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

11-28-2022 07:58 AM CET | Health & Medicine

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Genetic Testing Market

Genetic Testing Market

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.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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3D Cell Culture Market: https://www.alliedmarketresearch.com/3d-cell-cultures-market

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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