Genetic Testing Market Share, Latest Trends, Growth Status, Top Major Players And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Genetic Testing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The genetic testing market size has grown rapidly in recent years. It will grow from $17.33 billion in 2023 to $19.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to increasing healthcare expenditure, rise in cancer prevalence, increase in demand for personalized medicine and emergence of novel infectious diseases.

The genetic testing market size is expected to see rapid growth in the next few years. It will grow to $29.35 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing government support, rising prevalence of genetic disorders, rising geriatric population and increase in chronic diseases prevalence. Major trends in the forecast period include introducing new programs such as genetic counseling and informatics programs that will assist develop the next generation of genetic testing, technological advancement and launching direct-to-consumer genetic test.

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Market Drivers and Trends:

The rising prevalence of genetic disorders is expected to propel the growth of the genetic testing market going forward. Genetic disorders refer to some diseases that cause symptoms at birth, while others develop over time. Genetic testing can help get a diagnosis for a genetic issue and information about the chances of developing cancer. For instance, in November 2021, according to the National Center for Biotechnology Information, a US-based medical organization, genetic illnesses were found in 9.4% of pediatric patients, with 44.7% of these patients being critically ill newborns. Also, 13.17 million patients were suffering from unique genetic disorders in the US. Therefore, the rising prevalence of genetic disorders is driving the genetic testing market.

Direct-to-consumer genetic tests are a key trend gaining traction in the genetic testing market. Direct-to-consumer deoxyribonucleic acid (DNA) tests, also known as at-home DNA tests, are ones that consumers can take samples at home and send off to determine their genetic risk for specific diseases. Genetic testing performed at home examines the subjects DNA and can identify gene variations that raise the risk of developing specific medical conditions. For instance, in 2022, DNALabs, an India-based company, that provides genetic testing solutions aiming to transform personalized medicine, introduced At-Home Genetic Testing Solutions. DNALabs enables people to make educated decisions with just a simple cheek swab using an at-home DNA collection kit, whether they are consumers taking control of their own health or healthcare professionals looking to customize the best treatment for their patients.

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Major Key Players of the Market:

Cargill Incorporated, Archer Daniels Midland Company, Kerry Group, International Flavors & Fragrances, Ingredion Incorporated, Koninklijke DSM NV, Tate & Lyle PLC, Novozymes A/S, Symrise AG, Givaudan International S.A., Global Specialty Ingredients, Qingdao Haixingyuan Biotechnology Co. Ltd., Wilmar International, Musim Mas, Mewah International, The Nisshin Oillio Group, Miyoshi Oil & Fat Co Ltd, IOI Group, Fairchem, Australian Chemical Industries Int Co, Jayant Oils And Derivatives Ltd, Atlas Chemicals, Shanghai Yan'an Grease Chemical Co Ltd, Gysmecol (Guangzhou) Technology Co Ltd, Vita Manufacture, Townview Foods Ltd, Brett Beardsell Consulting, Quattro Foods, Harrogate Indian Supermarket, Rigest Trading Limited, Special Ingredients Ltd, Andrew Ingredients Ltd, Flytex Llc, Nhl Corporate Group, Foodmix Llc, Ochakovo Factory Of Food Ingredients Co. Ltd, Constanta Llc, Stevia First Corporation, Bunge Limited, First Choice Ingredients, Vogler Ingredients, Olam Agricola Ltda, ARSTE FI, Ars Technica, Afribon, AJWA Group Food Industries

Genetic Testing Market 2024 Key Insights:

• The genetic testing market size is expected to see rapid growth in the next few years. It will grow to $29.35 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Surge In Genetic Disorders Propels Growth Of Genetic Testing Market
• The Rise Of Direct-To-Consumer Genetic Tests In Shaping Personalized Healthcare
• North America was the largest region in the genetic testing market in 2023

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