Market Overview:
In a recent research report by Market Research Community, the Genetic Testing Market is expected to surpass USD 2792.56 Million by the year 2030, from USD 930.34 Million in 2021.
The Genetic Testing Market Report refers to the industry that provides genetic testing services to individuals, hospitals, and healthcare organizations. These services help to identify genetic disorders and provide information about a person’s predisposition to certain diseases.
The Market was valued at USD 930.34 Million in 2021 and is expected to experience a compound annual growth rate (CAGR) of 12.99% from 2021 to 2030. This growth can be attributed to the increasing demand for personalized medicine, the growing prevalence of genetic disorders, and the genetic testing services by healthcare organizations.
The Genetic Testing Market includes products and services such as genetic testing kits, sequencing services, and interpretation and reporting services. The market is driven by the increasing demand for personalized medicine, the growing prevalence of genetic disorders, and the increasing adoption of genetic testing services by healthcare organizations.
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Market Segment
By Type
(Predictive & Presymptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Others)
By Technology
(Polymerase Chain Reaction (PCR), Next-generation sequencing (NGS), Fluorescence in situ hybridization (FISH))
By Application
(Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, Others)
By Product
(Consumables, Equipment, Software, Services)
By End User
(Hospitals, Clinical Labs)
Genetic Testing Market Key Industry Insights & Findings from the report:
· Growing awareness about the benefits of genetic testing, leading to an increase in demand for genetic tests.
· Advances in technology leading to the development of high-throughput, cost-effective, and reliable genetic tests.
· Increasing government funding and initiatives to promote genetic testing.
· Rising demand for non-invasive prenatal testing and cancer genetic testing.
The Genetic Testing Market Industry is expected to grow significantly in the coming years, driven by the increasing demand for personalized medicine, the growing prevalence of genetic disorders, and the increasing adoption of genetic testing services by healthcare organizations.
By Geography
North America is expected to be the dominant region in the Genetic Testing Market due to the presence of a large number of genetic testing service providers and a high level of healthcare expenditure in the region. The United States is the largest market for genetic testing services in North America, with a large number of leading companies operating in the market. The presence of advanced healthcare infrastructure and a high level of awareness about genetic testing services are also driving the growth of the market in the region.
Some of the trends in the Genetic Testing Market include the increasing adoption of next-generation sequencing, the growth of personalized medicine, and the increasing demand for genetic testing in oncology.
Lastly, the report includes a regional analysis and country analysis with the latest trends, along with the major key players including- Myriad Genetics, Inc. (Myriad Rbm Inc.), Eurofins Scientific, Thermo Fisher Scientific, Inc., Danaher Corporation (Cepheid), Hoffmann-La Roche Ltd, Illumina, Inc.
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