DUBLIN--(BUSINESS WIRE)--The "Global Genetic Testing Market Research and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global genetic testing market is growing at a significant CAGR during the forecast period. The genetic disorder can be occurred by a change in one gene (monogenic disorder), by changes in multiple genes by a combination of environmental factors, and gene mutations, or by the destruction of chromosomes. Genetic testing is a medical test that is used for the identification of mutations in genes or chromosomes.
The key benefit of genetic testing is the chance to know the risk for a certain disease that possibly can be prevented, identify the disease or a type of disease, identify the cause of a disease, to determine options for a disease. The disease that can be identified by genetic testing includes, breast and ovarian cancer, Age-Related Macular Degeneration (AMD), bipolar disorder, Parkinson's disease, celiac disease, and psoriasis.
The global genetic testing market is projected to considerably grow in the upcoming year due to the prevalence of genetic disorders, cancer, and chronic disease. Moreover, continuous advancement by the medical companies in the genetic diagnostic field is also augmenting the market growth.
These companies are finding new and better tests for the accurate diagnosis of the most prevalent as well as rare diseases. Besides, the increase in awareness between people about health and the increased mortality rate due to genetic diseases across the globe is also a major factor increasing the need for demand for genetic testing.
Moreover, The adoption of (DTC) direct-to-consumer genetic testing kits in countries such as the US, China, and Japan, is increasing rapidly. With growing technological acceptances, awareness programs, and a drop in costs, the market for DTC-GT kits is likely to witness a significant boost over the forecast period. However, the lack of diagnostic infrastructure in emerging economies is a challenging factor for market growth.
Regional Outlooks
North America is estimated to contribute a significant share in the global genetic testing market due to the high awareness among the people about advanced treatment for healthcare, well-developed healthcare infrastructure, presence of key players, and availability of drugs.
Moreover, an increase in government initiatives for the enhancement of healthcare facilities and funding in research in the region is also a major factor for the significant market share of the region. In the US under the US CDC EGAPP, inventiveness has been taken by the government such as the Evaluation of Genomic Applications in Practice and Prevention which is also motivating the market growth.
One of the key goals of the initiative is to timely, offer objectively, and credible information that is linked to available scientific evidence. These statistics will allow healthcare workers and payers, customers, policymakers, and others to differentiate genetic tests that are safe and useful.
Asia-Pacific will have considerable growth in the global Genetic Testing Market
In Asia Pacific, the market is increasing due to government initiatives in research and the increasing prevalence of chronic diseases. Apart from cancer, genetic testing processes have also come in easy reach for the diagnosis of inherited cardiovascular diseases such as cardiac amyloidosis, Brugada syndrome, and familial dilated cardiomyopathy. As the region has a high incidence of cardiovascular diseases, significant scope for genetic testing can be witnessed in the region during the forecast period.
Market Players Outlook
The report covers the analysis of various players operating in the global genetic testing market. Some of the major players covered in the report include Abbott Laboratories, Myriad Genetics, Inc., F. Hoffmann-La Roche Ltd., Illumina, Inc., and Thermo Fisher Scientific, Inc. To survive in the market, these players adopt different marketing strategies such as mergers and acquisitions, product launches, and geographical expansion.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global female infertility diagnosis and treatment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying 'who-stands-where' in the market.
Market Segmentation
Global Genetic Testing Market by Technology
- Polymerase Chain Reaction
- DNA Sequencing
- Cytogenetics (Karyotyping and FISH)
- Microarrays
- Gene Expression Profiling
Global Genetic Testing Market by Type
- Prenatal and New-Born Genetic Testing
- Predictive Testing
- Diagnostic Testing
- Carrier Testing
- Other (Forensic Testing, Pre-Implantation Testing)
Global Genetic Testing Market by Disease
- Cancer
- Alzheimer's and Parkinson's
- Sickle Cell Anaemia
- Fanconi Anaemia
- Cardiovascular Disease
-
Others (Cystic Fibrosis, Duchenne's Muscular Dystrophy)
Company Profiles
- 23Andme, Inc.
- Abbott Laboratories
- AutoGenomics, Inc.
- Biocartis SA
- Biomerieux SA
- Bio-Rad Laboratories, Inc.
- Cepheid, Inc.
- Elitech Group
- Eurofins Scientific SE
- F. Hoffmann-La Roche Ltd.
- Foundation Medicine, Inc.
- Genomictree Inc.
- Illumina, Inc.
- Luminex Corp.
- MedGenome, Inc.
- Myriad Genetics, Inc.
- NeoGenomics Laboratories, Inc.
- Opko Health Inc.
- PerkinElmer, Inc.
- 7.19. Qiagen N.V.
- 7.20. Quest Diagnostics, Inc.
- Takara Bio, Inc.
- Thermo Fisher Scientific, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/fvmuud
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