According to the report Genetic Testing Market, published by Market Data Forecast, the Global market is projected to reach USD 59.01 million by 2022, at a CAGR of 9.51% from 2017 to 2022.
Genetic testing is defined as the study of chromosomes, genes, or proteins to estimate the risk involved in diseases, recognize the carriers (people who do not possess the disorder but a copy of the disorder gene) of disorder, diagnose disorders, or find out the probable path of the disease. Genetic testing has allowed the simple detection of diseases, like sickle cell anaemia, cystic fibrosis and haemophilia allowing many patients to live a normal life
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Genetic Testing Market: Drivers & Restraints
Rising awareness regarding the capable advantages in genetic testing is the primary cause for the development of genetic testing market. Also, development in the genetic testing space, geriatric population rise and a consequent growth in the instances of chronic disorders, along with increasing prevalence of cancer patients are few other driving forces which are propelling the genetic testing market. But, expensive testing as well as absence of a credible standard process has resulted in severe concerns within people regarding the accuracy and safety of genetic reports.
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Genetic Testing Market: Segmentation
- Cancer Testing
- Pharmacogenomics testing
- Prenatal testing
- Predisposition testing
By Type of test
- Carrier Testing
- Diagnostic Testing
- Prenatal Testing
- Neonatal Testing
- North America
- United States
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa
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Genetic Testing Market: Overview
As of 2017, the global Genetic Testing Market was worth USD 37.51 million. The screening of newly born babies, detecting uncommon and severe diseases, and predicting the chances of prevalence of disorders is most probable to expand in future years.
The North America was most dominant in the world market, as of 2017, with the US being the biggest market across the region. The screening test for genetic mutations in the Cystic Fibrosis Trans-Membrane Conductance Regulator gene is a highly frequent test conducted in the US.
Genetic Testing Market: Key Players
The Genetic Testing Market is highly competitive with a large number of players. Some of the major Companies are AutoGenomics Inc., Celera Group, Abbott Laboratories, Roche Molecular Diagnostics Inc, Abbott Molecular Inc., ELITech Group, BioRad Laboratories, Diagnostics Corp., Quest Diagnostics Inc.
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