Genetic Testing Market Size to Reach USD 19.8 billion, With a CAGR of 10.5% by 2032 – Report by Market Research Future
Research Reports
Sep 12, 2023
The genetic testing market has witnessed significant growth and innovation in recent years, driven by advancements in genomics, increased awareness of personalized medicine, and a growing demand for precision healthcare. Genetic testing involves the analysis of an individual’s DNA to identify genetic variations, mutations, or alterations that may be associated with inherited diseases, susceptibility to certain conditions, or responses to specific treatments. This overview provides insights into the key factors, trends, and challenges shaping the genetic testing market.
The genetic testing market size was valued at USD 8.1 billion in 2021 is projected to grow from USD 8.91 Billion in 2022 to USD 19.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.5% during the forecast period (2022 – 2032). The Genetic Testing Market refers to the industry that encompasses the various products and services related to genetic testing. Genetic testing involves analyzing an individual’s DNA to identify any genetic variations, mutations, or predispositions to certain diseases or conditions.
The market for genetic testing has experienced significant growth in recent years due to advancements in technology, increased awareness about genetic disorders, and a growing demand for personalized medicine. Genetic testing can be conducted through various methods, including laboratory-based tests, direct-to-consumer (DTC) genetic testing kits, and non-invasive prenatal testing (NIPT).
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Key Players
Some of the key market players are:
- PerkinElmer Inc. (US)
- Myriad Genetics Inc. (US)
- Abbott Laboratories (US)
- Illumina Inc. (US)
- QIAGEN (Germany)
- Eurofins Scientific (US)
- Quest Diagnostics Incorporated (US)
- Hoffmann-La Roche Ltd (Switzerland)
- Thermo Fisher Scientific Inc. (US)
Market Segmentation
The Genetic Testing Market has been segmented into type and application.
Based on the type, the market has been segmented into Molecular Genetic Tests/ DNA Tests, Chromosomal Genetic Tests and Biochemical Genetic Tests.
Based on the application, the market has been segmented into reproductive health, cancer screening ancestry and predictive and pre-symptomatic testing.
Regional Analysis
The largest region in the Genetic Testing Market was North America, particularly the United States. The region has been at the forefront of technological advancements in genetic testing, including the development of high-throughput sequencing technologies and advanced bioinformatics tools. The presence of leading biotechnology and diagnostic companies in the United States has contributed to the region’s dominance in the market.
North America has a well-developed healthcare infrastructure with advanced laboratory facilities and a robust regulatory framework for genetic testing. This infrastructure enables efficient and accurate testing services, fostering the growth of the genetic testing market in the region.
Browse In-depth Market Research Report (150 Pages) on Genetic Testing: https://www.marketresearchfuture.com/reports/genetic-testing-market-2009
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