Genetic Testing Services Market projected to expand at a CAGR of 7.3% from 2019 to 2027

Transparency Market Research (TMR) has published a new report titled, ‘Genetic Testing Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’.According to the report, the global Genetic Testing Services market was valued at US$ 41.2 Bn in 2018 and is projected to expand at a CAGR of 7.3% from 2019 to 2027.

Overview

Genetic Testing is a medical test also known as DNA testing which determine changes in the chromosomes, genes, and proteins. This testing can suspect or rule out the suspected genetic conditions which determine any genetic disorder or diseases in the patients.
Various genetic testing available in the market are molecular genetic tests, chromosome genetic tests, and biochemical genetic tests. These tests study the single genes, whole chromosomes, and identify the abnormalities or activity level of the proteins.
Genetic testing would help in diagnosing diseases, severity of the disease, diagnosis or identifying the changes in the genes, inherited risk of developing the diseases, and also enables the patient and physicians for establishing the optimum treatment.
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New Born Screening Segment to Dominate Global Genetic Testing Services Market

In terms of test type, the global genetic testing services market has been segmented into prenatal testing, newborn screening, predictive & presymptomatic testing, pharmacogenomic testing, and others.
New Born Screening segment likely to grow at highest growth care during forecast period. Rise in neonatal diseases, and increasing pediatric patients suffering from diseases are propelling factor for the segment growth in coming years.
Predictive and Presymptomatic Testing is another segment likely to held major market share in genetic testing services market. Genetic mutation leading to the development of various chronic diseases boosting the need of genetic testing services market during forecast period.
Oncology Segment Hold a Major Share of Global Genetic Testing Services Market

In terms of application, the global genetic testing services market has been classified into oncology, infectious diseases, autoimmune diseases and others. Oncology segment dominated the market in 2018 and it would continue its dominance during the forecast period.
Attributable factors driving the segment growth ascribed to the rising incidences of breast cancer, colorectal cancer, lung cancer and other types across globe. Moreover, early diagnosis of the cancer through genetic testing is another driving factor for the segment growth in coming years. Predictive test of breast cancer is another propelling factor for the segment growth during forecast period.
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Hospitals based laboratories Segment to Dominate Global Genetic Testing Services Market

Based on service providers, the global genetic testing services market has been segmented into hospitals based laboratories, diagnostic laboratories, speciality clinics, and others. Hospitals based laboratories segment accounted for major share of the market. Rising incidence of diseases, increasing hospital stays, and growing geriatric population are few major factors expected to boost the segment during the forecast period. Moreover, long-term care of patients suffering from chronic diseases required expertise and standard diagnosis process likely to accelerate the hospital based laboratories segment during forecast period.
Speciality clinics to grow at rapid growth care during forecast period, owing to increasing investments and extensive R&D activities and wide outsourcing of a few specialty tests are factors fueling the speciality clinics segment.
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North America to Dominate Global Genetic Testing Services Market

In terms of region, the global genetic testing services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global genetic testing services market in 2018, followed by Europe.
North America accounted for major share of the global genetic testing services market in 2018. Technological advancements, presence of key players, launching of novel products, demand of diagnostics for cancer detection, rising prevalence and incidences of autoimmune, infectious diseases in the region are attributable factors for the market growth of the region.
The Genetic Testing Services market in Asia Pacific is anticipated to expand at a highest growth rate from 2019 to 2027. Increasing patient burden suffering from chronic diseases, and recent merger & acquisitions amongst key players offering genetic testing and services are estimated to propel the market in the Asia-Pacific region during forecast period.
Competitive Landscape

The global genetic testing services market is consolidated in terms of number of players. Key players in the global Genetic Testing Services market include Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Genomic Health, Inc., NeoGenomics Laboratories, Inc, Eurofins Scientific, Ambry Genetics, Illumina, Inc, 23andMe, Inc., Exact Sciences, Natera, Invitae, Veracyte, and other prominent players.

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This release was published on openPR.