Worldwide Genetic Testing Industry to 2027 - Advancements in Genetic Testing Techniques is Driving Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Genetic Testing Market by Type, Technology, Application: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.

The genetic testing market accounted for $12,682 million in 2019, and is expected to reach $21,260 million by 2027, registering a CAGR of 10.1% from 2020 to 2027.

Genetic testing is the study of DNA that identifies gene mutation associated with a variety of genetic disorders. There are various types of genetic testing and several methods such as cytogenetic testing, biochemical testing, molecular testing, and chromosome analysis used to determine changes in a person's chromosomes, genes, or proteins. The results of a genetic tests confirm or diagnose a suspected genetic condition or help determine a person's chance of developing or passing on a genetic disorder.

Genetic testing plays a vital role in determining the risk of developing certain diseases as well as screening and sometimes medical treatment. Different types of genetic testing are done for different reasons such as presymptomatic and predictive testing, carrier testing, prenatal testing, and newborn screening.

The global genetic testing market is expected to register substantial growth in the future, owing to the rise in incidences of genetic disorders and cancer and the rise in awareness & acceptance of personalized medicines. For instance, Genetic testing has been widely used in pharmacogenomics, also referred as drug-gene testing. In addition, advancements in genetic testing techniques are expected to boost the market growth during the forecast period. However, standardization concerns of genetic testing-based diagnostics and stringent regulatory requirements for product approvals are anticipated to hamper the market growth during the forecast period. Conversely, untapped emerging markets in developing countries are expected to provide remunerative opportunities for the market players. For instance, Healthcare systems in developing countries such as Brazil, India, and China have experienced a significant increase in investments in healthcare and infrastructure which leads to a surge in demand for genetic testing in the region.

The global genetic testing market is segmented on the basis of type, technology, application, and region. By type, the market is categorized into predictive & presymptomatic testing, carrier testing, prenatal & newborn testing, diagnostic testing, pharmacogenomic testing, and others. On the basis of technology, it is divided into cytogenetic testing/chromosomal analysis, biochemical testing, and molecular testing. Molecular testing is further classified into DNA sequencing and others. By application, it is segmented into cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, and others. By region, the genetic testing market size is analyzed across North America (the U. S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Key Benefits

• This report entails a detailed quantitative analysis along with the current global negative pressure wound therapy devices market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessments.
• The market size and estimations are based on a comprehensive analysis of key developments in the industry.
• A qualitative analysis based on innovative products facilitates strategic business planning.
• The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market

Market Dynamics

Drivers

• Increase in Incidences of Genetic Disorders and Cancer
• The Rise in Awareness & Acceptance of Personalized Medicines
• Advancements in Genetic Testing Techniques

Restraints

• Standardization Concerns of Genetic Testing-Based Diagnostics
• Stringent Regulatory Requirements for Product Approvals

Opportunities

• Untapped Emerging Markets in Developing Countries

List of key players profiled in the report:

• Abbott Laboratories
• Bio-Rad Laboratories, Inc. (RainDance Technologies, Inc. )
• Myriad Genetics, Inc. (Myriad RBM, Inc. )
• Danaher Corporation (Cepheid)
• F. Hoffmann-La Roche Ltd.
• Eurofins Scientific
• Illumina, Inc.
• Qiagen N. V.
• Thermo Fisher Scientific, Inc.
• CSL Ltd.

Other Players

• PerkinElmer, Inc.
• Natera
• Sonic Healthcare

For more information about this report visit https://www.researchandmarkets.com/r/u38eyu