Genetic Testing Market –Global Opportunity Analysis and Industry Forecast
Meticulous Research® a leading global market research company, published a research report titled, ‘GeneticTestingMarketByProduct(Consumables,Reagents,Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular,Chromosomal),EndUser(Hospitals,DiagnosticLaboratories)-GlobalForecast to2029.’
According to this latest publication from Meticulous Research®, the genetic testing market is expected to grow at a CAGR of 11.6% from 2022 to reach $43.3 billion by 2029. The growth of this market is attributed to factors such as favorable government initiatives for promoting genetic testing, increasing prevalence of genetic disorders, increased need for early disease detection&prevention,increasingapplicationsofgenetictestinginoncology,anddecreasing cost of sequencing procedures. In addition, the growing scenario of genetic direct to consumergenetictestingandtheemergingfieldofgeneticcounselingisexpected toprovide significant growth opportunities for thismarket.
However, factors such as the high cost of genetic testing and the social and ethical implications ofgenetictesting arerestraining thegrowth ofthismarket toa notableextent. In addition, factors such as low chances of positive, actionable mutations and genetic data privacy & security concernsare the major challenges to the growth of this market.
GeneticTestingMarket:FutureOutlook
The genetic testing market is segmented based on product, test type, method, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
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ScopeoftheReport:
GeneticTestingMarket,byProduct&Service
• Consumables & Reagents
• Instruments
• Services
GeneticTestingMarket,byTestType
• Diagnostic Testing
• Prenatal Testing
• Carrier Testing
• Newborn Screening
• Preimplantation Testing
• Other Test Types (Other test types include forensic testing, microorganism genomics, and posthumous (testing of post mortem tissuesetc.)
GeneticTestingMarket,byMethod
• MolecularTests
• Chromosomal Tests
• Biochemical Tests
GeneticTestingMarket,byEndUser
• Hospitals & Clinics
• Diagnostic Laboratories
• Academic & ResearchInstitutes
• Others End Users (Other end users include contract research organizations, forensic laboratories, pharma & biotech companies, government laboratories, etc.)
GeneticTestingMarket,byGeography
• North America
o U.S.
• Europe
o Canada
o Germany o France
o U.K. o Italy o Spain o Rest of Europe (RoE)
• Asia Pacific o China o Japan o India o Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa
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Basedonproduct, in2022,the consumables& reagents segment isestimated toaccount for the largest share of this market. The large share of this segment is attributed to factors such as the recurrent use of reagents & consumables, availability of a wide range of genetic tests, recentproduct launches,and increased awarenessabout the advantages ofgenetic testing.
Based on test type, in 2022, the diagnostic testing segment is estimated to account for the largest share of this market. The large share of this segment is attributed to factors such as the high prevalence of chronic diseases such as cancer, technological advancements in genomic based diagnostic testing, and the demand for early disease diagnosis.
Based on method, in 2022, the molecular segment is estimated to account for the largest share of this market. The large share of this segment is attributed to the ability to detect the mutation at single nucleotide resolution with cheaper, faster, and with the utmost accuracy by using whole genome sequencing (WGS) and whole exome sequencing (WES) technology.
In 2022, based on end user, the hospitals & clinics segment is estimated to account for the largest share of the market. The large share of this segment is attributed to the high volume of genetic tests performed in hospitals & clinics and the high demand for early disease diagnosisand treatment.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa.
In 2022, North America is estimated to account for the largest share of the genetic testing market, followed by Europeand Asia Pacific. North America’slargemarketshare isattributed to the factors such as high healthcare expenditure, favorable reimbursement scenario, high awarenessamong patientsaboutgenetic testing,andincreased supportand investmentsto enhance genome sequencing infrastructure in the region.
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KeyPlayers
The key players operating in the genetic testing market are Illumina, Inc. (U.S.), Thermo Fisher ScientificInc. (U.S.),QuestDiagnosticsIncorporated (U.S.),EurofinsScientificSE(Luxembourg), 23andMe,Inc.(U.S.),FoundationMedicine,Inc.(U.S.)(SubsidiaryofRocheHoldingAG),Rosetta Genomics Ltd. (U.S.), OPKO Health Inc. (U.S.), Natera, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Myriad Genetics,Inc.(U.S.),LaboratoryCorporationofAmericaHoldings(U.S.)andInvitaeCorporation (U.S.).
Keyquestionsansweredinthereport-
• Which are the high growth market segments in terms of product, test type, method, end user, and region/country?
• What was the historicalmarket size forgenetic testing across the globe?
• What are the market forecasts and estimatesfor the period 2022–2029?
• What are the major drivers, restraints, opportunities, and challenges in the global genetic testing market?
• Who are the major players in the genetic testing market?
• How is the competitive landscape, and who are the market leaders in the global genetic testing market?
• What are the recentdevelopments in the globalgenetic testing market?
• What are the different strategies adopted by the major players in the global genetic testing market?
• What are the geographical trends and high growth regions/countries?
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