January 09, 2020
According to the research report titled ‘Genetic Testing Market Size By Test Type (Predictive Testing, Carrier Testing, Prenatal And Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing), By Application (Cancer, Genetic Disease, Cardiovascular Disease), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Japan, China, India, Australia, South Korea, Brazil, Argentina, Mexico, South Africa, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global genetic testing market is expected to cross USD 25 billion by the year 2025.
According to the report, growing occurrence of genetic diseases in consort with availability of advanced genetic tests are major factors driving genetic testing market growth. Rising awareness pertaining to availability of genetic tests are stimulating the industry outlook. Genetic tests which are currently available are highly efficient and offer accurate genetic results.
Technological advancements have bolstered the demand for high precision genetic tests which in turn is aiding the expansion of the market. However, genetic tests are relatively expensive which may hinder the growth of the genetic testing market.
As per test type, the report cites that nutrigenomic testing segment is expected to witness 13% growth during the estimated timeframe. These tests help in reducing mortality rates in patients suffering from lifestyle disorders. Additionally, nutrigenomic testing uses high-quality genomic techniques that helps clinicians and doctors to recommend dietary plans according to the genetics of the people. Increasing awareness pertaining to availability of personalized diet plans are fueling the growth of the segment.
Based on application spectrum, cancer segment held 52 % share of genetic testing market in the year 2018. High occurrence rate of cancer is augmenting the demand for genetic tests across the globe.
Request sample copy of this Report@ https://www.marketstudyreport.com/request-a-sample/1130965/
Considering geographical landscape, the report states that North America genetic testing market is expected to grow by 10% in the forthcoming years. Rising prevalence of genetic disorders such as thalassemia, sickle cell anemia, and cystic fibrosis, especially in the U.S., is contributing towards the popularity of genetic tests across the region. Moreover, favorable federal reforms which promote using genetic testing methods are facilitating the business scenario.
The prominent companies operating in the genetic testing market are Siemens, Sequenom, Roche Diagnostics, Qiagen, Pathway Genomics, PacBio, Natera, Molecular MD, Luminex, LabCorp Diagnostics, IntegraGen, HTG Molecular Diagnostics, Genomic Health, Genomictree, Genentech, deCODEme, Counsyl, Cepheid, Celera Genomics, BGI, BioMerieux, BioHelix, Biocartis, Bayer Diagnostics, Abbott Molecular, and 23andMe.
Frequently Asked Questions (FAQ) :