Global Genetic Testing Market Report

Global genetic testing market size reached US$ 14.36 Billion in 2021. By 2027, It will reach a value of US$ 26.39 Billion, growing at a CAGR of 10.50% (2022-27)

SHERIDAN, WYOMING, UNITED STATES, September 21, 2022 /EINPresswire.com/ -- The latest research study “Genetic Testing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global genetic testing market reached a value of US$ 14.36 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 26.39 Billion by 2027, exhibiting a CAGR of 10.50% during 2022-2027.

Genetic testing, also called deoxyribonucleic acid (DNA) testing, represents a medical technique that identifies changes in the chromosome structure or DNA sequence. It involves the collection and analysis of individual blood samples for examining the genetic condition and the chances of developing or passing several inherited disorders in laboratory settings. Genetic testing aids in eliminating the need for unnecessary checkups, providing accurate results regarding gene mutation, making informed decisions to manage health, etc. Presently, it is commercially available in various types, such as predictive, presymptomatic, carrier, diagnostic, and prenatal testing.

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COVID-19 Impact on Market: (Positive Impact)

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Global Genetic Testing Market Trends and Drivers:

The growing prevalence of chronic disorders is primarily driving the genetic testing market. Additionally, the inflating need for virtual testing and home testing kits for sample collection purposes, owing to the sudden outbreak of the COVID-19 pandemic, and the launch of various favorable policies by government bodies and non-governmental organizations (NGOs) across countries to spread awareness towards genetic testing are further catalyzing the market growth.

Apart from this, the widespread adoption of genetic testing in pharmacogenomics, or drug-gene testing for monitoring the response of the body against certain medicines after its interaction with inherited genes, is acting as another significant growth-inducing factor. Moreover, numerous technological advancements in genetic testing techniques, along with the introduction of DTC-GT (direct-to-consumer genetic testing) kits, are also positively influencing the global market. Besides this, the increasing investments in the field of medical science are anticipated to fuel the genetic testing market over the forecasted period.

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Global Genetic Testing Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these top key players include:

23andme Inc., Ambry Genetics Corporation (Konica Minolta Healthcare Americas Inc.), Bio-RAD Laboratories Inc., Cepheid (Danaher Corporation), Eurofins Scientific, Illumina Inc., Invitae Corporation, Luminex Corporation (DiaSorin), Myriad Genetics Inc., QIAGEN, Quest Diagnostics and Thermo Fisher Scientific.

The report has segmented the market on the basis of region, type, technology and application.

Breakup by Type:
• Predictive and Presymptomatic Testing
• Carrier Testing
• Prenatal and Newborn Testing
• Diagnostic Testing
• Pharmacogenomic Testing
• Others

Breakup by Technology:
• Cytogenetic Testing and Chromosome Analysis
• Biochemical Testing
• Molecular Testing
o DNA Sequencing
o Others

Breakup by Application:
• Cancer Diagnosis
• Genetic Disease Diagnosis
• Cardiovascular Disease Diagnosis
• Others

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Elena Anderson
IMARC Services Private Limited
+1 6317911145
email us here

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