Genetic Testing Market Overview
The Genetic Testing Market size is projected to reach USD 33.4 billion by 2030 at CAGR of 10.5% during the forecast period 2022-2030. The market for genetic testing is anticipated to grow significantly overall as a result of increased demand, acquisitions, and strategic partnerships amongst key players.
Genetic testing includes diagnostic, prenatal, and predictive testing. The genetic testing market is anticipated to expand as a result of the continual advancements made in the area of viable test kits.
The market for genetic testing has been significantly impacted by the COVID-19 epidemic. The genetic testing industry faces several challenges as a result of the global ban on social distancing. Closing testing facilities and clinics as a result of COVID-19 restricted in-person genetic counseling from the market. Clinics limited in-person genetic counseling to help slow the spread of the disease.
On the other hand, GeneDx and other genetic testing behemoths provided a service where they delivered genetic tests that were ordered by clinicians. Clinics, medical professionals, and patients are all now using telemedicine to conduct gene counseling.
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The market for genetic testing has been divided into two types based on type: direct-to-consumer genetic testing and recommended genetic testing. The prescription genetic testing market is expected to experience the greatest CAGR growth among all market segments.
The market for genetic testing has been divided into three categories based on the method: chromosomal genetic tests, molecular genetic tests/DNA tests, and biochemical genetic tests. All things considered, molecular genetic/DNA tests are anticipated to dominate the global market while expanding at exponentially throughout the forecast period.
The market has been divided into various application categories, including cancer screening, reproductive health, ancestry, predictive and pre-symptomatic testing, and others. All in all, the market is anticipated to be dominated by the reproductive health sector.
The top key players in the genetic testing market are PerkinElmer Inc. (US), Myriad Genetics Inc. (US), Abbott Laboratories (US), Illumina Inc. (US), Bio-Rad Laboratories Inc. (the US), QIAGEN (Germany), Eurofins Scientific (US), Quest Diagnostics Incorporated (US), Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (US), Blueprint Genetics (Finland), BGI Genomics (China)
The Americas are projected to lead the genetic testing market due to the rising rates of genetic illnesses and the demand for personalized genetic testing. The existence of the advanced healthcare industry and enhanced government support is anticipated to boost the local market during the anticipated time frame.
The European market for genetic testing is anticipated to be the second-largest during the forecast period. Recent developments and discoveries in molecular medicine in Europe are crucial drivers of the market's expansion. New possibilities for the development of genetic diagnostics have emerged as a result of the increasing prevalence of genetic diseases and disorders.
APAC is probably going to be the industry with the quickest rate of growth because of the growing patient pool and untapped market opportunities in developing nations. Additionally, stepping up efforts to build healthcare infrastructure to meet the demands of the aging population could increase the local market even more during the research period.
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Due to its extensive genetic testing portfolio, which includes a variety of application areas including autoimmune illnesses, different diseases, and cardiovascular issues, Quest Diagnostic has a dominant position in the market.
Due to the availability of cutting-edge products, Myriad Genetics is predicted to rank second in terms of global revenue share. MyRisk and EndoPredict are two of Myriad Genetics' most well-known product lines.
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