LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global genetic testing market since 2015 and the market is poised to grow by USD 4.86 billion during 2020-2024 at a CAGR of over 12% during the forecast period. Request Free Sample Pages
Read the 171-page research report with TOC on "Genetic Testing Market Analysis Report by Product (Equipment and Consumables), End-user (Hospitals and Biopharmaceutical companies and research centers), Application (Predictive and diagnostic testing, Prenatal, newborn, and preimplantation testing; Pharmacogenomic testing; and Forensic, relationship, and ancestry testing), Geography (Asia, Europe, North America, and ROW), and Segment Forecasts, 2020 – 2024".
The market is driven by the rising approval of advanced genetic testing products. In addition, the growing adoption of pharmacogenetic testing in reducing adverse drug events is anticipated to further boost the growth of the genetic testing market.
With the advent of whole-genome sequencing and growing commercial applications of genetic screening in human health management, vendors have started offering a variety of innovative products in the global genetic testing market. In addition, the use of advanced technologies such as pharmacogenomics and companion diagnostics has also helped vendors in assuring the safety of their products. Furthermore, the deployment of rapid and simplified technologies in genetic testing offers several benefits including the reduction in turnaround time, optimum resource use, and accuracy in genetic diagnosis. Thus, the rising approval of advanced genetic testing products is likely to contribute to the genetic testing market growth positively in the coming years.
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Major Five Genetic Testing Market Companies:
Abbott Laboratories is headquartered in the US and operates the business under various segments such as established pharmaceuticals, nutritionals, diagnostics, cardiovascular and neuromodulation, and other. In May 2019, the company announced prequalification approval from WHO for the world’s first point-of-care viral load test m-PIMA HIV-1/2 VL. The company’s key offerings include Chromosome enumeration probes, FISH accessories, Postnatal, and Prenatal.
Agilent Technologies Inc.
Agilent Technologies Inc. is headquartered in the US and operates under key business segments including life sciences and applied markets, diagnostics and genomics, and agilent crossLab. The company offers key products including Next-Generation sequencing, FISH Probes, PCR, CRISPR/Cas9, and Oligonucleotide Libraries for the genetic testing market.
bioMérieux SA has only one operating segment, in vitro diagnostics. Through this segment, the company offers microbiology technology that involves culturing biological samples and immunoassays. It also offers molecular biology technology for the detection of genetic sequences, such as RNA and DNA, as well as services for clinical and industrial laboratories. The company’s Molecular Diagnostics category of product offering covers instruments/devices and kits used for extraction, amplification, and detection. The major products include Argene, NucliSENS easyMag, NucliSENS easyQ, DiversiLab, and Filmarray.
Illumina Inc. is headquartered in the US and offers products through the following business segments: Core Illumina and Consolidated VIEs. The company’s key product segments include instruments, kits and reagents, and selection tools. Some of the prominent product offerings of the company for genetic testing market include sequencing platforms (such as iSeq 100 System and MiniSeq System), microarray scanners (such as NextSeq 550 System and iScan System), sequencing reagents (such as HiSeq 3000/4000 PE Cluster Kit and HiSeq X Reagent Kits), microarray kits, sequencer comparison tools, and library preparation and array kit selector panel.
QIAGEN NV is headquartered in the Netherlands and offers products through the following business segments: consumables and related, and instrumentation. The company caters to its end-users through key offerings in different segments including discovery and translational research, diagnostics and clinical research, human ID and forensics, next generation sequencing, and instruments and automation.
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Genetic Testing Product Outlook (Revenue, USD Million, 2020 - 2024)
Genetic Testing Regional Outlook (Revenue, USD Million, 2020 - 2024)
- North America
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