The Global Genetic Testing Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc.
Genetic Testing Market Size and Growth Rate (2019-2024):
Genetic Testing Market Size was Expected to Reach at a CAGR of 9.86% by 2024 during the forecast period 2019-2024.
Recent advancements in the sequencing of the human genome combined with enhanced technologies for biomedical analysis and advanced solutions for using large datasets have laid the groundwork for a new era in medicine. The focus is now shifting to even earlier prevention of disease, and genetic testing for wellness and longevity.
Further, with the growing awareness about potential benefits in genetic testing, advancements in the genetic testing space, an upsurge in the geriatric population and a subsequent rise in the number of chronic diseases like cancer are the few factors fuelling the growth in the global genetic testing market.
However, high charges accompanying the tests and lack of reliable or trustworthy standard procedure has led to serious concerns among individuals. And, with the rising demand for genetic testing, the counselors are struggling to keep up with the demand, and consumers are faced with unanticipated and lengthy wait times. These factors hindering growth are posed as short-term challenges for the global genetic testing market.
At present, the USA offers the largest market for genetic testing business. Screening for genetic mutations within the CFTR (Cystic Fibrosis Trans-Membrane Conductance Regulator) gene is the most frequently conducted test in this region.
Segments covered in this report:
By Type : Carrier Testing, Prenatal Testing, Diagnostic Testing, Neonatal Testing
By Application: Cancer Testing, Pharmacogenomics Testing, Prenatal Testing, Predisposition Testing
By Region: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Major players that are influencing genetic testing market include Roche Molecular Diagnostics Inc., Abbott Molecular Inc., Celera Group, ELITech Group, AutoGenomics Inc., BioRad Laboratories, Quest Diagnostics Inc., Transgenomic Inc., and Applied Biosystems Inc.,
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