Genetic Testing Market Size Value, Emerging Trends, Regional Forecast, and Future Insights by 2030

Genetic Testing Market Size and Trend Analysis by Type (Prescribed Genetic Testing and Direct-to-Consumer Genetic Testing), Method (Molecular Genetic Tests/DNA Tests, Genetic Tests for Chromosomes, Biochemical Genetic Testing), by Application (Reproductive Health (Newborn Screening, Prenatal Screening and Screening carriers), cancer screening (hereditary cancer, breast cancer, ovarian cancer and colon cancer), pedigree, predictive and presymptomatic testing and others) – forecasts to 2030

the Genetic testing market It is expected to reach USD 17,321.37 million by 2030 at a CAGR of 10.10% during the forecast period 2022-2030. Genetic testing is used in prenatal screening and diagnosis and as a predictive tool. The genetic testing market is expected to increase due to the continuous development in this field to produce useful test kits. Genetic testing can be used in a variety of contexts, including prenatal screening, diagnostic, and predictive tools. The genetic testing market is expected to increase as a result of the ongoing research in this sector aimed at producing usable test kits. The market as a whole is likely to witness a significant expansion due to increasing demand, increasing number of acquisitions, and increasing number of synergies between important players.

The widespread spread of COVID-19 has had a significant negative impact on the genetic testing market. The worldwide lockdown in order to maintain social distance has raised a variety of difficulties for the genetic testing industry. As a result of COVID-19, testing laboratories and clinics have been forced to close, which has reduced the availability of in-person genetic counseling and is expected to have a detrimental impact on the market.

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The main factors driving the expansion of the genetic testing market are the increasing knowledge of the advantages of genetic testing and the increasing prevalence of genetic diseases. The increasing desire to discover a cure for cancer is expected to lead to the need for efficient tests, which will have the potential to expand the cancer tests market worldwide. In addition, the exponential growth of the biotechnology industry is expected to provide a significant boost to the genetic testing business during the evaluation period.

Genetic Testing Market Segmentation:

The global genetic testing market has been segmented into two categories, direct-to-consumer genetic testing and prescription genetic testing, based on the different types of genetic testing. The genetic testing segment of the prescription market is expected to increase at the largest CAGR during the projection period 2022-2030. This is the case when compared to other market segments.

Chromosomal genetic tests, molecular genetic tests/DNA tests, and biochemical genetic tests are the three sub-markets that make up the global genetic testing market. These sub-markets are segmented based on technology. The molecular/DNA genetic testing market is expected to lead all others while expanding at a compound annual growth rate (CAGR) of 11.78% over the forecast period.

Cancer screening, reproductive health testing, ancestral testing, predictive and pre-symptomatic testing, and other types of tests are some of the application-based sub-markets that make up the global market. The reproductive health sector is expected to lead the market in terms of overall volume.

Genetic testing market analyzes in the region

Due to the increasing prevalence of genetic disorders and the growing demand for individual genetic testing, the Americas are expected to have the largest share of the genetic testing market. During the forecast period, the regional market is expected to witness growth as a result of increased government support and the presence of an advanced healthcare sector.

Asia Pacific is expected to be the market with the highest growth rate due to increasing number of patients and unexplored market prospects in developing countries. In addition, expanding measures to improve healthcare infrastructure to meet the needs of the growing elderly population will further boost the regional market throughout the review period. This demand is expected to grow faster than the total population.

During the time frame covered by this analysis, the genetic testing market is expected to rank second in Europe. Recent innovations and developments in the field of molecular medicine in Europe are important elements contributing to the expansion of this market for genetic testing. Opportunities for developing different genetic tests have widened due to the high incidence of diseases and genetic disorders.

The Middle East aviation market is expected to expand due to factors such as an aging population, increasing prevalence of chronic diseases such as cancer, and developments in genetic testing.

Browse our in-depth market research report (150 pages) at Genetic testing:

Major Players in Genetic Testing Market:

The following companies are major players in this industry: PerkinElmer Inc. (USA), Myriad Genetics Inc. (USA), Abbott Laboratories (USA), Illumina Inc. (USA), Bio-Rad Laboratories Inc. (US), QIAGEN (Germany), Eurofins Scientific (US), Quest Diagnostics Incorporated (US), Hoffmann-La Roche Ltd. (Switzerland), Ther (China)

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