Genetic Disease Diagnostics Market Size Worth US$ 12.96 Billion by 2030 | Exclusive Report by Growth Plus Reports

NEW YORK, Oct. 4, 2022 /PRNewswire/ -- According to the latest report published by Growth Plus Reports, the global genetic disease diagnostics market is expected to clock at US$ 12.96 billion by 2030 and to grow at a CAGR of 9.0% during the forecast period. Advancements in technology is leading to the development of new products This exclusive information is published by growth plus reports in its report titled "Genetic Disease Diagnostics Market – Global Outlook & Forecast 2022-2030"

Global genetic disease diagnostics has been analyzed from four perspectives: type, technology, application, and region.

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The development of novel testing kits as a result of technical advancements and the increased prevalence of genetic and chronic diseases are the two main factors driving the global genetic disease diagnostics market. The demand for genetic diagnostics is being fueled by  increasing awareness of the availability of advanced diagnostic procedures. Additionally, a growing geriatric population is anticipated to fuel market expansion in the near future. Mature patients are more likely to develop a variety of chronic conditions, which may increase global demand for genetic diagnostic tools. 

Excerpts from 'by Type'

The global market for genetic disease diagnostics is divided by type into

• Pharmacogenomic Testing
• Prenatal & Neonatal Testing
• Carrier Testing
• Diagnostic Testing
• Predictive & Presymptomatic Testing
• Others

The global market dominance has been held by the parenteral & neonatal testing segment. To determine the risk of having certain birth abnormality, prenatal screening procedures are carried out throughout various stages of pregnancy. Most noninvasive tests are performed in the first or second trimester. Information about the diseases possible presence may be revealed by the screening. Additional confirmatory diagnostic testing is carried out if the screening results are favorable. During the forecast period, it's also expected that other segments would expand, like pharmacogenomic testing. Pharmacogenomics, also known as pharmacogenetic testing, is the study of a person's genetic makeup to ascertain how their body will react to specific medications. Testing reveals information on medications that could not work or have unfavorable side effects. The testing can forecast which drugs and dosages will work best for the patient.

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Excerpts from 'by Technology'

The market is divided into:

• Biochemical Testing
• Cytogenic Testing
• Molecular Testing
• Others

Among these, molecular testing has dominated the global genetic disease testing market. The growth is attributed to the increasing demand for molecular testing in the identification of serious disorders. Additionally, any DNA abnormalities, such as gains and losses, that are missed by conventional chromosomal analysis can be revealed by this test. Due to the advantages offered by this test, cytogenic testing is predicted to increase profitably during the projected period. Cytogenetic testing is advised in particular circumstances, including those involving congenital diseases, hematologic malignancies, and solid organ tumors. It can be carried out at any point in pregnancy following a biochemical screening or abnormal ultrasound results. Parents who have had several miscarriages or have significant pedigree analysis results also undergo these tests.

Excerpts from 'by Region'

The global genetic disease testing market has been divided into:

• North America
• Europe
• Asia Pacific
• Rest of the World

It is estimated that North America would maintain its dominance over the projected period. This is a result of customers becoming more aware of the benefits that genetic testing can provide. Additionally, the easy accessibility of self-testing kits through online websites in nations such as the U.S. has contributed to the broad adoption of genetic testing kits among the general population. The market has expanded significantly as a result of the increased prevalence of several chronic diseases among a large set of population as well as rising consumer healthcare spending. On the other side, it is projected that Asia Pacific will continue to be the region with the biggest growth potential. Asia Pacific stands out due to its sizable population, rising rates of chronic diseases, and growing acceptance of genetic testing by the general public. The rise of the industry is expected to be further fueled by rising healthcare expenses and rising disposable income.

Excerpts from 'Competitive Landscape'

Some of the prominent players operating in the global genetic disease diagnostics are

• Abbott Laboratories Inc
• Bio-Rad Laboratories, Inc
• CSL Ltd
• Danaher Corporation
• Eurofins Scientific
• F. Hoffman-LA Roche Ltd
• Illumina, Inc
• Qiagen N.V
• Thermofisher Scientific, Inc
• Myriad Genetics, Inc
• Luminex Corporation
• Biomereiux SA
• Labcorp Corporation
• deCODE genetics, Inc
• BGI Group, Inc

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