With The Rising Prevalence Of Genetic Disorders, The Genetic Testing Market Is Set To Grow At A 10% Rate As Per The Business Research Company's Genetic Testing Global Market Report 2022
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Jan. 09, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the genetic testing market forecasts the rising prevalence of genetic disorders to propel the growth of the genetic testing market going forward. Genetic disorders refer to some diseases that cause symptoms at birth, while others develop over time. Genetic testing can help get a diagnosis for a genetic issue and information about the chances of developing cancer. For instance, in November 2021, according to the National Center for Biotechnology Information, a US-based medical organization, genetic illnesses were found in 9.4 %of pediatric patients, with 44.7% of these patients being critically ill newborns. Also, 13.17 million patients in the US suffer from unique genetic disorders. Therefore, the rising prevalence of genetic disorders is driving the genetic testing market.
The global genetic testing market size is expected to grow from $13.72 billion in 2021 to $15.36 billion in 2022 at a compound annual growth rate (CAGR) of 12%. The global genetic testing market size is expected to grow to $22.91 billion in 2026 at a CAGR of 10.5%.
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Technological advancement is a crucial trend gaining popularity in the genetic testing market. Major companies operating in the genetic testing market are focused on developing technology to sustain their position in the market. For instance, in December 2020, Cell ID Pte. Ltd., a Singapore-based company that manufactures genetic testing products, launched a portable genetic test for COVID-19 named Quiz PCR Biochip. This is a portable, palm-sized, moveable genetic test kit that utilizes an app to confirm if a person has COVID-19. This device also had a QR code for tracking. This device works on pooled screening technology. This can be easily moveable and can take tests anywhere at any time.
North America was the largest region in the genetic testing market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global genetic testing market during the forecast period. The regions covered in the global genetic testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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The global genetic testing market analysis is segmented by type into predictive testing, carrier testing, prenatal and newborn testing, diagnostic testing, pharmacogenomic testing, nutrigenomic testing, others; by technology into cytogenetic testing, biochemical testing, molecular testing; by disease into alzheimer's disease, cancer, cystic fibrosis, sickle cell anemia, duchenne muscular dystrophy, thalassemia, others; by application into cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, others.
Genetic Testing Market Global Report 2023 by The Business Research Company provides insights on the genetic testing market size, genetic testing market segments, genetic testing market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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