Global Genetic Testing Services Market to Record Impressive Growth, to Surpass US$ 64.1 Billion by 2025
Genetic Testing Services Market size is done based on a triangulation methodology that is primarily based on experimental modelling approaches such as patient-level data or disease epidemiology for any key indications , number of procedures and install base analysis for any equipment to obtain precise market estimations for the base year as well as in historic data analysis. Bottom-up approach is always used to obtain Genetic Testing Services insightful data for the specific country/regions. The country specific data is again analyzed to derive data at a global level. Specific factors/parameters are considered related to the individual Genetic Testing Services market and quantified with insightful rationale.
The Demand analysis of Genetic Testing Services Market offers a comprehensive analysis of diverse features, demand, product developments, revenue generation, and sales of Genetic Testing Services Market across the globe.
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Global Genetic Testing Services Market Segmentation
Fact.MR has studied the global genetic testing services market with detailed segmentation on the basis of test types, service providers, applications and key regions.
- Prenatal Testing
- New Born Screening
- Predictive and Presymptomatic Testing
- Pharmacogenomic Testing
- Hospital-based Laboratories
- Diagnostic Laboratories
- Specialty Clinics
- Infectious Diseases
- Autoimmune Diseases
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Key stakeholders in Market including industry players, policymakers, and investors in various countries have been continuously realigning their strategies and approaches to implement them in order to tap into new opportunities.
The Market survey of Genetic Testing Services offers a comprehensive analysis of diverse features, including production capacities analysis of Genetic Testing Services, demand, product developments, revenue generation, and Size of Genetic Testing Services Market across the globe.
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Some Notable Offerings by Fact.MR Report on Genetic Testing Services market:
- We will provide you an analysis of the extent to which this Genetic Testing Services market research report acquires commercial characteristics along with examples or instances of information that helps you to understand it better.
- We will also help to identify customary/ standard terms and conditions, as offers, worthiness, warranty, and others.
- Also, this report will help you to identify any trends to forecast growth rates.
- The analyzed report will forecast the general tendency for supply and demand.
Key Takeaways of Global Genetic Testing Services Market:
- By test-type, new born screening is set to expand rapidly during the forecast period, recording a CAGR of 8.4%. Increasing incidences of hyperthyroidism and other chronic diseases among infants is projected to boost this segment.
- Hospital-based laboratories are set to gain maximum traction in the global genetic testing services market during the forecast period. This is attributed to the rising prevalence of hospitalization within the geriatric population who suffer from a number of ailments. The segment is anticipated to account for two-fifth of the overall genetic testing services market.
- The oncology segment shall find maximum application for genetic testing services in the future. The segment shall register an impressive CAGR of 8% during the forecast period. Rising cases of cancer and increased awareness about early diagnosis is expected to drive the segment’s growth.
- Autoimmune diseases segment shall gain significant traction, owing to importance of tracing hereditary-based factors responsible for the prevalence of diseases like cancers. The segment is projected to expand at a CAGR of 7.8%.
- North America shall dominate the global genetic testing services market, owing to increased demand for knowing ancestry, in-vitro fertilization and pre-implantation testing. The region shall hold around two-fifth of the global genetic testing services market, registering a robust CAGR of 7% in the forecast period.
- Asia-Pacific projects lucrative possibilities for the expansion of the global genetic testing services market. Rising prevalence of cancer and increased incidences of genetic disorders such as Huntington’s disease are expected to boost market share in the region. A robust CAGR of 8.4% is predicted for the region.
- The COVID-19 pandemic is anticipated to stimulate the growth of the genetic testing services market. As hospitals are reaching a saturation point, key companies are investing in various genetic testing methods to assist healthcare professionals in diagnosing and treating COVID-19.
- Recently, Avellino Lab USA announced additional production shifts to scale up the manufacturing of the SARS-CoV-2/COVID-19 Test. Christened AvellinoCoV2, this ultra-rapid genetic test helps clinicians diagnose COVID-19 by identifying and isolating the genetic markers as approved by the FDA and the CDC. It is highly reliable and accurate as well.
- Likewise, MedGenome and SciGenom Research Foundation have published research into genetic susceptibility of the COVID-19 disease. The research concludes that there are variants in the ACE-2 gene that will help protect individuals from infection. The firms hope to eventually develop a potential drug based on these variants in collaboration with a suitable pharmaceutical company.
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Some of the Genetic Testing Services Market insights and estimations that make this study unique in approach and effective in guiding stakeholders in understanding the growth dynamics. The study provides:
- Details regarding latest innovations and development in Genetic Testing Services and how it is gaining customer traction during the forecast period.
- Analysis about the customer demand of the products and how it is likely to evolve in coming years.
- Latest regulations enforced by government bodies and local agencies and their impact on Demand of Genetic Testing Services Market .
- Insights about adoption of new technologies and its influence on the Genetic Testing Services market Size.
- Overview of the impact of COVID-19 on Genetic Testing Services Market and economic disruptions caused by the pandemic.
- Evaluates post-pandemic impact on the Sales of Genetic Testing Services Market during the forecast period.
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Key Parameters analyzed while estimating the Genetic Testing Services market include:
- To analyze Drugs/ Therapeutic Area in Genetic Testing Services :
Overall Population by age group/Prevalence or Incidence of any disease/Treatment Seeking Rate/Dosage pattern/Average duration of treatment/Overall treatment cost and Reimbursement are considered.
- To analyze Consumables of Genetic Testing Services:
Overall Population/Prevalence or Incidence of disease/treatment seeking rate/ average duration of the treatment/average number of devices used per patient / average number of procedure per device/ average selling price per device/reimbursement are considered.
- To analyze Genetic Testing Services Equipment:
Number of Healthcare facilities (Hospitals/Ambulatory Surgical Centers/Clinics etc.)
Average number of devices installed per facilities/ lifespan of the devices/replacement rate of the equipment/new sales of the equipment per year/average selling price per equipment are considered.
How Fact.MR Assists in Making Strategic Moves For Genetic Testing Services Market Manufacturer?
- The data provided in the Genetic Testing Services market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
- The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.
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