A Detailed Analysis of the COVID 19 Impact on Genetic Testing Market

The genetic testing market is expected to reach $170 million by 2025, an annual average growth of 11.3% from 2018 to 2025. The diagnostic test segment accounted for about half of the total market share in 2017.

Genetic testing is a genetic study that tests genetic material taken from cells from human blood samples or other body fluid samples. The study is carried out in connection with the discovery of genetic disorders, as well as the genetic and chromosomal inheritance and mutations used in the selection of the correct treatment for the treatment of these genetic disorders. Genetic testing includes a variety of techniques such as comparative genomic hybridization, in situ fluorescence, karyotyping, and immunohistochemistry.

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The global genetic testing market is expected to record significant growth in the near future due to increased genetic disorders and cancer incidence. In addition, it is expected that the demand for personalized medicines will increase during the forecast period and the application of genetic testing in oncology will increase. However, the high cost of genetic testing for product approvals and stringent regulatory requirements are expected to hinder the growth of the genetic testing market during the forecast period. Conversely, emerging markets in developing countries are expected to offer reward opportunities to market participants. Therefore, these drivers and opportunities are expected to increase the global market share of genetic testing.

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This report highlights the leading players in the global genetic testing market: 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 NV, Novartis International AG and Thermo Fisher Scientific, Inc. Other companies operating in the genetic testing industry include Agilent Technologies, Inc., Empire Genomics, LLC, Irvine Scientific, PerkinElmer, Inc., Sysmex Corporation, and others.

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Key results of the genetic testing market:

• The technology-based biochemical testing sector is expected to experience rapid growth in the market and is expected to grow at an annual average rate of 12.0% from 2018 to 2025.
• Depending on the field of application, the genetic disease diagnostics segment generated the most revenues in 2017 and is expected to maintain its edge over the forecast period.
• The United States generated the highest revenues in 2017, accounting for about two-fifths of the global market in 2017.
• The Asia Pacific region is expected to grow at a CAGR of 13.0% over the forecast period.

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