Genetic Testing Market Global Research and Clinical Analysis 2021 to 2026 - Abbott Laboratories, BioRad Laboratories Inc., F Hoffmann-La Roche AG

The “Global Genetic Testing Market” Research Report 2021-2026 is an in-depth study of the market, along with an analysis of its key segments. The relationship is built through extensive primary and secondary research. In-depth market data is generated through interviews and data collection from industry experts and professionals. The study is a detailed document on key aspects of the markets including trends, segmentation, growth prospects, opportunities, challenges, and competitive analysis.

The Genetic Testing Market is valued at approximately USD 7,836 million in 2020 and is expected to witness a revenue of USD 14,227 million in 2026, with a CAGR of 10.45% over the forecast period.

Click the link to get a free Sample Copy of the Report: (Flat 25%)

https://www.marketinsightsreports.com/reports/05202907392/genetic-testing-market-growth-trends-covid-19-impact-and-forecasts-2021-2026/inquiry?Source=MS&Mode=28               

The research report is a compilation of key data with regards to the competitive landscape of this vertical and the multiple regions where the business has successfully established its position.

Top Companies in the Global Genetic Testing Market: 23&Me Inc., Abbott Laboratories, BioRad Laboratories Inc., Danaher Corporation (Cepheid Inc.), F Hoffmann-La Roche AG, Illumina Inc., Luminex Corporation, Myriad Genetics Inc., PerkinElmer Inc., Quest Diagnostics Incorporated, Eurofins Scientific, Qiagen NV, and Other.

Industry News:

In Sep 2020, Illumina, Inc, entered into a definitive agreement to acquire GRAIL to expand the portfolio transformative Multi-Cancer Screening Test, based on Next Generation Sequencing(NGS).

Key Market Trends:

Genetic Testing Market is Expected to Dominate in Cancer Disease Segment Over the Forecast Period

Genetic testing helps in identifying the risk of developing various types of cancers during the individual's lifetime. Genetic tests are available to test inherited variants and mutations in the DNA sequence which could lead to excessive growth of the cells and lead to tumor/cancer. For instance, genetic testing for the identification of PALB2 (associated with increased risks of breast and pancreatic cancers), CHEK2 (breast and colorectal cancers), BRIP1 (ovarian cancer), and RAD51C and RAD51D (ovarian cancer).

According to the research study published in Clinical Cancer Research, 2020, COVID-19 is expected to reshape the oncology practice, clinical trials, diagnostics, and delivery of cancer care to the patients, which can endure well beyond the short- to mid-term of the active pandemic and thus, COVID-19 is expected to impact the studied market over the pandemic era.

The increasing burden of cancers worldwide, along with the growing awareness among the global population on preventive diagnosis and personalized medicine are the major factors driving the cancer segment market over the forecast period. As per Globocan 2020, the incidence of new cancer cases was estimated to be 19,292,789 in 2020, with nearly 9,958,133 deaths due to cancers. Additionally, the new cancer incidence is estimated to reach 30.2 million by 2040 as per International Agency for Research on Cancer(IARC). Thus, the genetic tests aids in providing information on whether cancer runs in the family and the risk factors associated with the development of cancers in future among the individuals with a family history of cancers. Also, genetic testing is performed in patients who do not respond to chemotherapy, to identify the presence of acquired mutations in the tumor that are resistant to therapy.

Also, the increasing technological advancements and product launches s expected to drive the studied segment. For instance, in Dec 2020, Roche launched the Cobas PIK3CA Mutation Test for the detection of PIK3CA mutations in patients with advanced or metastatic breast cancer. Thus, because of the aforementioned factors, the cancer segment is expected to witness significant growth over the forecast period.

Regional Analysis:

North America Captured the Largest Market Share and is Expected to Retain its Dominance Over the Forecast Period

North America dominates the market for genetic testing currently, owing to factors, like increasing demand for personalized genetic testing services in the region and the rise in the prevalence of chronic and genetic disorders.

According to the GLOBOCON 2020, the new cancer cases diagnosed were 2,281,658 in the United States in 2020, with 612,390 deaths. Among all cancers, breast cancer had the highest incidence with 253,465 cases, followed by lung (227,875), Prostate(209,512), and colon(101,809) new cancer cases in 2020 in the United States.

According to the Centers for Disease Control and Prevention (CDC), most clinics and hospitals have restricted in-person delivery of non-essential healthcare services, including genetic counseling, to minimize the transmission of Coronavirus. However, deferring the genetic counseling can impose difficulties because if genetic testing is not performed on time, it would affect the decision making during pregnancy or about cancer treatment. Hence, though the studied market is presently slowed down due to the ongoing pandemic, the situation is expected to improve gradually.

Ask for TOC and Report Description:

https://www.marketinsightsreports.com/reports/05202907392/genetic-testing-market-growth-trends-covid-19-impact-and-forecasts-2021-2026?Source=MS&Mode=28              

What are the market factors that are explained in the report?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a Global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: The Global Genetic Testing Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

The research includes historic data from 2015 to 2021 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

Market Insights Reports
4893, Pepper drive, Harrisburg ,NC 28075,United States

Irfan Tamboli (Head of Sales)
Market Insights Reports
Phone: + 1704 266 3234 | Mob: +91-750-707-8687
sales@marketinsightsreports.com
irfan@marketinsightsreports.com

We also offer customization on reports based on specific client requirements:
1- Free country level analysis for any 5 countries of your choice.
2- Free competitive analysis of any 5 key market players.
3- Free 40 analyst hours to cover any other data points

This release was published on openPR.