Genetic Testing Market 2022 Size, Business Statistics, Trends, and Detailed Analysis of Major Companies by Forecast to 2028
The market value of genetic tests is expected to reach $23,143.42 million by 2027 with a compound annual growth rate of 11.5% over the forecast period.
Rising rates of leukemia, genetic disorders and cardiovascular diseases and the increasing availability of new tests are some of the major factors driving the growth of the global genetic testing market.
Scope of the Genetic Testing Market Report:
Genetic testing is a type of medical test that detects changes in chromosomes, genes, or proteins. Genetic test results can confirm the presence of a suspected genetic condition and help control a person’s chance of developing or passing on a genetic disorder. Genetic testing, also called DNA testing. Genetic testing can also contain the measurement of the results of genetic changes such as analysis of RNA as the output of gene expression, or through biochemical analysis to measure the output of a specific protein. There are different types of genetic tests available to identify disorders such as predictive testing, carrier testing, prenatal and neonatal testing, diagnostic testing, pharmacogenetic testing, nutritional genomics and others. Among all of that, newborn testing can identify genetic disorders early in life, so treatment can be started as early as possible.
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The Genetic Testing market report is segmented on the basis of test type, application, and regional and country level. Based on the type of test, the genetic testing market is categorized into predictive testing, carrier testing, prenatal and neonatal testing, diagnostic testing, pharmacogenetic testing, nutritional genetics and others. Based on the application, the genetic testing market is categorized into cancer, genetic diseases, cardiovascular disease, and others.
Major Players in Genetic Testing Market:
- Ambry genetics
- Roche Diagnostics
- Biocartes Nevada Group
- Bio-Helix Co. Ltd.
- bioMerieux SA
- genetics diagram
- Task Diagnostics
- deCODE genetics
- genomic health
- LabCorp (American Laboratory Holding Company)
- Invitae Company
- Luminex Company
- MD Molecular
- Countless genetics
- Pacific Biosciences in California
- Pathway Genomics
- Siemens Healthineers AG
- HTGInc Molecular Diagnostics.
Genetic Testing Market Segmentation
By type of test:-
- predictive testing
- carrier test
- Prenatal and newborn testing
- Diagnostic tests
- pharmacogenetic test
- nutritional genetics
As per application:-
- Genetic diseases
- Cardiovascular disease
Genetic testing market dynamics –
Rising rates of leukemia, genetic disorders, cardiovascular diseases, technological advancement and availability of new tests are some of the major factors driving the growth of the global genetic testing market. According to the American Heart Association, about 2,200 Americans die from the disorder every day, an average of one death every 40 seconds. According to the Leukemia Research Foundation, every three minutes, a person is diagnosed with leukemia with more than 175,000 new cases expected in the United States in 2019. In addition, leukemia is diagnosed 10 times more often than children. New cases of leukemia, lymphoma, and myeloma are expected to account for 10 percent of the 1,762,450 estimated new cancer cases diagnosed in the United States in 2019. According to the American Cancer Society, estimates of leukemia in the United States for 2020 are about 60,530 new cases. leukemia and 23,100 deaths from leukemia at all ages as well as about 19,940 new cases of acute myeloid leukemia in adults only. Moreover, due to advances in cancer research, more cancer patients who are successfully treated will drive the growth of the markets. However, the high costs of genetic testing and the shortage of skilled professionals will hamper the development of the genetic testing market. According to the National Institutes of Health, the cost of a genetic test can range from less than $100 to more than $2,000, depending on the nature and complexity of the test. However, innovations and advanced developments in genetic testing and increasing investment in cancer research are expected to enhance the growth opportunity of the genetic testing market.
- Germany, France, United Kingdom, Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia and the rest of the Asia Pacific region
- Mexico, Colombia, Brazil, Argentina, Peru and the rest of Latin America
Middle East and Africa
- Saudi Arabia, United Arab Emirates, Egypt, South Africa, Rest of the Middle East and Africa
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