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Genetic Testing Market size was valued at over USD 18 billion in 2022 and is expected to register more than 8.5% CAGR through 2023-2032, due to growing awareness of hereditary mutations and cancer risks.
Genetic testing is gaining momentum as a method that identifies gene mutations, a risk factor for hereditary or inherited cancer. Hereditary mutations can lead to a range of cancers such as kidney, thyroid, uterine, colon, ovarian, and breast cancer. Over the years, the prevalence of oncological and genetic diseases has risen. Based on estimates from the American Cancer Society, nearly 21.6 million new cancer cases are likely to be recorded by 2030. These factors will boost the acceptance of cancer genetic testing to confirm the diagnosis and help healthcare providers plan treatment.
Report Attribute | Details |
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Base Year: | 2022 |
Genetic Testing Market Size in 2022: | USD 18 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 8.5% |
2032 Value Projection: | USD 43 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 180 |
Tables, Charts & Figures: | 280 |
Segments covered: | Test, Application, Technology, and Region. |
Growth Drivers: |
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Pitfalls & Challenges: |
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Precision medicine has emerged as a personalized approach that uses genomic data to determine drug protocols and provide high-quality patient care. Using genetic tests, personalized medicine technology can examine the effect of a particular gene mutation or variant on the risk of treatment or disease conditions. The increasing consumer interest in precision medicine will therefore create lucrative growth opportunities for genetic test developers.