Genetic testing Market Overview
The genetic testing market has witnessed exponential growth in recent years, fueled by advancements in technology and increasing awareness among consumers about the potential benefits of genetic testing. Genetic testing involves analyzing an individual's DNA to identify variations or mutations that may be associated with certain diseases, conditions, or traits.
One of the key drivers of the genetic testing market is the growing prevalence of genetic disorders and chronic diseases worldwide. As healthcare providers and patients alike recognize the value of early detection and personalized treatment options, demand for genetic testing services continues to rise.
The increased awareness of the benefits of genetics testing is predicted to transform the global market. The market's report is efficiently analyzed as per MRFR, which provides outlooks for the global markets. The genetic testing market is projected to thrive at a CAGR of 10.5% and is anticipated to acquire a market worth of USD 19.8 Billion by 2032.
The growing prevalence of genetic disorders is estimated to create a consistent demand for the progress of the genetic testing market. The improved accessibility to prenatal screening and diagnostics is predicted to create lucrative opportunities in the duration of the genetic testing market.
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Genetic testing Market Competitive Landscape:
The important companies active in the genetic testing market include.
- PerkinElmer Inc. (US)
- Myriad Genetics Inc. (US)
- Abbott Laboratories (US)
- Illumina Inc. (US)
- QIAGEN (Germany)
- Eurofins Scientific (US)
- Quest Diagnostics Incorporated (US)
- Hoffmann-La Roche Ltd (Switzerland)
- Thermo Fisher Scientific Inc. (US)
Industry Updates:
Aug 2021 Tesis Labs, a pioneer in targeted genetic sequencing, and Personal Genome Diagnostics Inc. (PGDx), a pioneer in cancer genomics, announced a new partnership to harness the potential of genetic sequencing and bioinformatics. The firms plan to pool their resources and expertise to develop innovative genomics solutions that could fight cancer, enhance patient outcomes, and advance market access measures to speed up market acceptance.
Aug 2021 Exact Sciences Corp. has approached Invitae Corp., a business specializing in genetic testing, about a prospective merger. The firms are not in active discussions, and if a deal is struck, it will almost certainly be a low-premium, all-stock merger. Cancer screening businesses have been busily combining as they develop novel ways to detect cancers before they become uncontrollable.
Genetic testing Market Segmental Analysis
The segmental scrutiny of the genetic testing market share is conducted based on method, application, type, and region. The method segment of the genetic testing market comprises of chromosomal genetic tests, biochemical genetic tests, and molecular genetic tests/DNA tests. The genetic testing market's application segment comprises cancer screening, reproductive health, ancestry, pre-symptomatic testing, and predictive. The type segment of the genetic testing market comprises of direct-to-consumer genetic testing and prescribed genetic testing. The region segment of the genetic testing market comprises of North America, Europe, Asia-Pacific and other prominent regions.
Genetic testing Market Regional Overview
The regional overview of the genetic testing market comprises of North America, Europe, Asia-Pacific and other prominent regions. Because of the rising rates of genetic disorders and the 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. During the forecast period, the European market for genetic testing is expected to be the second-largest. Due to the expanding patient pool and undiscovered market prospects in developing countries, APAC is likely to be the fastest-growing regional market. Recent discoveries and advancements in molecular medicine in Europe are essential elements in the market's growth.
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