Genetic Testing Market to Hit $21.26 Billion by 2027: AMR
Rise in prevalence of cancer & genetic disorders, advancements in genetic testing techniques, and surge in awareness about personalized medicines drive the growth of the global genetic testing market. The market across North America held the largest share in 2019, contributing to nearly two-fifths of the market. Due to prolonged lockdown across various countries, genetic counselors are unable to see their patients in person.
Portland, OR, Oct. 20, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global genetic testing market generated $12.68 billion in 2019, and is projected to reach $21.26 billion by 2027, growing at a CAGR of 10.1% from 2020 to 2027.
Rise in prevalence of cancer & genetic disorders, advancements in genetic testing techniques, and surge in awareness about personalized medicines drive the growth of the global Genetic Testing Market. However, concerns regarding standardization of genetic testing-based diagnostics and strict regulatory policies for approval of products hamper the market. On the other hand, untapped potential in developing countries is expected to open new opportunities in the future.
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Covid-19 impact:
- Due to prolonged lockdown across various countries, genetic counselors are unable to see their patients in person. Moreover, there is lack of skilled professionals and laboratories to run the tests.
- Government bodies such as Centers for Medicaid Services (CMS) do not consider genetic counselors as healthcare providers, and are not exempting them from practicing during the lockdown.
- Clinics and healthcare providers are using telehealth to conduct genetic counseling.
The global genetic testing market is segmented into type, technology, application, and region. Based on type, the prenatal and newborn testing segment dominated the market in 2019, accounting for nearly one-third of the market. However, the pharmacogenomic testing segment is expected to register the highest CAGR of 14.1% during the forecast period.
On the basis of technology, the biochemical testing segment is projected to portray the highest CAGR of 11.5% during the forecast period. However, the molecular testing segment held the largest share in 2019, accounting for nearly three-fifths of the market.
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The global genetic testing market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2019, contributing to nearly two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 12.5% during the forecast period.
The global genetic testing market report includes an in-depth analysis of the major market players such as Bio-Rad Laboratories, Inc. (RainDance Technologies, Inc.), Abbott Laboratories, 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., and CSL Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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