What? When? Why?

Global Genetic Testing Market Size (2021 to 2026)

During the forecast period, the global genetic testing market is forecasted to be worth USD 13959 million by 2026 from USD 8722 million in 2021, growing at a CAGR of 9.86% from 2021 to 2026.

Genetic tests are medical instruments that come in kits or panels and are used to diagnose genetic diseases in humans. Throughout the operation, blood samples from patients are also taken. After that, the samples are examined using laboratory machines with test kits. Furthermore, numerous types of tests are utilized to diagnose genetic disorders. In addition to oncology, obstetrics, and ancestry, genetic testing services have become widely employed for various applications. New technology developments such as RT-PCR and sequencing are becoming available as more people turn to genetic testing services. Whether or not the test detects a mutation, genetic testing can be advantageous.

Test results can be a source of relief for some people since they remove some of the uncertainty surrounding their health. These findings may also aid clinicians in making treatment or monitoring recommendations and provide people with additional information for making health-related decisions for themselves and their families, allowing them to take actions to reduce their risk of having a disease. Genetic disorders are becoming more common worldwide, and they are having a significant impact on people's health. Genetic disorders have a wide range of uncommon and, for the most part, incurable symptoms. The majority of genetic disorders are rare and emerge due to mutations in people's genetic structure.

Impact of COVID-19 on the global genetic testing market:

The current COVID-19 pandemic has boosted the demand for genetic testing services. To alleviate the burden of the enormous number of positive cases, major market participants focus on providing testing kits to hospitals, diagnostic labs, and other healthcare settings. The COVID-19 pandemic has triggered a surge in the development of genetic test kits. As infections rise every day, hospitals and other healthcare facilities are under increased pressure to care for COVID-19-infected individuals. In addition, to combat the spread of the SARS-CoV2 virus, most genetic testing facilities have utilized virtualization and home testing kits/home sample collection.

KEY DRIVING FACTORS:

The increased focus of governments worldwide on regulating and raising awareness about genetic tests has resulted in a speedier acceptance of these tests around the world. However, increased R&D expenditure and a strong market presence by established businesses have created a high barrier to entry for new entrants. Product design innovation, quality improvement, and strong distribution relationships are critical to maintaining a competitive edge in the market. Some of the primary factors driving the growth of the worldwide genetic testing market are the rising incidence of blood cancer, genetic abnormalities, cardiovascular illnesses, and technical improvements, and the availability of novel tests.

The development of information technology will have a significant impact on the future growth of genetic testing services. To manage unique data, genetics requires a variety of data analytics technologies. The accumulation of big data allows for the integration and storage of critical genomic data. The use of healthcare IT aids in research and clinical choice.

RESTRAINING FACTORS:

The expansion of the global genetic testing market is predicted to be hampered by high costs and a scarcity of competent workers. In addition, the lack of medical solutions for all disorders diagnosed is a crucial barrier for the genetics sector. While it is simple to forecast the ailments a person is suffering from or may suffer from, determining the correct prognosis is more challenging.

KEY MARKET INSIGHTS:

• Carrier testing is predicted to dominate the global genetic testing market during the forecast period based on type. Early detection of diseases reduces the severity of conditions, resulting in a lower mortality rate. Over the forecast period, the rising prevalence of chronic diseases worldwide is expected to boost segment growth. This is due to a rise in public awareness about healthcare and an increase in the number of individuals dying from hereditary disorders worldwide.
• Based on application, over the forecast period, the global genetic testing market is expected to dominate the cancer disease segment. Genetic testing can help determine a person's risk of acquiring several forms of cancers over the course of their life. Inherited variations and mutations in the DNA sequence, leading to excessive cell development and tumor/cancer, can be tested via genetic tests. The rising global prevalence of cancer and increasing awareness of preventive diagnosis and customized medication among the global population are the primary drivers driving the cancer segment market over the forecast period. In addition, the testing helps determine whether cancer runs in families and the risk factors connected with the development of cancers in the future in those with a family history of cancer. Patients who do not react to chemotherapy are also tested genetically to see if they have acquired mutations in tumors that are resistant to treatment.
• Based on the region, North America now dominates the genetic testing industry due to the rising demand for customized genetic testing services in the area and the rise in the frequency of chronic and genetic disorders. Furthermore, because of an increase in product approvals and subsequent releases by the US Food and Drug Administration (FDA) and a high concentration of significant businesses participating in research efforts for the development of novel genetic testing products, the market in North America is predicted to grow.
• During the forecast period, Asia Pacific is expected to grow at the highest CAGR. Increased infectious disease prevalence, increased awareness of the benefits of predictive testing, and increased acceptance of advanced technology for clinical applications are some of the primary drivers driving the genetic testing services market ahead. In addition, India and China have seen significant increases in healthcare and infrastructure investments, increasing demand for genetic testing in the region.
• Abbott Laboratories, Roche Molecular Diagnostics, Inc., Abbott Molecular Inc., Auto Genomics, Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc., and Applied Biosystems, Inc are a few of the noteworthy companies in the global genetic testing market.

Avail free sample market brochure of the report to evaluate report usefulness, ask a copy @ https://www.marketdataforecast.com/market-reports/genetic-testing-market/request-sample

RECENT MARKET DEVELOPMENTS:

• The FDA broadened the approval of a cancer blood test called "liquid biopsy" in November 2020, which detects genetic changes in tumor DNA in the blood and can assist in matching patients to suitable treatments.
• The FDA approved Guardant360 CDx from Guardant Health and FoundationOne Liquid CDx from Foundation Medicine in August 2020 for use as a companion diagnostic test and general tumor profiling.
• Vertex Pharmaceuticals and Genomics partnered in September 2018 to deliver precision medicine based on an individual's genetic differences and lifestyle.

SEGMENTS COVERED IN THIS REPORT:

By Application: 

• Cancer Testing
• Pharmacogenomics testing
• Prenatal testing 
• Predisposition testing

By Test: 

• Carrier Testing
• Diagnostic Testing
• Prenatal Testing
• Neonatal Testing

By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

BROWSE REGIONAL REPORTS:

• North America Genetic Testing Market
• Europe Genetic Testing Market
• APAC Genetic Testing Market
• Latin America Genetic Testing Market
• MEA Genetic Testing Market