Genetic Testing market research report by Delvens focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity.
The global Genetic Testing market size was estimated at USD 18.05 billion in 2023 and is projected to reach USD 35.62 billion in 2030 at a CAGR of 10.20% during the forecast period 2023-2030.
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Genetic tests are defined as medical devices available in kits and panels that are used to test people for genetic diseases. In addition, testing is done by taking blood samples from patients. These samples are then run on laboratory equipment using test kits. In addition, different tests are used to test for genetic disorders. For example, some genetic tests include predictive and asymptomatic testing, carrier testing, prenatal and neonatal testing, diagnostic testing, pharmacogenomic testing, and others. In addition, these tests are used to diagnose diseases such as cancer diagnosis, genetic disease and cardiovascular disease.
The genetic testing market is expected to grow significantly in the future due to the increasing incidence of genetic disorders and cancer, and the growing awareness and acceptance of personalized medicine. For example, genetic testing, also known as pharmacogenetic testing, has been widely used in pharmacogenetics. In addition, advancements in genetic testing technologies are expected to boost the growth of the genetic testing market during the forecast period.
Key Findings:
- The type segment is further fragmented into Predictive Pre-symptomatic Testing, Carrier Testing, Prenatal Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others. The prenatal and newborn testing segment held the dominant position and the highest revenue and is expected to maintain its dominant position during the forecast period.
- The technology segment is further bifurcated into Cytogenetic Testing, Biochemical Testing, and Molecular Testing. The molecular testing segment has achieved the largest market share in genetic testing and will maintain its leading position during the forecast period.
- The application segment is further bifurcated into Ancestry Ethnicity, Traits Screening, Genetic Disease Carrier Status, New Baby Screening, Health and Wellness - Predisposition/ Risk/tendency.
The Report helps to identify the opportunities in Global Regions:
- North America (the United States, Canada, and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
- South America (Brazil etc.)
- The Middle East and Africa (North Africa and GCC Countries)
Companies Profiled of Genetic Testing Market:
Qiagen N.V. (Formulatrix, Inc.), Eurofins Scientific, Danaher Corporation (Cepheid), Thermo Fisher Scientific, Inc, F. Hoffmann-La Roche Ltd, Abbott Laboratories, Bio-Rad Laboratories, Illumina, Inc., 24 genetics, Circle DNA, Tellmegen, 23andme, AncestryDNA, MyDNA, Everly Well, Igenomix, VitaGen, Myriad Genetics, Inc., Mapmygenome, Helix OpCo LLC, MyHeritage Ltd., Color Genomics, Inc., Amgen, Inc., Beyond Nutrition Health and Wellness Services DMCC
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Recent Developments
- June 2022:Prenetics Group Limited, one of the leaders in genomic and diagnostic testing, introduced a novel, non-invasive at-home screening test, ColoClear by Circle (ColoClear), for detecting early signs of colorectal cancer.
- March 2022:Illumina, a genome sequencing group, launched a cancer test in Europe that checks for a wide range of tumor genes in one tissue sample, potentially helping patients with rare diseases to be matched up with treatment options.
Reasons to Acquire
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Genetic Testing Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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In addition to the market data for the Genetic Testing Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
Key Features of Global Market Report:
- Analyze competitive developments like expansions, deployments, new product launches, and acquisitions.
- Identify growth opportunities for stakeholders by pinpointing high-growth segments.
- Study global industries status and forecast, focusing on key regions.
- Conduct an in-depth analysis of product segments and applications, offering strategic recommendations for competitive advantage.
- Provide a comprehensive analysis of key regions, including SWOT and Porter's Five Forces analyses.
- Assist in making strategic business decisions and investment plans.
Questions Answered by the Report:
- Which are the dominant players of the Genetic Testing market
- What will be the size of the Genetic Testing market in the coming years?
- Which segment will lead the Genetic Testing market?
- How will the market development trends change in the next five years?
- What is the nature of the competitive landscape of the Genetic Testing market?
- What are the go-to strategies adopted in the Genetic Testing market?
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