Genetic Testing Market Global Size, Opportunities, Historical Analysis, Development Status, Business Growth and Regional Forecast To 2024

This Global Genetic Testing market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.

Delaware, Selbyville - October 10, 2019 /MarketersMedia/ —

U.S. genetic testing market dominated the industry owing to increasing prevalence of chronic diseases, developed healthcare facilities and technological advancements. Rising prevalence of genetic diseases such as cancer, cardiac disease, neurofibromatosis, cystic fibrosis, Turner syndrome and spinal muscular atrophy will augment the market growth. Moreover, increasing insurance coverage and regulatory support for direct to consumer (DTC) genetic testing coupled with reduction in the cost of genetic tests is expected to propel the demand for genetic testing in the U.S. over the forecast period.

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Availability of new tests owing to technological advancements in the field of genetic testing will serve to be high impact rendering factor. Demand for genetic testing is increasing due to the development of non-invasive tests that can be used in detection of genetic abnormalities during early pregnancy. Availability of highly sensitive and efficient tests for early diagnosis of diseases will boost the market growth. Moreover, increasing consumer demand for personalized medicines based on molecular basis of the diseases will further drive the genetic testing market during the forthcoming years.

Diagnostic testing dominated the genetic testing market and accounted for USD 5,690.6 million in 2017. It is expected to witness robust growth during the forecast period attributable to the increasing prevalence of chronic diseases worldwide. Diagnostic testing enables early diagnosis of diseases allowing patients to undergo timely therapeutic treatment, lower the severity of diseases and reduce the mortality rate.

Genetic Testing Market will reach USD 22.5 billion by 2024. Increasing prevalence of cancer and other genetic diseases worldwide will drive industry growth over the forecast timeframe. Breast cancer is the second leading cause of cancer deaths among women. According to the Pan American Health Organization (PAHO), around 4,08,200 breast cancer cases and 92,000 cancer deaths were recorded in 2013. The number of breast cancer cases in Americas is expected to grow by 46% by 2030. Furthermore, increasing awareness among patients pertaining to early detection of diseases helps patients to undergo timely treatment and minimize the risks associated with the diseases. Aforementioned factors are expected to fuel the demand for genetic testing thereby propelling the market growth.

Cardiovascular disease diagnosis segment is expected to grow at the fastest rate during the forthcoming years. Cardiac diseases are the leading cause of deaths worldwide and are caused by a combination of genetic and environmental factors. The onset and treatment of CVDs can be controlled if it is diagnosed prior to manifestation of actual disease in patients with high risk of developing a CVD. Genetic testing helps to reliably determine an individual?s risk to develop CVDs based on their genetic data using preventive genetic screening.

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Some of the notable industry players operating in global genetic testing market are 23andMe, Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, BioMerieux, BGI, Celera Genomics, Cepheid, Counsyl, deCODEme, Genentech, Genomictree, Genomic Health, HTG Molecular Diagnostics, IntegraGen, LabCorp Diagnostics, Luminex, MolecularMD, Myriad, Natera, PacBio, Pathway Genomics, Qiagen, Roche Diagnostics, Sequenom and Siemens.

Table of Content:

Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Genetic Testing Industry Insights
Chapter 4. Genetic Testing Market, By Test Type
Chapter 5. Genetic Testing Market, By Application
Chapter 6. Genetic Testing Market, By Region
Chapter 7. Company Profiles

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Related Report:

Prenatal and Newborn Genetic Testing Market to 2027 - Global Analysis and Forecasts By Product (Diagnostic, and Screening), Disease (Cystic Fibrosis, Sickle Cell Anemia, Downs Syndrome, Phenylketonuria, and Other Disease), End User (Hospitals and Clinics, Diagnostic Centers, and Other End User) and Geography

The global Prenatal and Newborn Genetic Testing Market is expected to reach US$ 11,204.74 Mn in 2027 from US$ 4,034.37 in 2018. The market is estimated to grow with a CAGR of 12.2% from 2019-2027. The key factors that are driving the growth of the significant increase in the prevalence of genetic diseases among infants, supportive government for promoting the use of prenatal and newborn testing and increasing birth rate are boosting the market over the years. In addition, the growth opportunities in emerging markets in developing countries are likely to have a positive impact on the growth of the market in the coming years.

https://www.marketstudyreport.com/reports/prenatal-and-newborn-genetic-testing-market-to-2027/?utm_source=Marketersmedia.com-AN

Related Report: https://www.marketwatch.com/press-release/global-biogas-market-size-2019-research-methodology-top-manufactures-and-market-size-estimate-2024-2019-10-03

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