Genetic Testing Services Market Key Company, Trends, Size, Emerging Technologies, Growth Factors, and Regional Forecast to 2030

The genetic testing services market size is projected to grow from US$ 3,425.23 million in 2022 to US$ 10,556.29 million by 2030; it is estimated to record a CAGR of 15.1% during 2022-2030.

Market Insights and Analyst View:

Genetic testing, also called DNA testing or genetic analysis, is a medical and scientific procedure that involves examining and analyzing an individual's DNA to gain insights into the individual's genetic makeup and genetic information. Genetic testing can reveal specific genetic variations, mutations, or alterations within an individual's genome, providing information about their genetic predispositions, inherited traits, risk of certain diseases, and more. Genetic testing is conducted for various purposes, including diagnosing genetic disorders, assessing disease risk, identifying carrier status for inherited conditions, understanding ancestry and genealogy, and guiding personalized medical treatments. Genetic testing generally involves the analysis of a sample of genetic material, such as blood, saliva, buccal swabs, or tissue samples, to examine the individual's DNA.

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Key Players Analysis:
• Laboratory Corporation of America Holdings
• F. Hoffmann-La Roche Ltd
• Illumina, Inc.
• Quest Diagnostics Incorporated
• Exact Sciences Corp (Genomic Health)
• NeoGenomics Laboratories, Inc.
• Eurofins Scientific
• Ambry Genetics
• Centogene AG

Segmental Analysis:

The genetic testing services market, based on service type, is segmented into prenatal testing, predictive testing, carrier testing, newborn screening, diagnostic genetic testing, and others. In 2022, the diagnostic genetic testing segment held the largest share of the market and is projected to register the highest CAGR in the market from 2022 to 2030. Diagnostic testing is performed to identify a specific genetic or chromosomal disease. This test detects a specific gene alteration but is often unable to determine disease severity or age of onset. A mutation in a single gene may result in many diseases, for example, Down's syndrome, cystic fibrosis, and Huntington's disease. Genetic testing often confirms a diagnosis when a specific condition is suspected based on physical signs and symptoms. Diagnostic testing can be done before birth or at any time during a person's life. The results of diagnostic tests can influence a person's choices about healthcare and disease or disorder management. Advancements in genetic testing have transformed the risk assessment and diagnostic landscape for many hereditary and genetic diseases. Advanced tools introduced to test genetic diseases allow diagnostic service providers to better understand and detect multiple illnesses, including rare diseases. In oncology, genetic variations can determine whether a patient is at an increased risk for a specific type of cancer. For instance, patients with a family history of breast cancer may be tested for genetic risk factors that correlate with a high risk of breast cancer.

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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the Genetic Testing Services Market based on various segments. It also provides market size and forecast with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The Genetic Testing Services Market by each region is later sub-segmented by respective countries and segments.

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This release was published on openPR.