Report Ocean has recently published a new research report on the global genetic testing market. The study, titled “Genetic Testing Market by Type (Predictive & Presymptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing), Application (Cancer diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027,” is prepared after carrying out a detailed analysis of this market, taking the performance of every market segment into consideration, using various research tools.
The market for genetic testing is gaining significant impetus across the world, thanks to the important role of genetic testing in determining the risk of developing certain diseases and screening and sometimes their treatment. In 2019, the market accounted for US$12.68 bn. Expanding at a CAGR of 10.10% during the period from 2020 to 2027, the market is expected to reach US$21.26 bn by the end of the forecast period.
In the coming years, the rising incidences of genetic disorders and the increasing awareness about and acceptance of personalized medicines are expected to support the growth of the global market. Apart from this, advancements in genetic testing techniques are also projected to boost this market over a couple of years. However, standardization concerns of genetic testing-based diagnostics and the presence of stringent regulatory requirements for product approvals may hamper this market in the near future. On the other hand, untapped opportunities in emerging markets in developing countries are expected to provide remunerative opportunities for the market players in the long run.
Impact of Covid 19 on Global Genetic Testing Market
The impact of coronavirus pandemic is more or less visible on almost all the markets across the world, including the global genetic testing market. Due to the economic slowdown, research activities for the development of testing solutions have also decreased, reflecting negatively on this market over the last few months. However, with the economies reopening, the market is expected to regain its pace soon.
Prenatal and Newborn Testing Continues to Dominate Global Market
In this report, the global genetic testing market has been analyzed on the basis of the type, technology, application, and the region. On the basis of the type, the market has been categorized into predictive and presymptomatic testing, carrier testing, prenatal and newborn testing, diagnostic testing, pharmacogenomic testing, and others. The prenatal and newborn testing segment led the global market in 2019 and is expected to remain on the top over the next few years.
On the basis of the technology, it has been classified into cytogenetic testing/chromosomal analysis, biochemical testing, and molecular testing. Molecular testing is further classified into DNA sequencing and others. The biochemical testing segment is anticipated to grow with the highest CAGR throughout the forecast period.
In terms of the application, it has been segmented into cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, and others. The genetic disease diagnosis segment is dominating the global market. By region, the genetic testing market has been analyzed across North America, Europe, Asia Pacific, and LAMEA in this study. Asia Pacific is anticipated to rise at the highest rate during the period of the forecast.
- In terms of the type, the prenatal and newborn testing segment led the global market in 2019.
- Based on the technology, the biochemical testing segment is anticipated to grow with the highest CAGR throughout the forecast period.
- On the basis of the application, the genetic disease diagnosis segment is dominating the global market.
- Regionally, Asia Pacific is anticipated to rise at the highest rate during the period of the forecast.
The global genetic testing market is segmented into:
- Predictive & Presymptomatic Testing
- Carrier Testing
- Prenatal & Newborn Testing
- Diagnostic Testing
- Pharmacogenomic Testing
- Cytogenetic Testing
- Biochemical Testing
- Molecular Testing
- Cancer diagnosis
- Genetic Disease Diagnosis
- Cardiovascular Disease Diagnosis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Companies Mentioned in the Report
- Abbott Laboratories
- Bio-Rad Laboratories Inc. (RainDance Technologies, Inc.)
- Myriad Genetics Inc. (Myriad RBM Inc.)
- Danaher Corporation (Cepheid)
- F. Hoffmann-La Roche Ltd.
- Eurofins Scientific
- Illumina Inc.
- Qiagen N.V.
- Thermo Fisher Scientific Inc.
- CSL Ltd.
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