Genetic testing market to Touch $21 Billion by 2027

Pune, Maharashtra, India, December 15 2020 (Wiredrelease) Allied Analytics –:Demand for genetic testing is on the rise, owing to surge in genetic disorders across the globe. Furthermore, surge in awareness related to importance of early diagnosis of genetic disorders which leads to rise in demand for genetic testing is another major factor that fuels the market growth.

According to a new report published by Allied Market Research, titled, “Genetic testing market by Type, Technology, and Application: Opportunity Analysis and Industry Forecast, 2019–2027,” the global genetic testing market was valued at $12 billion in 2019, and is expected to reach $21 billion by 2027, registering a CAGR of 10.1% from 2019 to 2027. 

Genetic testing is the study of genes that analyze genetic material in a person’s blood sample or from other body fluids obtained from cells. The study is conducted in relation to hereditary and variations in genes and number of chromosomes, which are used for detection of genetic disorders as well as selection of precise therapies for treatment of these genetic disorders. Genetic testing includes various techniques such as comparative genomic hybridization, fluorescence in situ hybridization, karyotyping, and immunohistochemistry.

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The genetic testing market is expected to experience significant growth during the forecast period, owing to increase in incidences of genetic disorders and cancer and rise in awareness & acceptance of personalized medicines. In addition, advancements in genetic testing techniques are expected to boost the market growth during the forecast period. However, standardization concerns of genetic testing-based diagnostics and stringent regulatory requirements for product approvals are anticipated to hamper the market growth during the forecast period. Conversely, untapped emerging markets in developing countries are expected to provide remunerative opportunities for the market players.

The global genetic testing market is segmented on the basis of type, technology, application, and region. By type, the market is categorized into predictive and presymptomatic testing, carrier testing, prenatal & newborn testing, diagnostic testing, pharmacogenomic testing, and others. On the basis of technology, it is divided into cytogenetic testing/chromosomal analysis, biochemical testing and molecular testing. Molecular testing is further bifurcated in to DNA sequencing and others. 

By application, the market is segmented into cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, and others. Region wise, it is classified into North America, Europe, Asia-Pacific, and LAMEA. 

Covid-19 Impact On Global Genetic Testing Market

COVID-19 has led to nationwide pandemic across the globe. This in turn has resulted in disruption of every business across various industries. In addition, the pandemic has also affected the genetic testing industry. For instance, the genetic testing market has been impacted negatively owing to factors such as unavailability of genetic counsellors, doctors and laboratories professionals. Furthermore, genetic counsellors are not recognized as healthcare providers by governmental bodies such as Centers for Medicaid Services (CMS). Hence, they are not exempted from practicing during lockdowns. Moreover, face to face genetic counselling in clinics have been reduced to help prevent the spreading of virus. However, key players such as as GeneDx provided are delivering clinician ordered genetic tests and clinics & healthcare providers along with patients are now using telehealth as a measure to conduct genetic counselling. 

By type, the market is segmented into predictive testing & presymptomatic testing, carrier testing, prenatal & newborn testing, diagnostic testing, pharmacogenomic testing, and others. The prenatal & newborn testing held dominant position with highest revenue in 2019, and is expected to maintain its dominance during the forecast period. This is attributable to growth in awareness among people regarding healthcare and increase in incidences of mortality rate from genetic diseases across the world. On the other hand, the pharmacogenomic testing segment is anticipated to witness highest CAGR during the forecast period. This is largely anticipated to increase in application in use of personalized medicine across the globe.

By technology, molecular testing acquired the major share of genetic testing market in the year 2019 and is expected to maintain the lead over the forecast period. The growth of this segment is due to the fact that molecular testing is the most used technology for genetic testing. For instance, the technology is used in genetic tests such as carrier testing, diagnostic testing, predictive & presymptomatic testing and others. Furthermore, molecular testing is also in preferred as it can be used to analyze gains or losses in DNA that are not detectable with routine chromosome analysis. 

Region wise, North America was the leading revenue contributor to the global genetic testing market in 2019 and is expected to dominate the market during the forecast period. This is attributed to presence of majority of key players in the region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to increase in affordability, surge in healthcare expenditure, and rise in awareness toward early screening of genetic disorders.

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Key Findings Of The Study 

By type, the prenatal & newborn testing segment occupied one-thirds share of the global genetic testing market in 2019

By technology, the biochemical testing segment is anticipated to grow with the highest CAGR throughout the forecast period.

By application, the genetic disease diagnosis segment accounted for more than one-thirds share of the market in 2019. 

By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.

This content has been published by Allied Analytics company. The WiredRelease News Department was not involved in the creation of this content. For press release service enquiry, please reach us at contact@wiredrelease.com.