Genetic Testing Market

Introduction of Genetic Testing Market Report

Genetic testing is a medical test that is used to detect the changes in genes, chromosomes, or proteins. The results which are obtained from a genetic test can confirm or rule out a suspected genetic condition or enable to determine a chance of a person passing or developing a genetic disorder. Genetic tests are done on the sample of hair, blood, skin, amniotic fluid, or any other tissue. It involves examining the DNA with the chemical databases which carries instructions for the functions of the body.

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The factors which are responsible for bolstering the growth of the genetic testing market size include the increase in the demand for genetic testing for genetic & oncology diseases and the rise in the number of cases of cancer and genetic disorder. By 2040, the total number of new cases of cancer per year is anticipated to increase to 29.5 million and the number of cancer related deaths to 16.4 million. In addition, various benefits offered by genetic testing includes its ability to lower the risk of cancer through lifestyle changes, provide information which assists in making informed medical decisions, offer clarity & firm diagnosis, along with increased accuracy. All these advantages are leading to an upsurge in demand of the genetic-testing-market.

The increase in the technological advancements and growth in the research & development activities of genetic testing are the major factors proliferating the growth of the global genetic testing industry during the forecast period. Moreover, the rise in the inclination of consumers towards personalized medicines and the increase in chronic diseases are the key drivers that are boosting the growth of the genetic testing market share in terms of revenue. The factors which are restraining the growth of the global genetic testing market include high cost and the stringent regulatory requirements for the approval of products. For instance, in 2019, the US university planned to collaborate with All India Institute of Medical Sciences in Delhi and the Kasturba Medical College in Manipal to expand the genetic testing in India.

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Based on the type, the prenatal & newborn testing segment is anticipated to increase at a higher CAGR in the global genetic testing market during the forecast period owing to the rising mortality rate as a result of genetic disorders worldwide. Moreover, an increase in the prenatal screening checks for chromosomal disorders and metabolic issues are some other factors that are boosting the growth of the market in this segment.

Based on the technology, the molecular testing segment is projected to grow at a higher rate over the forecast period in the global genetic testing market due to the surge in the adoption of this technology for various types of genetic tests, which includes diagnostic testing and carrier testing among others. In addition, the benefits provided by this technology, which includes the ability to enable physicians to analyze the infections at an early stage, select the treatments, and decrease or prevent further transmission, is also a major factor propelling the growth of the market in this segment.

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Based on the region, the Asia-Pacific region is expected to increase at a higher compound annual growth rate in the global genetic testing market due to the increase in the development of healthcare infrastructure and growth in the awareness related to the early screening of genetic disorders in this region. Moreover, the rise in the spending on healthcare, increasing disposable income, and the sedentary lifestyle of the population are some other factors that are responsible for accelerating the demand for genetic testing in the market across several countries in the region.

The leading genetic testing companies are Abbott Laboratories, Bio-Rad Laboratories, Inc, Danaher, Myriad Genetics, Inc., F. Hoffmann-La Roche Ltd, Illumina, Inc., Eurofins Scientific, Thermo Fisher Scientific Inc., BGI, and QIAGEN, among others. 

Key Developments: 

• • In 2019, Myriad Genetics, Inc. entered into a partnership with Kroger Health on the genetic testing pilot to assist the employees in getting personalized treatments for depression. This enables the patients to avoid the frustrating process of trying various medications in the hope of finding the one that is suitable for their disease.
  • In 2018, Danaher entered into a definitive agreement to acquire Integrated DNA Technologies. Through this acquisition, the company planned to expand its presence in the highly attractive genomics market and speed up the research & time to market of the customers as it produces potential life-saving therapies and critical diagnostic tests.

The global genetic testing market has been segmented on the basis of type, technology, application, and regions. Based on type, the market is segmented into carrier testing, predictive & presymptomatic testing, diagnostic testing, prenatal & newborn testing, pharmacogenomic testing, and others. Based on technology, the market is segmented into biochemical testing, cytogenetic testing, and molecular testing. Based on application, the market is segmented into genetic disease diagnosis, cancer diagnosis, cardiovascular disease diagnosis, and others. 

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Key questions answered in this research report:

• • At what pace is the global genetic testing market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the genetic testing market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global genetic testing market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various application areas of the global genetic testing market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Genetic Testing Market by Type

• • Carrier Testing
  • Predictive & Presymptomatic Testing
  • Diagnostic Testing
  • Prenatal & Newborn Testing
  • Pharmacogenomic Testing
  • Others

Global Genetic Testing Market by Technology

• • Biochemical Testing
  • Cytogenetic Testing
  • Molecular Testing

Global Genetic Testing Market by Application

• • Genetic Disease Diagnosis
  • Cancer Diagnosis
  • Cardiovascular Disease Diagnosis
  • Others

Global Genetic Testing Market by Region

• • North America Genetic Testing Market (Option 1: As a part of the free 25% customization)
    • North America Market by Type
    • North America Market by Technology
    • North America Market by Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Genetics Testing Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Type
    • Europe Market by Technology
    • Europe Market by Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Genetic Testing Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Type
    • Asia-Pacific Market by Technology
    • Asia-Pacific Market by Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Genetics Testing Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Type
    • RoW Market by Technology
    • RoW Market by Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Genetic Testing Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Abbott Laboratories
  • Bio-Rad Laboratories, Inc
  • Danaher
  • Myriad Genetics, Inc.
  • Hoffmann-La Roche Ltd
  • Illumina, Inc.
  • Eurofins Scientific
  • Thermo Fisher Scientific Inc.
  • BGI
  • QIAGEN