Press release
Genetic Analysis Market to Reach USD 77.44 Billion by 2034, Growing at a 23.0% CAGR
As per the report, the global genetic analysis market will reach USD 77.44 billion by 2034. The market was valued at USD 9.79 billion in 2024. The global market will rise at a remarkable CAGR of 23.0% during the forecast period.
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Market Overview
The chromosomal theory of endowment allocated genetic meaning to cellular structure witnessed by cytologists. Albeit the chromosomes were microscopically visible only during cell division, cytologists have provided proof that these were excessively condensed frameworks of enduring entities as anticipated by genetic analysis. With the progression of molecular analysis, the chromosomes were detected as excessively organized molecules of DNA.
Once molecular analysis of chromosomes became obtainable, molecular signposts became crucial genetic markers along the chromosomes. A prolonged sequence of restriction enzymes, each of which slashes the DNA strand, is a particular motif, and a particular sequence of 3-6 nucleotides offered the initial DNA-level chromosome maps of Restriction-Fragments-Length-Polymorphism (RFLP).
Market Drivers
Growing Cases of Genetic Illnesses to Guarantee Growth at Promising Rate
The growing cases of genetic illnesses are a prominent market driver. As genetic testing becomes more attainable, there is a growing concentration on premature inspection and prohibition of hereditary illnesses. Illnesses such as cystic fibrosis, sickle cell anemia, and Down syndrome have caused a profound demand for genetic analysis services.
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Escalating Acquisition of Next-Generation Sequencing to Foster Market Growth
Technological inventions in genomics, especially in the next generation sequencing (NGS), have notably progressed the potential of genetic analysis. These progressions permit for speedier, more precise, and economical genetic testing causing a wider acquisition of these services. For instance, NGS technologies have decreased sequencing prices from billions of dollars to a few thousand dollars, causing an upswing in the genetic analysis market.
Top Companies
The firms are diligently involved in offering several genetic testing technologies, from sequencing platforms to diagnostic kits and software solutions. A few critical contenders in the genetic analysis market are:
List of Key Companies in Genetic Analysis Market
Thermo Fisher Scientific
Illumina
Agilent Technologies
Bio-Rad Laboratories
Roche
QIAGEN
Abbott Laboratories
GE Healthcare
PerkinElmer
Becton Dickinson
Promega Corporation
Oxford Nanopore Technologies
10x Genomics
Sequenom (now part of LabCorp)
Pacific Biosciences
Regional Outlook
North America emerged dominant in the market owing to entrenched healthcare framework, elevated acquisition rates of progressive genetic testing technologies, and robust existence of spearheading firms in the biotechnology and genomics sector. The region's superiority is additionally reinforced by notable funding in healthcare research and approving reimbursement policies for genetic testing.
Europe is a significant market for genetic analysis, pushed by a growing concentration on customized medicine and progressive healthcare systems. The region has been funding massively in genomics research and biotechnology, with nations such as the UK, Germany and France spearheading the acquisition of genetic testing in clinical and research establishments.
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Genetic Analysis Market Segmentation
By Technology Outlook (Revenue-USD Billion, 2020-2034)
Next Generation Sequencing (NGS)
Array Technology
PCR-Based Testing
FISH
Others
By Type Outlook (Revenue-USD Billion, 2020-2034)
Predictive Genetic Testing
Carrier Testing
Prenatal and Newborn Testing
Disease Diagnostic Testing
Pharmacogenomic Testing
Others
By Application Outlook (Revenue-USD Billion, 2020-2034)
Cancer
Genetic Diseases
Cardiovascular Diseases
Rare Diseases
Infectious Diseases
Others
By Product Outlook (Revenue-USD Billion, 2020-2034)
Consumables
Equipment
Software & Services
By End Use Outlook (Revenue-USD Billion, 2020-2034)
Hospitals & Clinics
Diagnostic Laboratories
Others
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