Genetic Testing Market To Grow At A CAGR Of 11.3% By 2025
Pune, Maharashtra, India, September 15 2020 (Wiredrelease) Allied Analytics –:Global Genetic Testing Market size was $7,502 million in 2017 and is projected to reach $17,607 million by 2025, growing at a CAGR of 11.3% from 2018 to 2025. The diagnostic testing segment accounted around half of the total market share in 2017.
Genetic testing is the study of genes that examines genetic material taken from cells in a persons blood sample or a sample of other body fluids. The study is conducted in relation to hereditary and variations in genes and number of chromosomes, which are used for the detection of genetic disorders as well as selection of precise therapies for the treatment of these genetic disorders. Genetic testing includes various techniques such as comparative genomic hybridization, fluorescence in situ hybridization, karyotyping, immunohistochemistry, and others.
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The global genetic testing market is expected to register substantial growth in the near future due to rise in incidence of genetic disorders & cancer. In addition, growing demand for personalized medicine and increasing application of genetic testing in oncology are expected to boost the market growth during the forecast period. However, high costs of genetic testing and stringent regulatory requirements for product approvals are anticipated to hamper the genetic testing market growth during the forecast period. Conversely, untapped emerging markets in developing countries are expected to provide remunerative opportunities for the market players. Therefore, these drivers and opportunities are anticipated to boost the global genetic testing market share.
Based on type, the market is segmented into predictive testing, carrier testing, prenatal & newborn testing, diagnostic testing, pharmacogenomic testing, and others. The diagnostic testing segment currently holds the lead with revenue in 2017 and is expected to maintain its dominance during the forecast period. This is attributable to the growth in awareness among people regarding health and increase in incidences of mortality rate due to the genetic diseases across the world. On the other hand, the pharmacogenomic testing segment is anticipated to witness highest CAGR during the forecast period. This is largely due to increase in application of drug discovery and development by the pharmaceutical companies.
Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the leading revenue contributor to the global genetic testing market in 2017 and is expected to dominate the market during the forecast period. This is attributed to the presence of majority of key players in this region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to increase in affordability, surge in healthcare expenditure, and rise in awareness toward early screening of genetic disorders. Furthermore, the number of travelers to the cholera-affected countries is increasing, which in turn increases the demand for immunization.
The report provides a comprehensive analysis of the key players operating in the global genetic testing market, namely Abbott Laboratories, Bio-Rad Laboratories, Inc. (RainDance Technologies, Inc.), Myriad Genetics, Inc. (Myriad RBM, Inc.), Danaher Corporation (Cepheid), F. Hoffmann-La Roche Ltd., Eurofins Scientific, Illumina, Inc., Qiagen N.V., Novartis International AG, and Thermo Fisher Scientific, Inc. The other players operating in the genetic testing industry include Agilent Technologies, Inc., Empire Genomics, LLC, Irvine Scientific, PerkinElmer, Inc., Sysmex Corporation, and others.
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Key Findings of the Genetic Testing Market:
Based on technology, the biochemical testing segment is expected to experience rapid growth in the market and is projected to grow at a CAGR of 12.0% from 2018 to 2025.
Depending on application, the genetic diseases diagnosis segment holds the highest revenue in 2017 and is expected to maintain its dominance during the forecast period.
U.S. generated the highest revenue in the global genetic testing market in 2017, accounting around two-fifth of the global market in 2017.
Asia-Pacific is estimated to grow at a CAGR of 13.0% during the forecast period.
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