Innovating Precision Health Spotlight on the Genetic Testing Market

According to latest research report published by Market Data Forecast, the genetic testing market will be worth USD 39.56 billion in 2024 and USD 59.74 billion by 2029, growing at a CAGR of 9.86 % from 2024 to 2029.

Genetic testing is a medical test that identifies changes in the genes, chromosomes, or proteins. The genetic test results confirm or rule out a suspected genetic condition or help determine a person's chance of developing or passing on a genetic disorder.

Global Genetic Testing Market Report Scope:

• Market Size (2029): USD 16844 Billion
• Market Size (2024): USD 10525 Million
• CAGR (2024 to 2029): 9.86%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: By Type, Application, and Region
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled are Abbot Laboratories, Roche Molecular Diagnostics, Inc., Abbott Molecular Inc., Auto Genomics, Inc., Celera Group, ELI Tech Group, Bio Rad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/genetic-testing-market

Key Insights from The Report:

• Based on Type, the carrier testing segment is expected to grow at the fastest CAGR during the forecast period.
• Based on Application, the cancer testing segment held the most significant share of the global genetic testing market in 2023.
• North America dominated the genetic testing market in 2023. Europe accounted for second-highest share of the global market in 2023 and on the other hand, the Asia-Pacific region is estimated to grow at the fastest CAGR during the forecast period.
• Abbot Laboratories, Roche Molecular Diagnostics, Inc., Abbott Molecular Inc., Auto Genomics, Inc., Celera Group, ELI Tech Group, Bio Rad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc. are dominated the genetic testing market.

The growing prevalence of genetic disorders worldwide and congenital disabilities are demanding genetic testing. In most of the severe cases, genetic conditions lead to miscarriage and congenital disabilities in the fetus. The increasing adoption of next-generation sequencing and growing advancements in sequencing are enhancing the adoption of genetic testing among people. All these factors majorly contribute to the growth of the global genetic testing market. Next-generation sequencing is evolving as a powerful tool for providing more profound and precise insight into the molecular foundations of individual tumors and specific receptors. The rising awareness among the people regarding hereditary mutations and cancer risks fuels global market revenue growth. Over the years, the prevalence of oncological and genetic diseases has increased. According to the American Cancer Society, nearly 21.6 million new cancer cases are likely to be recorded by 2030. Hereditary mutations lead to a range of cancers, such as kidney, thyroid, uterine, colon, ovarian, and breast cancer. All these factors boost the acceptance of genetic testing to confirm the diagnosis and provide a treatment plan, raising the market value.
The growing technological advancements in the healthcare industry have led to the availability of new tests for various diseases that are effective. Growing consumer interest in personalized medicines in developed countries and increasing demand for direct-to-consumer genetic testing are all boosting the expansion of market revenue.

The high costs of genetic testing are the major restraining factor for the global genetic testing market expansion as the expensive tests are difficult to afford for low and middle-income countries, which hampers the market. The need for skilled professionals and advanced infrastructure in the hospitals and laboratories of developing and underdeveloped economies hinders market expansion. Another restraining factor for the growth of the global market is the cyber security concerns in genomics, as the software is a crucial segment in the growing research. The need for more awareness of genetic conditions and testing among people from low economic backgrounds is limiting market growth.

SEGMENTATION INCLUDED IN THIS REPORT:

By Type:
• Carrier Testing
• Prenatal Testing
• Diagnostic Testing
• Neonatal Testing
By Application:
• Cancer Testing
• Pharmacogenomics Testing
• Prenatal Testing
• Predisposition Testing
By Region:
• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Browse Regional Reports:

North America Genetic Testing Market Research Report - Segmented By Type, Application and Country (United States, Canada, Mexico & Rest of North America) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029) - https://www.marketdataforecast.com/market-reports/north-america-genetic-testing-market
Europe Genetic Testing Market Research Report - Segmented By Type, Application and Country (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic and Rest of Europe) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029) - https://www.marketdataforecast.com/market-reports/eu-genetic-testing-market
APAC Genetic Testing Market Research Report - Segmented By Type, Application and Country (KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA) - Industry Analysis, Size, Share, Trends & Growth Forecast (2024 to 2029) - https://www.marketdataforecast.com/market-reports/apac-genetic-testing-market
Latin America Genetic Testing Market Research Report - Segmented By Type, Application and Country (Brazil, Argentina, Chile and Rest of Latin America) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029) - https://www.marketdataforecast.com/market-reports/la-genetic-testing-market
MEA Genetic Testing Market Research Report - Segmented By Type, Application and Country (Brazil, Argentina, Chile and Rest of Latin America) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029) - https://www.marketdataforecast.com/market-reports/mea-genetic-testing-market

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Carrier Testing
5.1.2 Diagnostic Testing
5.1.3 Prenatal Testing
5.1.4 Neonatal Testing
5.2 By Application
5.2.1 Cancer Testing
5.2.2 Prenatal Testing
5.2.3 Pharmacogenomics Testing
5.2.4 Presdisposition Testing
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter's Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Roche Molecular Diagnostics Inc.
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Abbott Laboratories
8.3 Auto Genomics Inc.
8.4 Celera Group
8.5 ELI Tech Group
8.6 Bio Rad Laboratories
8.7 Quest Diagnostics Inc
8.8 Transgenomic Inc.
8.9 Applied Biosystems Inc.,
8.10 PerkinElmer Inc
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures

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This release was published on openPR.