Genetic Testing Services Market to Expand at CAGR of 8.4% during Forecast Period 2023-2031: as per TMR Study

The global 𝐠𝐞𝐧𝐞𝐭𝐢𝐜 𝐭𝐞𝐬𝐭𝐢𝐧𝐠 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 was valued at US$ 15.0 billion in 2022 and is projected to grow at a CAGR of 8.4% from 2023 to 2031, reaching over US$ 31.5 billion by 2031.

This growth is fueled by the increasing prevalence of genetic disorders and growing awareness about personalized medicine. Technological advancements like next-generation sequencing and gene editing have enhanced the accuracy, efficiency, and affordability of genetic testing, driving market expansion. Additionally, the rise in adoption of direct-to-consumer gene testing kits has made genetic testing more accessible, enabling personalized health management and ancestry exploration, thereby boosting the genetic testing services industry.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
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Genetic testing services refer to the analysis of an individual's genetic material, such as DNA testing, to identify genetic disorders, predict disease risks, and guide personalized treatment plans. These services have gained significant importance in the field of healthcare due to their potential to provide valuable insights into an individual's genetic makeup and help making informed medical decisions.

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Genomic Health, Inc., NeoGenomics Laboratories, Inc., Eurofins Scientific, Ambry Genetics, Illumina, Inc., and 23andMe, Inc.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐓𝐞𝐬𝐭 𝐓𝐲𝐩𝐞

Prenatal Testing
New Born Screening
Predictive & Presymptomatic Testing
Pharmacogenomic Testing
Others

𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫

Hospital-based Laboratories
Diagnostic Laboratories
Specialty Clinics
Others

𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Oncology
Infectious Diseases
Autoimmune Diseases
Others

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:

In March 2022, Illumina launched a cancer test in Europe that examines a broad range of tumor genes using a single tissue sample. This test offers potential benefits for patients with rare diseases, as it helps match them with suitable treatment options based on comprehensive genomic analysis.

In June 2022, Prenetics Group Limited introduced ColoClear by Circle, a non-invasive at-home screening test for early detection of colorectal cancer. This novel test enhances the ability to identify signs of colorectal cancer in its early stages, improving treatment outcomes.

𝐆𝐞𝐭 𝐓𝐡𝐢𝐬 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭, 𝐈𝐧𝐬𝐭𝐚𝐧𝐭𝐥𝐲:
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𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:

North America's strong market presence reflects its significant contribution in the growth and development of genetic testing services.

Asia Pacific is expected to register a substantial genetic testing services market CAGR during the forecast period. Large population base, increase in disposable income, rise in awareness about genetic disorders, and improvements in healthcare infrastructure contribute to the regional market expansion. Rise in healthcare expenditure and focus on personalized medicine in countries such as China, India, and Japan are also augmenting market statistics.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

Shift towards direct-to-consumer genetic testing.
Growing adoption of next-generation sequencing (NGS) technologies.
Integration of artificial intelligence and machine learning in genetic testing interpretation.

𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:

The Genetic Testing Services Market is expected to witness continued expansion fueled by ongoing research and development, expanding applications in oncology and rare diseases, and increasing collaborations between industry players and research institutions.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲 𝐏𝐨𝐢𝐧𝐭𝐬:

Market size and growth projections.
Competitive landscape analysis.
Regulatory landscape assessment.
Adoption trends and drivers.
Regional market dynamics.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐌𝐑:

𝐏𝐡𝐚𝐫𝐦𝐚𝐜𝐨𝐯𝐢𝐠𝐢𝐥𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/04/26/2655580/0/en/Pharmacovigilance-Market-to-Exhibit-USD-11-5-Bn-by-2028-Expanding-at-an-8-8-CAGR-Says-Transparency-Market-Research.html

𝐏𝐫𝐞𝐬𝐞𝐫𝐯𝐞𝐝 𝐅𝐥𝐨𝐰𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/04/26/2655474/0/en/Preserved-Flower-Market-Size-Expected-to-Reach-271-3-Million-by-2031-Growing-at-a-CAGR-of-4-3-from-2021-to-2031-Says-TMR-Research-Report.html

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