Genetic Testing Market

Genetic Testing Market: Demand, Share, Trend, Business Opportunity, Product, Forecast 2031 | Global value 21.26 billion by 2027

Genetic Testing Market

Genetic Testing Market

Allied Market Research published a report titled, “Genetic Testing Market by Type (Predictive and Presymptomatic Testing, Carriage Testing, Prenatal and Neonatal 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″ According to the report, the global genetic testing industry was estimated at $12.68 billion in 2019, and is expected to reach $21.26 billion by 2027, registering a CAGR of 10.1% from 2020 to 2027.

Download a sample detailed report on the impact of COVID-19 on:

Covid-19 scenario-

The Covid-19 outbreak had a negative impact on genetic counselors as doctors were unavailable for advice and labs were unable to perform the tests.
Genetic counselors are not exempt from practicing during lockdowns because they are not currently recognized as physicians by government agencies such as the Centers for Medicaid Services (CMS).
However, government authorities have relaxed certain regulations, allowing organizations to resume their activities.
By Type, the market is segmented into predictive tests and presymptomatic tests, carriage tests, prenatal and neonatal tests, diagnostic tests, pharmacogenomic tests, and others. Prenatal and neonatal testing held a dominant position with the highest revenue in 2019 and is expected to maintain its dominance over the forecast period. This is attributed to the increased awareness of people about health care and the increasing incidence of death rate from genetic diseases across the world. On the other hand, pharmacogenomic testing segment is expected to witness the highest CAGR during the forecast period. This is widely expected to increase in the application of personalized medicine across the world.

By technology, molecular testing captured the major share of the genetic testing market in 2019 and is expected to maintain its lead over the forecast period. The growth of this segment is due to the fact that molecular testing is the most used technology for genetic testing. For example, the technology is used in genetic testing such as carriage testing, diagnostic testing, predictive and presymptomatic testing and others. Additionally, molecular testing is also preferred because it can be used to analyze DNA gains or losses that are not detectable with routine chromosomal analysis.

Regionally, North America was the top revenue contributor to the global genetic testing market in 2019 and is expected to dominate the market over the forecast period. This is attributed to the presence of the majority of key players in the region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to increasing affordability, rising healthcare spending and awareness of early disease detection genetics.

Main results of the study

By type, the prenatal and neonatal testing segment occupied one-third of the global genetic testing market in 2019
By technology, the biochemical testing segment is expected to grow with the highest CAGR throughout the forecast period.
By application, the genetic disease diagnostics segment accounted for more than a third of the market in 2019.
By region, Asia-Pacific is expected to see the highest growth over the analysis period.

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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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