Genetic Testing Market: Demand, Share, Trend, Business Opportunity, Product, Forecast 2031 | Global Value 21.26 billion by 2027

Allied Market Research published a report, titled, "Genetic Testing Market by Type (Predictive & Presymptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing), Application (Cancer diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027″ According to the report, the global genetic testing industry was estimated at $12.68 billion in 2019, and is expected to reach $ 21.26 billion by 2027, registering a CAGR of 10.1% from 2020 to 2027.

Download Detailed COVID-19 Impact Sample Report at: https://www.alliedmarketresearch.com/request-for-customization/5241?reqfor=covid

Covid-19 scenario-

Covid-19 outbreak badly impacted genetic counselors as doctors were not available for counselling, and laboratories were not able to run the tests.
Genetic counselors are not exempted for practicing during lockdowns as they are not recognized as doctors by governmental bodies such as Centers for Medicaid Services (CMS) presently.
However, the government bodies have eased off certain regulations thereby permitting the organizations to resume their activities.
By type, the market is segmented into predictive testing & presymptomatic testing, carrier testing, prenatal & newborn testing, diagnostic testing, pharmacogenomic testing, and others. The prenatal & newborn testing held dominant position with highest revenue in 2019, and is expected to maintain its dominance during the forecast period. This is attributable to growth in awareness among people regarding healthcare and increase in incidences of mortality rate from genetic diseases across the world. On the other hand, the pharmacogenomic testing segment is anticipated to witness highest CAGR during the forecast period. This is largely anticipated to increase in application in use of personalized medicine across the globe.

By technology, molecular testing acquired the major share of genetic testing market in the year 2019 and is expected to maintain the lead over the forecast period. The growth of this segment is due to the fact that molecular testing is the most used technology for genetic testing. For instance, the technology is used in genetic tests such as carrier testing, diagnostic testing, predictive & presymptomatic testing and others. Furthermore, molecular testing is also in preferred as it can be used to analyze gains or losses in DNA that are not detectable with routine chromosome analysis.

Region wise, North America was the leading revenue contributor to the global genetic testing market in 2019 and is expected to dominate the market during the forecast period. This is attributed to presence of majority of key players in the region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to increase in affordability, surge in healthcare expenditure, and rise in awareness toward early screening of genetic disorders.

Key Findings Of The Study

By type, the prenatal & newborn testing segment occupied one-thirds share of the global genetic testing market in 2019
By technology, the biochemical testing segment is anticipated to grow with the highest CAGR throughout the forecast period.
By application, the genetic disease diagnosis segment accounted for more than one-thirds share of the market in 2019.
By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.

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