Genetic Analysis Market size is set to exceed USD 13 billion by 2030, according to a new research report by Global Market Insights Inc.
Genetic screening and testing of a developing pregnancy by conducting a blood test on the mother are frequently performed in the prenatal setting. This is a result of the increasing advancements in non-invasive methods for prenatal testing. Testing can help to reduce the risk of miscarriage related to conventional prenatal tests such as amniocentesis or chorionic villus sampling. When compared to other screening tests, the direct testing method offers conclusive results as well as the capability to test for more scenarios.
Rising focus on depression treatment to increase adoption of pharmacogenomic testing
Genetic analysis market from pharmacogenomic testing segment will register over 7.5% CAGR between 2022-2030. This is due to rising focus on treating depression, which has become a prevalent health issue in recent times. In patients consuming drugs for treating anxiety, depression, and some cancers, the use of pharmacogenomic testing is increasing rapidly, as it can help identify alternative treatment solutions to medication that has potential side effects. The growing awareness about the importance of treating depression will thus bolster the usage of this test in mental health applications.
Browse key industry insights spread across 247 pages with 361 market data tables & 17 figures & charts from the report, “Genetic Analysis Market Size By Product (Instruments, Reagents & Kits, Software), Test (Predictive Genetic Testing, Carrier Testing, Prenatal and Newborn Testing, Disease Diagnostic Testing, Pharmacogenomic Testing), Application (Cancer, Genetic Diseases, Cardiovascular Diseases, Rare Diseases, Infectious Diseases), Technology (Next-generation Sequencing (NGS), Real-Time PCR System), End-use (Hospitals, Research & Development Laboratories, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Deployment of advanced testing instruments to influence market dynamics
Genetic analysis market share from the instruments segment is anticipated to depict an 8% CAGR through 2022-2030. This growth is accredited to the increasing adoption of advanced gene testing instruments, especially in personalized medicine.
DNA labs use advanced instruments such as polymerase chain reaction machines to run back-to-back tests on the same DNA segment by making multiple copies. It prevents the original sequence from damage when multiple tests are needed. Patients can submit one sample and receive multiple test results using this instrument. These advancements, coupled with the increasing prevalence of genetic disorders, will augment the industry outlook.
Increased risk of disorders among newborns bolster genetic disease applications
The genetic analysis market from genetic disease application segment is projected to reach USD 4 billion by 2030. There is a growing number of patients diagnosed with genetic disorders observed over the past few years. Apart from genetic and environmental factors, the level of prenatal termination of impacted pregnancies and other factors affect the prevalence of down syndrome. Genetic analysis helps in the early detection of disorders like these and helps in the formulation of effective treatment plans.
High prevalence of genetic disorders to boost market forecast in Asia Pacific
Asia Pacific genetic analysis market is anticipated to be worth over USD 2 billion by 2030. Major players from the region are focusing on the integration of novel technologies into genetic devices. This is supplemented by the rising rate of incidence of genetic disorders in many Asian countries. Since genetic analysis plays an important role in the implementation of these trials, the increasing prevalence of genetic disorders could bolster the regional market expansion.
Key product launches from industry players to strengthen industry landscape
Some of the major players operating in the genetic analysis industry include Thermo Fisher Scientific, Abbott Laboratories, PerkinElmer, Inc., BioRad Laboratories, AutoGenomics Inc., ELITech Group, and IntegraGen. Companies are focusing on strategic product launches to expand their product offerings.