Genetic Testing Market size is to grow by USD 7.10 billion from 2022 to 2027, North America to account for 39% of market growth, Technavio

NEW YORK, March 4, 2024 /PRNewswire/ -- The genetic testing market is expected to grow by USD 7.10 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 12.78% during the forecast period, according to Technavio Research. The market is segmented by product (equipment and consumables), technology (molecular testing, cytogenetic testing, and biochemical testing), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 39% to the growth of the global market during the forecast period. Some of the key factors that are driving growth in this region include growing concerns regarding early diagnosis of diseases, increasing commercial acceptance of advanced genetic testing products, and increased use of pharmacogenomic tests. View PDF Sample 

Company Profile:

Abbott Laboratories, Agilent Technologies Inc., ARUP Laboratories, Asper Biogene, ATS GENETECH PVT. LTD., Bio Rad Laboratories Inc., bioMerieux SA, CENTOGENE NV, Color Health Inc, Danaher Corp., F. Hoffmann La Roche Ltd., Genea Ltd., Illumina Inc., Invitae Corp., MedGenome Labs Ltd., Myriad Genetics Inc., QIAGEN NV, Quest Diagnostics Inc., Siemens Healthineers AG, and The Cooper Companies Inc.

Abbott Laboratories - The company offers Vysis Fish technology which has the ability to test metaphase chromosomes from cultured samples and interphase cells from specimens that cannot be cultured. To gain access to more company profiles available with Technavio, buy the report!

The market share growth by the equipment segment will be significant during the forecast period.  Analyzers, PCR systems, and Next-generation Sequencing Systems are the main components of genetics testing equipment. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View PDF Sample

The rising approval of advanced genetic testing products

With the advent of whole genome sequencing and the commercial uses of genetic screening in human health management, several market players are entering the genetic testing market with a range of new products. In addition, there is a constant effort by regulators to facilitate and solve these complicated legal issues.

• The growing adoption of direct-to-consumer genetic tests in early disease diagnosis is a primary trend shaping the market growth. Identify key trends, drivers, and challenges in the market. Download a sample report to gain access to this information.

Analyst Review

Genetic testing has revolutionized the field of healthcare, offering invaluable insights into individuals' DNA and predispositions to various genetic diseases and disorders. This burgeoning market encompasses a wide array of tests aimed at diagnosing genetic conditions, predicting disease risk, and guiding treatment strategies. With the rise of precision medicine, it has become instrumental in personalized healthcare approaches, particularly in North America, where the industry sees significant growth and innovation.

The DNA sequencing technologies underpinning genetic testing have evolved rapidly, enabling faster and more comprehensive analysis of genetic data. From prenatal and newborn testing to molecular diagnostics for cancer and genetic diseases, these advancements have transformed healthcare delivery worldwide. Organizations like the National Library of Medicine and the American Cancer Society play pivotal roles in disseminating knowledge and promoting access to it's resources.

Genetic testing is particularly crucial in identifying and managing genetic diseases such as thalassemia, Down's syndrome, and cystic fibrosis. Additionally, it plays a pivotal role in cancer care, facilitating early detection, prognosis assessment, and treatment selection for various cancers, including breast, ovarian, colon, thyroid, prostate, pancreatic, melanoma, sarcoma, kidney, and stomach cancers.

In regions like India, where genetic disorders pose significant public health challenges, initiatives by the World Health Organization and other entities aim to improve access to genetic screening and testing services. The United Nations recognizes the importance of integrating it into broader healthcare strategies to reduce the burden of genetic diseases globally.

The market continues to expand as technologies become more accessible and affordable. However, challenges such as ensuring the ethical use of genetic information, addressing disparities in access to testing, and interpreting complex genetic data remain. As the field progresses, collaborations between industry stakeholders, healthcare providers, and regulatory bodies are essential to navigate these challenges and maximize the benefits for individuals and populations alike.

In conclusion, the market represents a dynamic and vital component of modern healthcare, offering transformative insights into human biology and disease. With ongoing advancements and concerted efforts from global organizations, it has the potential to revolutionize healthcare delivery and improve patient outcomes worldwide. View PDF Sample 

Related Reports:

The Next Generation Sequencing (NGS) market size is estimated to grow by USD 3,409.76 million at a CAGR of 12.45% between 2022 and 2027. 

The animal genetics market is estimated to grow by USD 1,534.79 million at a CAGR of 5.48% between 2022 and 2027.

ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio