Genetic Testing Market is Projected to Grow Expeditiously: to Reach USD 21 Billion by 2027, Claims AMR                                                                    

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.

•CAGR: 10.1%
• Current Market Size: USD 12 Billion
• Forecast Growing Region: APAC
• Largest Market: North America
• Projection Time: 2019- 2027
• Base Year: 2019

Request Sample Copy of Report- https://www.alliedmarketresearch.com/genetic-testing-market

Impact of COVID-19 on the Genetic Testing Market

The COVID-19 pandemic significantly impacted the genetic testing market. While routine testing temporarily declined due to healthcare resource reallocation, there was a surge in demand for COVID-19 diagnostic and genomic sequencing tests. The pandemic accelerated the adoption of telehealth services, promoting remote genetic counseling and testing. Additionally, the crisis highlighted the importance of genetic testing in personalized medicine, spurring investments in research and development. However, supply chain disruptions and financial constraints affected market growth. As the world adapts to the new normal, the genetic testing market is expected to rebound, driven by ongoing research, increased awareness, and advancements in testing technologies.

The genetic testing market is driven by a range of factors that contribute to its growth and expansion. Some of the key drivers include:

1. Advancements in Genomic Research: Ongoing developments in genomic research and technology have expanded the applications of genetic testing. As our understanding of genetics and its role in health and disease deepens, the demand for genetic testing services increases.
2. Rise in Genetic Diseases: The prevalence of genetic disorders and inherited diseases continues to rise. Genetic testing provides valuable insights for early diagnosis, risk assessment, and treatment strategies, driving its adoption.
3. Personalized Medicine: Genetic testing plays a pivotal role in the field of personalized medicine. Tailoring medical treatments and interventions to an individual’s genetic makeup enhances treatment efficacy and reduces adverse effects, making genetic testing essential.
4. Cancer Diagnostics: Genetic testing is crucial in identifying genetic mutations associated with cancer risk. The growing incidence of cancer and the importance of early detection contribute to the demand for cancer genetic testing.
5. Consumer Interest: Increased consumer awareness of genetic testing’s potential benefits for ancestry tracing, health risk assessment, and lifestyle choices has fueled direct-to-consumer genetic testing companies’ growth.

𝐃𝐨 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 – https://www.alliedmarketresearch.com/purchase-enquiry/5241

1. Regulatory Support: Supportive regulatory frameworks and guidelines for genetic testing ensure quality and safety, fostering industry growth.
2. Telehealth and Telemedicine: The expansion of telehealth services has made it easier for individuals to access genetic counseling and testing services remotely, increasing convenience and accessibility.
3. Collaboration and Partnerships: Collaboration between genetic testing companies, healthcare providers, pharmaceutical firms, and research institutions fosters innovation and market expansion.
4. Insurance Coverage: Increasing insurance coverage for genetic testing services encourages more individuals to undergo testing, further boosting market demand.
5. Public Health Initiatives: Public health programs and initiatives aimed at identifying and managing genetic risks contribute to the growth of genetic testing markets.
6. Technological Advancements: Advances in sequencing technologies, data analysis, and bioinformatics tools have made genetic testing more cost-effective and accurate, making it more accessible to a broader population.

Procure Complete Report (247+ Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/genetic-testing-market/purchase-options

Key Benefits For Stakeholders

• This report entails a detailed quantitative analysis along with the current global genetic testing market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.
• The genetic testing market forecast is studied from 2020 to 2027.
• The market size and estimations are based on a comprehensive analysis of key developments in the industry.
• A qualitative analysis based on innovative products facilitates strategic business planning.
• The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.

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.

𝑶𝒕𝒉𝒆𝒓 𝑻𝒓𝒆𝒏𝒅𝒊𝒏𝒈 𝑹𝒆𝒑𝒐𝒓𝒕𝒔 𝒊𝒏 𝑳𝒊𝒇𝒆 𝑺𝒄𝒊𝒆𝒏𝒄𝒆 𝑰𝒏𝒅𝒖𝒔𝒕𝒓𝒚 

𝑮𝒍𝒐𝒗𝒆𝒔 𝒎𝒂𝒓𝒌𝒆𝒕 https://www.alliedmarketresearch.com/gloves-market-A08867

AR in Healthcare Market https://www.alliedmarketresearch.com/ar-in-healthcare-market-A06051

Healthcare Chatbots Market https://www.alliedmarketresearch.com/healthcare-chatbots-market

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various research data tables and confirms utmost accuracy in our market forecasting. Each and every us companies and this helps us in digging out market data that helps us generate accurate y data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com