Genetic Testing Market Is Estimated To Witness High Growth Owing To Rising Demand For Personalized Medicine | PerkinElmer Inc., Illumina Inc., Danaher Corporation, Myriad Genetics Inc

Market Overview:

Genetic testing involves analyzing human DNA sequences to detect alterations or mutations that cause disorders. These tests are widely used for carrier screening, predictive and prenatal testing, newborn screening, and diagnostics.

Market Dynamics:

The genetic testing market is expected to witness considerable growth over the forecast period owing to rising demand for personalized medicine and increasing application of genetic testing in oncology. Personalized medicine tailored to a person's genes, lifestyle and environment has potential to transforms treatment of many chronic diseases. Also, genetic tests are increasingly adopted in cancer treatment and management which is furtherfueling market growth.The increasing application of genetic testing for early cancer detection and disease diagnosis across various application areas such as cardio-metabolic, neurological disorders is another key factor expected to boost the market growth during the forecast period.

Get an Exclusive Sample Copy of the Report at: - https://www.coherentmarketinsights.com/insight/request-sample/5802

Genetic Testing Market Drivers, Restrains and Opportunities

Increasing Incidence of Genetic Disorders and Cancer Driving the Adoption of Genetic Testing

The incidence of various genetic disorders and cancer cases has been rising significantly over the past few decades. Genetic testing helps in early detection of such conditions and plays a crucial role in customized treatment planning. It can help identify individuals who are at a high risk of developing certain cancers or inherited conditions later in life. This allows them to take preventive measures and lifestyle changes. Rising awareness about the benefits of genetic testing for various hereditary conditions is a major factor spurring the growth of this market.

Growing Application of Genetic Testing in Personalized Medicine Boosting Market Growth

Personalized medicine utilizes a person's genetic profile to customize treatment according to their specific needs. It represents a shift from one-size-fits-all therapies to precision treatments developed for each individual. Genetic testing is fundamental to personalized medicine as it provides insights into diseases and their risk factors and also a patient's expected response to drugs or therapies. The growth of personalized medicine approach is translating into increased demand for genetic testing from both pharmaceutical companies and healthcare providers. This widening application scope is notably contributing to the expansion of the genetic testing market.

Stringent Regulations Restricting Widespread Adoption of Direct-To-Consumer Genetic Testing Kits

Direct-to-consumer genetic tests, which allow individuals to collect DNA samples and receive results without involving a healthcare provider, are facing regulatory challenges in many countries. Concerns related to inaccurate or ambiguous test results, privacy issues, potential misuse of data, and lack of pre- and post-test genetic counseling have led to stringent restrictions or bans on these tests. While they provide convenience, direct-to-consumer tests are considered less reliable than those processed through healthcare settings with involvement of genetic counselors and medical practitioners. Regulations limiting or prohibiting over-the-counter availability of genetic testing kits is a key factor constraining market growth.

Opportunity for Genetic Counseling to Boost Adoption of Genetic Testing

While genetics tests provide invaluable health insights, they also carry psychosocial risks if not accompanied by proper guidance. Genetic counseling helps address issues pertaining to psychosocial aspects, interpretation of complex genetic results, medical management, reproductive options, privacy and legal rights. It empowers individuals to make well-informed decisions regarding their healthcare. Several studies have shown counseling significantly improves user experience and outcomes. However, limited availability of trained counselors remains a major challenge. This represents an opportunity for companies to offer genetic counseling services along with testing to boost uptake and client satisfaction. Investments in expanding counseling programs can help address current impediments and further drive market growth.

List of TOP Players in Market Report are: -

◘ 23&Me Inc.
◘ Qiagen NV
◘ Eurofins Scientific
◘ PerkinElmer Inc.
◘ Illumina Inc.
◘ Danaher Corporation
◘ Myriad Genetics Inc.
◘ Abbott Laboratories
◘ F. Hoffmann-La Roche Ltd.
◘ Quest Diagnostics Incorporated
◘ BioRad Laboratories Inc.
◘ DiaSorin S.p.A. (Luminex Corporation)
◘ among others.

Market Detailed Segmentation:

By Type:

Carrier Testing
Diagnostic Testing
New-born Screening
Predictive and Presymptomatic Testing
Prenatal Testing
Other Types

By Disease:

Alzheimer's Disease
Cancer
Cystic Fibrosis
Sickle Cell Anemia
Duchenne Muscular Dystrophy
Thalassemia
Huntington's Disease
Rare Diseases
Other Diseases

By Technology:

Cytogenetic Testing
Biochemical Testing
Molecular Testing

Buy This Premium Report and Get Upto 25 % OFF: https://www.coherentmarketinsights.com/insight/buy-now/5802

Furthermore, the years considered for the study are as follows:

Historical data - 2016-2021
The base year for estimation - is 2021
Estimated Year - 2023
Forecast period** - 2023 to 2030

This Genetic Testing Market Research/Analysis Report Contains Answers to your following Questions:

◈What are the current global trends in the Genetic Testing market, and will the market experience an increase or decrease in demand in the upcoming years?

◈ What is the expected demand for various product types within the Genetic Testing market, and what are the emerging Market applications and trends?

◈ What are the projections for the global Genetic Testing Market in terms of capacity, production, production value, cost, profit, market share, supply, consumption, import, and export?

◈ How will strategic developments shape the Market trajectory in the medium to long term?

◈ What factors contribute to the final price of Genetic Testing , and what are the raw materials used in its manufacturing?

◈ What is the market's growth potential, particularly with the increasing adoption of Genetic Testing in mining?

◈ What is the current and 2022 value of the global market, and who are the leading companies in this market?

◈ What recent Market trends can be leveraged to create additional revenue streams?

◈ What entry strategies, economic impact mitigation measures, and marketing channels should be considered for the Genetic Testing Market?

Summarized Extracts from TOC of Market Study

Chapter 1 Genetic Testing Introduction and Market Overview

1.1 Objectives of the Study

1.2 Overview of Genetic Testing

1.3 Scope of The Study

1.3.1 Key Market Segments

1.3.2 Players Covered

1.3.3 COVID-19's impact on the Genetic Testing industry

1.4 Methodology of The Study

1.5 Research Data Source

Chapter 2 Executive Summary

Chapter 3 Industry Chain Analysis

Chapter 4 Market, by Type

Chapter 5 Market, by Application

Chapter 6 Market Analysis by Regions

Chapter 7 North America Market Analysis by Countries

Chapter 8 Europe Genetic Testing Market Analysis by Countries

Chapter 9 Asia Pacific Genetic Testing Market Analysis by Countries

Chapter 10 Middle East and Africa Genetic Testing Market Analysis by Countries

Chapter 11 South America Genetic Testing Market Analysis by Countries

Chapter 12 Competitive Landscape

Chapter 13 Industry Outlook

Chapter 14 Market Forecast

Chapter 15 New Project Feasibility Analysis

Contact Us

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame,
CA 94010, United States
Phone: US +12067016702 / UK +4402081334027
JAPAN:+81-50-5539-1737
INDIA:+91-848-285-0837
Email: sales@coherentmarketinsights.com

About Coherent Market Insights

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.