Hereditary Genetic Testing Market is Anticipated to Grow at a CAGR of 10.1 %

The hereditary Genetic Testing Market is predicted to grow at a CAGR of 10.1 %, from $ 12,682 million in 2019 to $ 21,260 million in 2027

Hereditary Genetic Testing Market Definition + Overview

Genetic testing additionally called DNA testing is a sort of medical trial that recognizes changes in proteins, qualities or chromosomes. The test outcomes can affirm or preclude an estimated basic genetic condition or help in deciding a person's possibility of creating or passing on a hereditary problem.

The worldwide Hereditary Genetic testing market is relied upon to enlist generous development later on, attributable to ascend in incidents of hereditary disorders and malignancy and ascend in acceptance and acknowledgment of medicines. For example, hereditary genetic testing has been broadly utilized in pharmacogenomics, likewise eluded as drug quality testing. Also, progressions in hereditary genetic testing techniques are relied upon to support the genetic testing market development during the forecast period . For example, the Healthcare system in non-industrial countries, for example, Brazil, India, and China have encountered a critical expansion in investments in medical care and infrastructure, which prompts flood popularity for genetic testing around there.

Hereditary Genetic Testing Market DORC+ Recent News

Growth Drivers -

  • Rising Prevalence of Genetic Disorders
  • Increasing Prevalence of Various Types of Cancer, Globally
  • Increasing Research Funding in the Field of Genomics

Market Challenges -

  • Expensive Sequencing Procedures and Their Applications in Medical Treatments
  • High Capital Requirement Hampering the Expansion of Global Reach
  • Stringent Regulatory Standards

Market Opportunities -

  • Technological Advancements for Exome Sequencing
  • Rise of Direct-to-Consumer (DTC) Testing Services
  • Massive Scope for Adoption of NGS-Based in Emerging Nations

Recent News:

  1. Ambry Genetics and Intalere Teams partnered in April 2019. As a result of this partnership, the firm was able to have greater access to healthcare facilities with genetic research in order to better treat patients with elevated cancer risks
  2. 23andMe announced the introduction of a novel genetic test in March 2018 that assesses the risk of type 2 diabetes. The company's customer base and market share have grown as a result of this launch.

Market Segmentation+ Geographic Breakdown

By type, the Hereditary Genetic Testing market is segmented into prescient testing and presymptomatic testing, Carrier Testing, pre-natal and newborn testing, diagnostics testing, pharmacogenomics testing, and others. The pre-birth and newborn testing fragment stood firm on predominant foothold with most noteworthy revenue and is required to keep up its strength during the forecast. This is owing to development in awareness among individuals with respect to medical care and expansion in rates of death rate from genetic sicknesses across the world. Then again, the pharmacogenomics testing part is expected to witness the most noteworthy CAGR during the forecast period.

The atomic testing section obtained the major genetic testing share of the overall hereditary Genetic testing industry, and is relied upon to keep a lead during the forecast time frame. The development of this segment is credited to the way that sub-atomic testing is the most utilized technology for hereditary genetic testing. For example, the technology is utilized in hereditary tests, for example, carrier testing, demonstrative testing, prescient and presymptomatic testing and others. Moreover, molecular testing is preferred, liked as it very well be utilized to analyze gains or misfortunes in DNA that are not distinguishable with routine chromosome analysis.

Region-wise, North America was the main revenue supporter of the Global hereditary genetic testing market, and is relied upon to rule the market during the forecast period. North America genetic testing market size was over USD 8.5 billion every by virtue of the rising number of malignant growth cases and other ongoing sicknesses just as quickly developing older populace base. 

 In any case, Asia-Pacific is relied upon to develop at the most noteworthy CAGR during the estimated time, inferable from expansion in affordability, flood in medical services use, and ascend unawareness toward early screening of genetic issues.   Moreover, expanding acknowledgment of new technologies, rising patient awareness for early sickness diagnosis and developing frequency of genetic infections will help the general Hereditary Genetic testing market expansion.

Competitive Intelligence:

Some of the major key players working in the market incorporate Abbott Laboratories, Bio-Rad Laboratories, Inc. (raindance Technologies, Inc.), Myriad Genetics, Inc. (Bunch RBM, Inc.), Danaher Corporation (Cepheid), F. Hoffmann-La Roche Ltd., Eurofins Scientific, Illumina, Inc., Qiagen N.V., Thermo Fisher Scientific, Inc., and CSL Ltd.

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