Genetic Testing Market Growth Driving Factors, Current Trends, and Global Demand
Global Genetic Testing Market is expected to grow at a significant CAGR of 10.32% in the upcoming period as the scope and its applications are rising enormously across the globe. Global Genetic Testing Market is expected to grow at a significant CAGR of 10.32% in the upcoming period as the scope and its applications are rising enormously across the globe. Genetic Testing, also termed as DNA testing, is a process of analyzing the person disease and/or genes causing mutations.
Prevalence of diseases like cardiovascular and cancer, growth in acceptance of IT solutions for genetic testing, growing awareness regarding genetic services, and rising occurrence of common autoimmune diseases are documented as the major factors that are estimated to enhance the growth in the years to come.
However, high cost of genetic tests and lack of awareness regarding genetic services in developing countries are the factors that may restrain overall market in the years to come. Genetic Testing Market is segmented based on test type, end user, application, and region.
Pharmacogenomics testing, prenatal testing, predictive & presymptomatic testing, and newborn screening are the test types that could be explored in Genetic Testing in the forecast period. In terms of revenue, predictive & presymptomatic testing sector accounted for the substantial market share of Genetic Testing and is estimated to lead the overall market in the upcoming period. This may be because of growing awareness regarding diseases like cancer and early diagnosis of diseases.
Specialty clinics, hospital-based laboratories, diagnostics laboratories, and the other end users could be explored in Genetic Testing and are estimated to lead the overall market in the near future. The hospital-based laboratories sector accounted for the significant market share and is estimated to grow at the highest CAGR in the years to come. This may be because of the growing number of hospitals. In addition, diagnostic laboratories sector is estimated to grow at the fastest pace in the near future.
The market may be categorized based on applications like autoimmune diseases, oncology, infectious diseases, and the others that could be explored in the forecast period. The oncology sector accounted for the substantial market share of Genetic Testing and is estimated to continue its dominance in the coming years. This may be because high occurrence of cancer across the globe.
Globally, North America accounted for the substantial market share of Genetic Testing and is estimated to lead the overall market in the upcoming period. The reason behind the overall market growth could be presence of developed healthcare infrastructure, rising use of latest technology for new discoveries in the field of genetic markers, and presence of key manufacturers in this region. The United States is the major consumer of Genetic Testing in this region.
Europe and the Asia Pacific are estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the fastest pace in the foremost period. The aspects that may be ascribed to the growth comprise government and private organization initiative by funding healthcare industry.
The key players of genetic testing market are CENTOGENE AG, Elitech Group, Illumina, Inc., ThermoFisher Scientific, Abbott Molecular Inc., Eurofins Scientific, 23 And Me, BJI Tech, Roche Diagnostics, Blueprint Genetics, and Qiagen. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition.
Firma: Million Insights
Ansprechpartner: Tom Clark
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