IMARC Group, a leading market research company, has recently releases report titled “Genetic Testing Market Report by Type (Predictive and Presymptomatic Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing and Chromosome Analysis, Biochemical Testing, Molecular Testing), Application (Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global genetic testing market share.
How Big is the Genetic Testing Market?
The global genetic testing market size reached US$ 17.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.1 Billion by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2024-2032.
Industry Overview of Genetic Testing
Genetic testing is a vital component of modern healthcare that offers valuable insights into the genetic profile of individuals. It involves the analysis of deoxyribonucleic acid (DNA), the genetic material that carries instructions for functions and traits of the body. It provides crucial information about the risk of inheriting or passing on genetic disorders, and susceptibility to certain diseases. It can also identify genetic mutations associated with an increased risk of certain cancers. It allows individuals to take proactive measures for disease prevention, early detection, and management. It enables healthcare providers to customize treatment plans based on the genetic profile of individuals. It assists in enhancing the efficacy of treatments while minimizing adverse reactions, ultimately providing improved patient outcomes. As it can predict response to specific medications among patients, the demand for genetic testing is increasing across the globe.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/genetic-testing-market/requestsample
What are the growth prospects and trends in the genetic testing industry?
Presently, the rising adoption of genetic testing, as it enables early detection and personalized treatment plans, represents one of the key factors impelling the growth of the market. Additionally, the wide availability of direct-to-consumer (DTC) genetic testing kits that make genetic information accessible to the public is strengthening the market growth.
Apart from this, the escalating demand for genetic testing to customize nutrition and fitness plans and enhance the overall health and well-being of individuals is offering a favorable market outlook. In addition, the rising prevalence of various genetic disorders and hereditary diseases among the masses worldwide is providing lucrative growth opportunities to industry investors.
Besides this, advancements in sequencing technologies, such as next-generation sequencing (NGS), reduce the cost and increase the speed of genetic testing, which are supporting the market growth. Furthermore, the rising adoption of genetic testing during pregnancy and at birth allows for the early detection of genetic abnormalities and enables timely medical interventions is contributing to the growth of the market.
Leading Companies Operating in the Global Genetic Testing Industry:
- 23andme Inc.
- Ambry Genetics Corporation (Konica Minolta Healthcare Americas Inc.)
- Bio-RAD Laboratories Inc.
- Cepheid (Danaher Corporation)
- Eurofins Scientific
- Illumina Inc.
- Invitae Corporation
- Luminex Corporation (DiaSorin)
- Myriad Genetics Inc.
- QIAGEN
- Quest Diagnostics
- Thermo Fisher Scientific.
Genetic Testing Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Predictive and Presymptomatic Testing
- Carrier Testing
- Prenatal and Newborn Testing
- Diagnostic Testing
- Pharmacogenomic Testing
- Others
Breakup by Technology:
- Cytogenetic Testing and Chromosome Analysis
- Biochemical Testing
- Molecular Testing
- DNA Sequencing
- Others
Breakup by Application:
- Cancer Diagnosis
- Genetic Disease Diagnosis
- Cardiovascular Disease Diagnosis
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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