Genetic Testing Market worth over $31.8bn by 2027
Published Date: March 8, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Genetic Testing Market size is set to surpass USD 31.8 billion by 2027, according to a new research report by Global Market Insights, Inc.
Increasing application of genetic testing in oncology and genetic diseases coupled with growing adoption of genetic tests into clinical care will drive the market growth during the forecast period.
Rising awareness regarding personalized medication will spur the market demand
Personalized medicines offer specialized treatments to patients based on molecular basis of a disease. Genome sequencing and genetic testing can be used to determine molecular basis of a disease. Therefore, people in developed countries including the U.S. and European countries are screened for various genetic and rare diseases. Early detection of these diseases helps to minimize the severity and can prevent the onset of symptoms proving effective for patient management. Moreover, personalization of treatment may avoid possible risks in the future by offering an array of diagnostic techniques enabling people to take precautionary steps thereby, favoring the market expansion. Also, biopharmaceutical researchers project an increase in the number of personalized medicines during the forecast timeframe due to its effective nature in curing patients with better results than the commercially available medications. However, dearth of experienced professionals in developing economies may hamper the market value to a certain extent.
Increasing demand for prenatal and newborn screening in genetic testing will boost the market revenue
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The prenatal and newborn testing segment accounted for 30% of the genetic testing market share in 2020 led by rising importance of newborn and prenatal screening in developed economies. The prenatal tests are usually taken during pregnancy to determine the likelihood of a baby having any particular birth defects. Most of the tests are noninvasive and are performed during first or second trimester proving beneficial for the segment growth. Furthermore, growing significance of prenatal screening to determine chromosomal abnormalities or health condition such as down syndrome in babies will secure the overall industry growth.
Browse key industry insights spread across 200 pages with 138 market data tables & 07 figures & charts from the report, “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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing cases of genetic disorders will enhance the industry demand
The genetic disease application is anticipated to witness around 12.5% growth rate till 2027. A genetic illness is a serious health disorder caused by one or more abnormalities in the genome that surges the demand for different genetic tests for accurate and early disease diagnosis. Sickle cell anaemia, tay–sachs disease, huntington's disease are some of the genetic disorders caused among individuals across the globe owing to inherited medical condition.
Favorable regulatory scenario in the European region is projected to fuel the market growth
Europe genetic testing market size was around USD 3 billion in 2020. Increasing demand for prenatal and newborn testing in the countries including UK and Germany among others to detect abnormalities at an early stage will prove advantageous for the industry progression. Advanced healthcare infrastructure, availability of leading market participants as well as advanced technology integrated with genetic testing will foster the market expansion.
Companies are focusing on strategies to expand customer base and secure higher market position
Some of the major players operating in the genetic testing market are 23andMe, Inc., Abbott Laboratories, Ambry Genetics (Konica Minolta), BGI, Biocartis Group NV, Bio-Helix Co., Ltd., bioMérieux SA, Blueprint Genetics, Cepheid (Danaher Corporation) and Eurofins Scientific among others. These industry leaders are offering innovative testing services in order to generate significant revenue in the market and increase their geographical presence.
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