ALBANY, N.Y., May 10, 2021 /PRNewswire/ -- The genetic testing services market is expected to gain a considerable share across the forecast period of 2019-2027 on the back of the rising use across various applications such as obstetrics, oncology, ancestry, and others. Individuals are being made aware of the importance of early disease diagnosis, which is boosting the growth prospects of the genetic testing services market. Early diagnosis helps in minimizing the severity of the disease and leads to reduced mortality, which proves beneficial for the patients.
Genetic testing services comprise a wide range of laboratory tests undertaken to identify the chromosomes, DNA, proteins, RNA, cytogenic, biochemical, or molecular methods. The advantages related to genetic testing will bring immense growth opportunities during the forecast period.
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The analysts at Transparency Market Research (TMR), after a systematic and thorough analysis of each growth factor estimate that the global genetic testing services market will expand at a CAGR of 7.3 percent across the forecast period of 2019-2027. The global genetic testing services market was valued at US$ 41.2 bn in 2018 and is prognosticated to reach US$ 78.3 bn by 2027, the end year of the assessment period.
The penetration of information technology at a rapid rate across the healthcare sector will serve as a vital growth propeller for the genetic testing services market. The heightening influence of technology will bring extensive growth to the genetic testing services market. Furthermore, the need for novel detection techniques in genomics will invite significant growth opportunities. The COVID-19 pandemic has raised the demand for testing exponentially, which will prove to be fruitful for the growth of the genetic testing services market.
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Key Findings of the Report
Promotion of Early Cancer Testing to Multiply the Growth of the Genetic Testing Services Market
The government bodies of numerous countries are designing initiatives and programs to encourage the early diagnosis of cancer among their citizens. According to the World Health Organization (WHO), cancer is the second leading cause of death in the world. Nearly 70 percent of deaths are caused due to cancer in low and middle-income countries. Early diagnosis is the key to prevent deaths related to cancer. All these factors lead to an increase in the demand for genetic testing services.
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The novel coronavirus pandemic has wreaked havoc around the world with great transmission levels and massive fatality rate. Testing, tracing, and tracking are the most important tools for controlling the spread of the virus. The genetic testing services market is witnessing tremendous growth during the pandemic due to the escalating demand for RT-PCR testing. RT-PCR technique is regarded as the gold standard for the COVID-19 and hence, based on this aspect, the genetic testing services market will gain considerable momentum during the assessment period.
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Genetic Testing Services Market: Growth Drivers
- The emergence of novel detection technologies will serve as a vital growth generator for the genetic testing services market
- Rising awareness among a large chunk of the global populace about the importance of early diagnosis will bring immense growth opportunities for the genetic testing services market
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Genetic Testing Services Market: Major Players
Some well-entrenched players in the genetic testing services market are:
- NeoGenomics Laboratories, Inc.
- F. Hoffmann-La Roche Ltd.
- Exact Sciences Corporation
- Laboratory Corporation of America Holdings
- 23andMe, Inc.
- Eurofins Scientific
- Quest Diagnostics Incorporated
- Illumina, Inc.
- Ambry Genetics
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