Genetic Testing Market: Information By Type (Prescribed Genetic Testing and Direct-to-Consumer Genetic Testing), Method (Molecular Genetic Tests/ DNA Tests, Chromosomal Genetic Tests and Biochemical Genetic Tests), By Application (Reproductive Health (Newborn Screening, Prenatal Screening and Carrier Screening), Cancer Screening (Hereditary Cancer, Breast Cancer, Ovarian Cancer and Colon Cancer), Ancestry, Predictive and Pre-Symptomatic Testing and others) - Forecast 2027
|ID: VPR/HC/1052||Publishing Year: December 2021||Pages: 122||Format:|
Genetic Testing Market Overview:
Because of rising demand for direct-to-consumer Genetic Testing, wide applications of Genetic Testing in Genetic Diseases and oncology, technological advancements and availability of new tests, and rising demand for personalised medicine, the Global Genetic Testing Market is expected to grow significantly in the near future. Apart from that, many government programmes aimed at raising knowledge about genetic testing methods are also propelling the sector forward.
Pharmacogenomic testing, predictive & pre-symptomatic testing, diagnostic testing, carrier testing, newborn screening, and prenatal testing are all examples of genetic tests. The diagnostic testing type previously held the biggest Genetic Testing Market share and is expected to continue to do so in the coming years. This is due to a growing public awareness of health issues and the increasing prevalence of hereditary illnesses around the world. Because of its vast uses in drug research and development in pharmaceutical businesses, pharmacogenomic testing is expected to rise at the quickest rate in the near future.
- PerkinElmer Inc. (US)
- Myriad Genetics Inc. (US)
- Abbott Laboratories (US)
- Illumina Inc. (US)
- Bio-Rad Laboratories Inc. (the US)
- QIAGEN (Germany)
- Eurofins Scientific (US)
- Quest Diagnostics Incorporated (US)
- Hoffmann-La Roche Ltd (Switzerland)
- Thermo Fisher Scientific Inc. (US)
- Blueprint Genetics (Finland)
- BGI Genomics (China)
The pandemic of COVID-19 has also had a negative impact on the market. Following the WHO's declaration of COVID-19 as a pandemic, countries around the world implemented lockdowns to enforce social separation as a preventative precaution. This resulted in disruption, limitations, challenges, and changes in every industry area. Similarly, the pandemic has had a negative impact on the market for Genetic Testing. This is due to the fact that Genetic counsellors are unable to see patients in person, doctors are unable to counsel patients, and laboratories are unable to do the tests. Furthermore, federal agencies such as the Centers for Medicaid Services (CMS) do not yet identify Genetic Counsellors as healthcare practitioners, therefore they are not exempt from practising during lockdowns. In order to assist minimise the spread of the disease, clinics reduced face-to-face Genetic Counselling. Genetic testing behemoths like GeneDx, on the other hand, offered a service in which they delivered clinician-ordered genetic tests. Clinics and healthcare practitioners, as well as patients, are now utilising telemedicine to undertake Genetic Counselling. Furthermore, because prenatal testing is so important, it is the least affected of all types of genetic testing. Many prenatal Genetic Counsellors, for example, reported delivering face-to-face assistance during the epidemic. As a result, the pandemic had a negative influence on the Genetic Testing Market as a whole.
The expanding knowledge of the benefits of Genetic Testing Market, as well as the rising occurrence of genetic illnesses, are driving the industry forward. The growing need for a cancer cure is likely to increase demand for effective testing, which will help to boost the Worldwide Cancer Testing Market. Furthermore, the market is predicted to grow significantly throughout the assessment period due to the rapid expansion of the biotechnology sector.
During the projection period, the integration of AI and other smart technologies in Genetic Testing is likely to offer a variety of market potential prospects. Other elements that can create lucrative opportunities to grow the trade include product design innovation and good distribution partnerships.
Type, technology, application, and geography are the segments that make up the Worldwide Genetic Testing Market. Predictive and presymptomatic testing, carrier testing, prenatal and neonatal testing, diagnostic testing, pharmacogenomic testing, and others are the several types of Genetic Testing. It is classified into three categories based on technology: cytogenetic testing/chromosomal analysis, biochemical testing, and molecular testing. DNA sequencing and other types of molecular testing are subcategories of Molecular Testing. It's broken down into cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, and other applications. The Genetic Testing Market size in North America (the United States, Canada, and Mexico), Europe (Germany, France, the United Kingdom, Italy, Spain, and the rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) is examined by region (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Because of the rising rates of Genetic Disorders and desire for tailored Genetic Testing, the Americas are likely to dominate the market for Genetic Testing. During the projected period, the regional market is expected to benefit from increased government backing and the existence of the advanced healthcare industry.
Because of the expanding patient pool and undiscovered market prospects in developing countries, APAC is likely to be the fastest-growing industry. Moreover, expanding measures to construct healthcare infrastructure in order to fulfil the need for the growing senior population could boost the regional market even further over the study period.
During the forecast period, the European market for Genetic Testing is expected to be the second-largest. In Europe, recent advancements and advances in molecular medicines are significant elements for the market's growth. The growing frequency of Genetic Diseases and disorders has opened up new opportunities for the development of Genetic Diagnostics.
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