Genetic Testing Market to Grow at 9.6% CAGR during 2021-2027, Impelled by Increasing Burden of Cancers Worldwide

According to the latest report by Renub Research, titled “Genetic Testing Market Global Forecast 2021-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis” the Genetic Testing Market is expected to reach US$ 25.05 Billion by 2027. Genetic testing plays an essential role in diagnosing the carrier detection disease, presymptomatic, and prenatal diagnosis. As per the (WHO) World Health Organization, 10,000 diseases worldwide are monogenetic, created by modification or variation in a single gene present in every single cell of a body; those diseases can only be diagnosed and prevented by genetic testing.

Moreover, genetic testing is a form of medical testing performed to identify any changes in the DNA sequence or chromosome structure. Genetic testing practices are rapidly progressing in rare disease diagnostics and personalized medicine. There are different kinds of tests practiced in examining genetic disorders like Predictive Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomics Testing, Nutrigenomic Testing, and others. These tests are used to diagnose medical conditions such as genetic disease, cancer diagnosis, diagnosis, and cardiovascular disease diagnosis.

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Globally New Cancer Cases were more than 19 Million and Deaths from Cancer were also more than 9 Million

The increasing burden of cancers worldwide and the growing awareness among the global population on predictive testing and personalized medicine are the major factors that demand genetic testing in cancer. Thus, the aid of the genetic test provides information on whether cancer runs in the family and the risk factors connected with the development of cancers in future among the individuals with a family history of diseases. Also, genetic testing is conducted in patients who do not respond to chemotherapy to identify the presence of acquired mutations in tumors that are resistant to therapy. By Globocan 2020, the rate of new cancer cases was 19,292,789, with nearly 9,958,133 deaths due to cancers.

Genetic testing includes cytogenetic, biochemical, and molecular testing based on technology. Molecular testing is the most standard technology for genetic testing. For instance, molecular technology is used in genetic tests such as diagnostic, carrier, predictive, & presymptomatic testing, etc. Furthermore, molecular testing is also favored as it can be applied to analyze gains or losses in DNA that are not detectable with regular chromosome analysis.

United States New Cancer Cases were more than 2 Million and Deaths from Cancer were also more than 0.6 Million

Geographically, North America runs the market for genetic testing by advancements in technology in the genetic testing space. The growth in the ageing population, a subsequent rise in the cases of chronic diseases, and rising cancer cases are a few factors aiding the demand for genetic testing in the region. For instance, in 2020, by Globocan, in the US, among all cancers, breast cancer had the highest incidence, followed by lung prostate and colon. The new cancer cases diagnosed were 2,281,658 in the United States, with 612,390 deaths.

On the one hand, there is a massive demand for genetic testing in Asia-Pacific due to increased affordability, the surge in healthcare expenditure, and the rise in awareness toward early screening of genetic disorders. In the future, the Asia-Pacific Genetic Testing Market Size will be more than double.

Covid-19 Impact on Genetic Testing Market

COVID-19 pandemic has also affected the genetic testing market adversely. After the WHO declared COVID-19, worldwide adopted lockdowns to observe social distancing to contain the spread. The pandemic hurts the genetic testing market. This is attributed to the point that genetic counselors cannot see patients in person, laboratories cannot run the tests, and doctors are not available for counselling. In addition, governmental bodies such as the Centers for Medicaid Services (CMS) presently do not recognize genetic counselors as healthcare providers. Hence, they are not exempted from training during lockdowns.

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The global genetic testing industry is highly ambitious, and the prominent players in the market have adopted several strategies to garner maximum genetic testing market share. These include product launch, collaboration, partnership, and acquisition. Key players operating in the genetic testing market include Abbott Laboratories, Danaher Corporation (Cepheid Inc.), Illumina Inc., BioRad Laboratories Inc. and F Hoffmann-La Roche AG.

Type – We have covered by type in the Genetic testing market breakup by 7 viewpoints (Predictive Testing, Carrier Testing, Prenatal and New-born Testing, Diagnostic Testing, Pharmacogenomics Testing, Nutrigenomic Testing and Others)

Technology – Renub Research Report covers by technology in the Genetic testing market breakup by 3 viewpoints (Cytogenetic Testing, Biochemical Testing and Molecular Testing)

Application – This Report covered by application in the Genetic testing market breakup by 3 viewpoints (Cancer, Genetic Diseases, Cardiovascular Diseases and Others)

Region - Our Report covered by region in Genetic testing market breakup by 4 viewpoints (Europe, America, Middle East & Africa and Asia-Pacific)

All the key players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue) Abbott Laboratories, Danaher Corporation (Cepheid Inc.), Illumina Inc., BioRad Laboratories Inc. and F Hoffmann-La Roche AG

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The global genetic testing industry is highly ambitious, and the prominent players in the market have adopted several strategies to garner maximum genetic testing market share.

This release was published on openPR.