What is Genetic Testing?
The genetic testing market has experienced significant growth over the past decade, with an increasing number of individuals seeking to learn more about their genetic makeup and potential health risks. Genetic testing involves analyzing an individual’s DNA to identify any genetic mutations or variations that may contribute to the development of certain health conditions.
•Current Market Size: USD 12 Billion
•Forecast Growing Region: APAC
•Largest Market: North America
•Projection Time: 2019- 2027
•Base Year: 2019
Genetic Testing Market
The global genetic testing market was valued at $12 billion in 2019, and is expected to reach $21 billion by 2027, registering a CAGR of 10.1% from 2019 to 2027.
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One of the primary drivers of the genetic testing market is the increasing prevalence of genetic disorders and chronic diseases, such as cancer, cardiovascular disease, and diabetes. As individuals become more aware of their genetic risks, they are seeking out genetic testing services to better understand their predisposition to these conditions and make informed decisions about their health.
Key Findings of the Study –
By type, the prenatal & newborn testing segment occupied one-thirds share of the global genetic testing market in 2019
By technology, the biochemical testing segment is anticipated to grow with the highest CAGR throughout the forecast period.
By application, the genetic disease diagnosis segment accounted for more than one-thirds share of the market in 2019.
By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.
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Covid19 Impact on Genetic Testing Market
The COVID-19 pandemic has impacted the global genetic testing market in various ways. On the positive side, the pandemic has created a heightened awareness of the importance of genetic testing in the diagnosis and treatment of diseases, which has driven demand for genetic testing services.
Additionally, the pandemic has led to an increased focus on research and development in the healthcare industry, including genetic testing, as companies seek to develop more effective treatments and therapies for COVID-19 and other diseases.
However, the pandemic has also presented challenges to the genetic testing market. The economic downturn resulting from the pandemic has led to budget cuts in healthcare and research, which may limit investment in genetic testing. Moreover, the pandemic has disrupted supply chains and led to shortages of testing equipment and reagents, which has affected the availability of genetic testing services.
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Genetic Testing Market Key Players –
Some of the major companies involved in the genetic testing market include:
• ABBOTT LABORATORIES,
• BIO-RAD LABORATORIES, INC. (RAINDANCE TECHNOLOGIES, INC.),
• CSL LTD,
• DANAHER CORPORATION (CEPHEID),
• EUROFINS SCIENTIFIC,
• F. HOFFMANN-LA ROCHE LTD,
• ILLUMINA, INC,
• MYRIAD GENETICS, INC. (MYRIAD RBM, INC.),
• QIAGEN N.V. (FORMULATRIX, INC.),
• THERMO FISHER SCIENTIFIC, INC
Q: What are the major challenges facing the genetic testing market? A: The major challenges facing the genetic testing market include ethical and regulatory issues related to genetic testing, lack of standardization in testing procedures, and the high cost of genetic testing.
Q: What are the potential risks and benefits of genetic testing? A: The potential benefits of genetic testing include early diagnosis and treatment of genetic disorders, personalized medicine, and informed family planning. The potential risks of genetic testing include false positives, false negatives, and psychological impact, discrimination, and privacy concerns.
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