore, the inclination towards minimally-invasive genetic testing technology is also projected to accelerate the proliferation of the market.

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Genetic Testing Market Segmentation:

On the basis of type, the global genetic testing market has been segmented into prescribed genetic testing, and Direct to Consumer (DTC) genetic testing. Among these, the prescribed genetic testing segment accounted for the maximum share of the market in 2016 and is presumed to attract a larger customer base in the forthcoming years.

On the basis of method, the genetic testing market has been segmented into chromosomal genetic test, molecular genetic test/ DNA test, and biochemical genetic test. The molecular genetic test/ DNA test segment held the largest market share in 2016 and is predicted to proliferate substantially across the projection period.

On the basis of application, the global genetic testing market has been segmented into reproductive health, cancer screening, ancestry, predictive & pre-symptomatic testing, and others. The reproductive health segment held a market value of USD 3,993.67 million in 2018, this segment is further divided into newborn screening, prenatal screening and carrier screening. The cancer screening segment is further segmented into hereditary cancer, breast cancer, ovarian cancer and colon cancer.

Genetic Testing Market Regional Analysis:

The global genetic testing market, by region, has been segmented into America, Europe, Asia Pacific, and the Middle East & Africa. Americas accounted for a 46.3% of the global market in 2016 and is poised to retain its dominance over the next couple of years. The factors that are expected to catalyze the growth of the genetic testing market in the region include rising awareness, increasing preventive healthcare expenditure, technological advancements, presence of a developed healthcare sector, etc.

Europe is an important growth pocket presumed to grow at a healthy pace in the foreseeable future. The increased research & development activities backed by the governments is likely to propel the expansion of the genetic testing market in the upcoming years. Asia Pacific is prognosticated to thrive at a relatively higher CAGR of during the forecast period. Japan had a 27.7% share of the Asia Pacific genetic testing market in 2018. However, the Middle East & Africa region is anticipated to exhibit limited growth due to limited awareness.

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Genetic Testing Market Competitive Dashboard:

Some of the key players profiled in this MRFR report are Myriad Genetics, Inc. (US), PerkinElmer Inc. (US), Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), Illumina Inc. (US), QIAGEN (Germany), Quest Diagnostics Incorporated (US), Eurofins Scientific (US), F. Hoffmann-La Roche Ltd (Switzerland), Blueprint Genetics (Finland), Thermo Fisher Scientific Inc. (US), and BGI Genomics (China).

Genetic Testing Market Industry News:

In August 2018, a consumer-initiated genetic testing service, Seq2Know, has announced the launch of Familial Hypercholesterolemia (FH) testing.

In December 2018, Estonian scientists have invented a new genetic testing technology, TAC-seq, which enhances precision by facilitating clinical biomarkers to be analyzed at the single-molecule level.

In December 2018, the Food & Drug Administration, the U.S., has taken a unique step in diagnosing genetic diseases and guiding medical treatments. The agency has announced the introduction of a public database that contains information about genes, its variants and their relationship to disease.

In December 2018, the pioneer in the preventive healthcare sector, Indus Health Plus, has launched DNAwise, a personal genetic test, that decodes the genetic makeup. It facilitates the generation of a report which highlights health risks and personalizes diet for fitness.

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