Genetic testing Market Overview
The
genetic testing market has witnessed exponential growth in recent years, fueled
by advancements in technology and increasing awareness among consumers about
the potential benefits of genetic testing. Genetic testing involves analyzing
an individual's DNA to identify variations or mutations that may be associated
with certain diseases, conditions, or traits.
One
of the key drivers of the genetic testing market is the growing prevalence
of genetic disorders and chronic diseases worldwide. As healthcare providers
and patients alike recognize the value of early detection and personalized
treatment options, demand for genetic testing services continues to rise.
The
increased awareness of the benefits of genetics testing is predicted to
transform the global market. The market's report is efficiently analyzed as per
MRFR, which provides outlooks for the global markets. The genetic testing
market is projected to thrive at a CAGR of 10.5% and is anticipated to acquire
a market worth of USD 19.8 Billion by 2032.
The
growing prevalence of genetic disorders is estimated to create a consistent
demand for the progress of the genetic testing market. The improved
accessibility to prenatal screening and diagnostics is predicted to create
lucrative opportunities in the duration of the genetic testing market.
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Genetic testing Market Competitive
Landscape:
The important companies active in the
genetic testing market include.
- PerkinElmer Inc. (US)
- Myriad
Genetics Inc. (US)
- Abbott Laboratories
(US)
- Illumina
Inc. (US)
- QIAGEN (Germany)
- Eurofins Scientific
(US)
- Quest Diagnostics
Incorporated (US)
- Hoffmann-La Roche Ltd
(Switzerland)
- Thermo Fisher
Scientific Inc. (US)
Industry
Updates:
Aug
2021 Tesis
Labs, a pioneer in targeted genetic sequencing, and Personal Genome Diagnostics
Inc. (PGDx), a pioneer in cancer genomics, announced a new partnership to
harness the potential of genetic sequencing and bioinformatics. The firms plan
to pool their resources and expertise to develop innovative genomics solutions
that could fight cancer, enhance patient outcomes, and advance market access
measures to speed up market acceptance.
Aug
2021 Exact
Sciences Corp. has approached Invitae Corp., a business specializing in genetic
testing, about a prospective merger. The firms are not in active discussions,
and if a deal is struck, it will almost certainly be a low-premium, all-stock
merger. Cancer screening businesses have been busily combining as they develop
novel ways to detect cancers before they become uncontrollable.
Genetic
testing Market Segmental Analysis
The segmental scrutiny of the genetic
testing market share is conducted based on method, application, type,
and region. The method segment of the genetic testing market comprises of
chromosomal genetic tests, biochemical genetic tests, and molecular genetic
tests/DNA tests. The genetic testing market's application segment comprises
cancer screening, reproductive health, ancestry, pre-symptomatic testing, and
predictive. The type segment of the genetic testing market comprises of
direct-to-consumer genetic testing and prescribed genetic testing. The region
segment of the genetic testing market comprises of North America, Europe,
Asia-Pacific and other prominent regions.
Genetic
testing Market Regional Overview
The regional overview of the genetic testing market
comprises of North America, Europe, Asia-Pacific and other prominent regions.
Because of the rising rates of genetic disorders and the desire for tailored
genetic testing, the Americas are likely to dominate the market for genetic
testing. During the projected period, the regional market is expected to
benefit from increased government backing and the existence of the advanced
healthcare industry. During the forecast period, the European market for genetic
testing is expected to be the second-largest. Due to the expanding patient pool
and undiscovered market prospects in developing countries, APAC is likely to be
the fastest-growing regional market. Recent discoveries and advancements in
molecular medicine in Europe are essential elements in the market's growth.
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