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 10.30% and is anticipated to acquire a market worth of USD 30.10 Billion by 2027.
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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The segmental scrutiny of the genetic testing market 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.
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.
Organizations want to invest in technology and innovation for the post-COVID-19 future and need to maintain resilience for the next major upheaval. However, many companies are yet to address the delayed risks and potential vulnerabilities introduced during the pandemic’s growth ability. The industry’s growth is expected to be fueled by market businesses’ investments in building strong e-commerce and retail channels. The use of technology and a strategy-based approach is likely to increase the likelihood of future success. Many government agencies are providing fiscal stimulus to help their national markets recover, which is expected to boost global demand. The reformative trends that are forming the global market are anticipated to lift the market. In the following months, the creation of strong delivery chains is expected to accelerate developments. The increase in the rate of innovation is expected to open up new market opportunities. The signing of several international trade agreements is expected to boost the expansion of the market’s economy. The market’s heightened focus on high-revenue decision-making is expected to hasten its return to normalcy in the coming months.
The illustrious companies in the genetic testing market are Myriad Genetics Inc. (US), QIAGEN (Germany), Abbott Laboratories (US), Illumina Inc. (US), Eurofins Scientific (US), Quest Diagnostics Incorporated (US), Hoffmann-La Roche Ltd (Switzerland), PerkinElmer Inc. (US), Thermo Fisher Scientific Inc. (US), Blueprint Genetics (Finland), Bio-Rad Laboratories Inc. (the US), and BGI Genomics (China).
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.
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