Genetic testing is a transformative tool in healthcare, delving into an individual's DNA to identify genetic disorders, assess disease risks, and tailor personalized treatment strategies. This technology empowers informed decision-making about health, lifestyle, and family planning. Beyond medical applications, it aids in ancestry tracing, shedding light on heritage. The comprehensive insights gained from genetic testing revolutionize preventive medicine, facilitating proactive health management and targeted therapies.
Data Bridge Market Research analyzes that the Global Genetic Testing Market is expected to reach USD 6,26,07,580.19 thousand by 2031, at a CAGR of 16.5% during the forecast period 2024-2031.
"Growing prevalence of genetic disorders drive the market growth"
The escalating prevalence of genetic disorders propels the genetic testing market. As these conditions become more widespread, genetic testing is pivotal in early detection, risk assessment, and personalized treatment planning. The market benefits from continual advancements in genomic technologies and decreasing testing costs. Heightened awareness among individuals about the importance of personalized medicine further fuels the adoption of genetic testing, fostering its integral role in managing and addressing the growing prevalence of various genetic disorders.
What restraints the growth of the global genetic testing market?
" Cybersecurity concerns hamper the market growth"
Cybersecurity concerns in genomics pose a significant impediment to the genetic testing market. The increasing prevalence of cyber threats raises apprehensions about the privacy and security of sensitive genomic data. The vulnerability of genetic information to unauthorized access and potential misuse hampers the widespread adoption of genetic testing. This dark cloud of security risks casts a shadow on the market, deterring individuals from embracing genetic testing due to heightened fears of data breaches and unauthorized exploitation.
Segmentation: Global Genetic Testing Market
The global genetic testing market is segmented into four notable segments which are based on type, technology, diseases, and end user.
- On the basis of type, the global genetic testing market is segmented into carrier testing, diagnostic testing, new born screening, predictive and presymptomatic testing, and other
- gmented into DNA sequencing, polymerase chain reaction, microarrays, whole genome sequencing, fluorescence in situ hybridization (FISH), and others
- On the basis of diseas
- On the basis of technology, the global genetic testing market is see, the global genetic testing market is segmented into rare genetic disorder, cancer, cystic fibrosis, sickle cell anemia, duchenne muscular dystrophy, thalassemia, Huntington’s disease, fragile X syndrome, and other
- On the basis of end user, the global genetic testing market is segmented into hospitals, clinics, diagnostic centers, private clinics, laboratory service providers, and private laboratories
Regional Insights: North America is expected to dominate the Global Genetic Testing Market
North America is expected to dominate the global genetic testing market, with the U.S. playing a pivotal role. The dominance is attributed to heightened research and development investments, government initiatives, and enhanced healthcare infrastructure across various nations. Increased spending underscores the region's commitment to advancing genetic testing capabilities and fostering growth in the market.
Asia-Pacific is expected to dominate the global genetic testing market, with China playing a pivotal role. The region's substantial growth is attributed to escalating government healthcare expenditure, ongoing technological advancements, and proactive governmental initiatives. This confluence of factors propels the genetic testing market forward, particularly in China, as it witnesses increased investments and technological strides in healthcare.
Recent Developments: Global Genetic Testing Market
- In April 2021, Biocartis and SkylineDx entered a partnership to develop SkylineDx's novel test, the Merlin Assay, on Biocartis' Idylla molecular diagnostics platform. The focus is on predicting the risk of nodal metastasis in melanoma patients, utilizing the rapid and user-friendly features of the Idylla platform for efficient and accessible molecular diagnostics
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-genetic-testing-market
The Prominent Key Players Operating in the Global Genetic Testing Market Include:
- Thermo Fisher Scientific Inc. (U.S.)
- Invitae Corporation (U.S.)
- Bio-Rad Laboratories, Inc. (U.S.)
- PerkinElmer Inc. (U.S.)
- Illumina, Inc. (U.S.)
- QIAGEN (Germany)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Fulgent Genetics (U.S.)
- Myriad Genetics, Inc. (U.S.)
- Abbott (U.S.)
- Eurofins Scientific (Luxembourg)
- Sorenson Genomics (U.S.)
- BIO-HELIX (Italy)
- Biocartis (Belgium)
- Cepheid (A subsidiary of Danaher) (U.S.)
- PacBio (U.S.)
- ELITechGroup (France)
- Genes2Me (India)
- Eugene Labs (India)
- Otogenetics (U.S.)
- Mapmygenome (India)
- MedGenome (India)
- BioReference (U.S.)
- Natera, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global genetic testing market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Genetic Testing Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
