The global genetic testing market is projected to expand at a CAGR of 13.17% during the forecast period to reach US$8.162 billion by 2024 from US$3.885 billion in 2018. The global genetic testing demand is driven by a number of factors such as aging global population, rising incidences of genetic and hereditary diseases, growing awareness, technological advancements and rise in the application of genetic testing for early detection of various diseases.
With the development of new technologies and innovation in both scientific research and research equipment, genetic testing is headed towards an era of high significance in the near future. As investments in research and development related to genetic testing increases, the global genetic testing market is expected to witness a substantial boost in its overall growth in the next five years.
North America holds the largest share in the global genetic testing market owing to technological advancements, the rising prevalence of genetic diseases and high quality of infrastructure to support the genetic testing industry in the region. However, emerging economies hold good potential for the growth of genetic testing market due to factors such as rising patient pool, more government funding supporting the investment in the industry and growing awareness regarding the technology. APAC region will witness the fastest market growth owing to the rising aging population, rising purchasing power, and technological advancements in the region. However, the high cost of genetic testing coupled with unclear reimbursement structure, lack of skilled personnel, and lack of regulations in the market will restrain the growth of this market during the forecast period.
The report provides a brief introduction of the market and deals with detailed research methodology for calculating market size and forecasts, secondary data sources used and the primary inputs which were taken for data validation. This section also outlines various segments which have been covered as part of the report.
The next section provides comprehensive market dynamics through an overview section along with growth drivers, challenges, and opportunities which exist in the current market. This section of the report also provides global and regional regulations which are determining the market growth and industry value chain analysis of the genetic testing market. Complete industry analysis has also been covered by Porter’s five forces model as a part of this report section.
The major players discussed in this report include F. Hoffmann-La Roche Ltd, 23&Me, Inc., Precipio, Inc., AutoGenomics, Abbott Laboratories, Luminex Corporation with few others.
The genetic testing market has been segmented by product type, by diseases, by technology, and geography:
New Born Screening
Predictive & Pre-symptomatic Testing
Sickle Cell Anemia
Duchenne’s Muscular Dystrophy
Middle East and Africa
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