DUBLIN–(BUSINESS WIRE)–Oct 11, 2022–
The global genetic testing market is expected to grow from $13.72 billion in 2021 to $15.36 billion in 2022 at a compound annual growth rate (CAGR) of 12%. The genetic testing market is expected to reach $22.91 billion in 2026 at a CAGR of 10.5%.
The genetic testing market consists of the sale of genetic testing services by entities (organizations, partnerships, and sole proprietors) that are used to confirm specific genetic disorders in children and their conditions based on physical signs and symptoms. Genetic testing refers to a type of medical examination that looks for alterations in genes, proteins or chromosomes. The results of a genetic test can identify a genetic disease, as well as determine a person’s risk of developing a genetic disease.
The main types of genetic testing are predictive testing, carriage testing, prenatal and neonatal testing, diagnostic testing, pharmacogenomic testing, nutrigenomic testing, and other types. Predictive tests are part of a new and growing class of medical tests that are fundamentally different from traditional medical diagnostic tests.
The different technologies involved are cytogenetic tests, biochemical tests and molecular tests and are used for different diseases such as Alzheimer’s disease, cancer, cystic fibrosis, sickle cell anemia, Duchenne muscular dystrophy, thalassemia, Huntington’s disease, rare diseases and other diseases. It is used in several applications, such as cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, etc.
North America was the largest region in the genetic testing market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period. Regions covered in the Genetic Testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and South America. ‘Africa.
The increasing prevalence of genetic diseases is expected to propel the growth of the genetic testing market in the future. Genetic disorders refer to certain diseases that cause symptoms at birth, while others develop over time. Genetic testing can help get a diagnosis for a genetic problem and information about the risk of developing cancer.
For example, in November 2021, according to the National Center for Biotechnology Information, a US-based medical organization, genetic diseases were found in 9.4% of pediatric patients, with 44.7% of these patients being newborns. born seriously ill. Additionally, 13.17 million patients suffered from unique genetic disorders in the United States. Hence, the rising prevalence of genetic diseases is driving the genetic testing market.
Technological advancement is a crucial trend gaining popularity in the genetic testing market. Major companies operating in the genetic testing market are focusing on developing technologies to maintain their position in the market. For example, in December 2020, Cell ID Pte. Ltd., a Singapore-based company that manufactures genetic testing products, has launched a portable genetic test for COVID-19 named Quiz PCR Biochip.
It is a palm-sized portable mobile genetic test kit that uses an app to confirm if a person has COVID-19. This device also had a QR code for tracking. This device works on pooled screening technology. It can be easily mobile and can take tests anywhere anytime.
In January 2022, Exact Sciences, an American molecular diagnostics company that manufactures genetic testing products, acquired Prevention Genetics for $190 million. Following this acquisition, Exact Sciences aims to increase hereditary cancer screening tests for a greater number of patients. Prevention Genetics is a US-based company that manufactures clinical DNA (genetic) tests for germline (inherited) genetic diseases.
The countries covered in the Genetic Testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and the United States.
Key Players in the Genetic Testing Market are
- Abbott Laboratories
- Bio-Rad Laboratories Inc.
- Eurofins Scientific
- F. Hoffmann-La Roche Ltd.
- Illumina Inc.
- Myriad Genetics Inc.
- Thermo Fisher Scientific
- Quest Diagnosis
- BGI Group
- Biocartis Group
- 23 and me inc.
- Genetic Master Plan
- CSL Limited
- bioMérieux SA
- Perkin Elmer Inc.
- Agilent Technologies Inc.
2. Characteristics of the Genetic Testing Market
3. Genetic Testing Market Trends and Strategies
4. Impact of COVID-19 on genetic testing
5. Genetic Testing Market Size and Growth
5.1. Global historical genetic testing market, 2016-2021, billion dollars
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Genetic Testing Market Forecast, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Genetic Testing Market Segmentation
6.1. Global Genetic Testing Market, Segmentation by Type, History and Forecast, 2016-2021, 2021-2026F, 2031F, Billion USD
- Predictive tests
- carrier test
- Prenatal and neonatal tests
- Diagnostic tests
- Pharmacogenomic testing
- Nutrigenomic Tests
- Other types
6.2. Global Genetic Testing Market, Segmentation by Technology, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
- Cytogenetic tests
- Biochemical tests
- Molecular tests
6.3. Global Genetic Testing Market, Segmentation by Disease, History and Forecast, 2016-2021, 2021-2026F, 2031F, Billion USD
- Alzheimer’s disease
- Cystic fibrosis
- sickle cell anemia
- Duchenne muscular dystrophy
- Other diseases
6.4. Global Genetic Testing Market, Segmentation by Application, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
- Cancer diagnosis
- Diagnosis of genetic diseases
- Diagnosis of cardiovascular diseases
- Other Apps
7. Regional and Country Analysis of the Genetic Testing Market
7.1. Global Genetic Testing Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global Genetic Testing Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
Laura Wood, Senior Press Officer
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INDUSTRY KEYWORD: HEALTH GENETICS
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 10/11/2022 10:10 AM/DISC: 10/11/2022 10:11 AM
Copyright BusinessWire 2022.