Genetic Testing Market size to exceed USD 25 bn by 2025

Genetic Testing Market size is estimated to exceed USD 25 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

Surging demand for personalized medicines will escalate demand for genetic testing in near future. Every individual has different genetic makeup and require personalized medicines to treat diseases effectively. Genetic testing assists in early detection of rare genetic diseases that helps to treat them in early stages. Rising awareness regarding personalized medicines coupled with benefits of early diagnosis will escalate business revenue in forthcoming years.


 

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Availability of technologically advanced gene diagnosing kits will surge its demand over the forecast period. Industry players are emphasizing on R&D activities to manufacture innovative products that provide efficient and safer techniques for disease detection. Moreover, advanced products such as direct to consumer genetic testing kits will serve to be a high impact rendering factor, thereby fueling market growth over the forecast period. However, dearth of experienced professionals and lack of healthcare infrastructure in developing and underdeveloped countries may hamper industry growth to certain extent.
 

Germany Genetic Testing Market Size, By Application, 2018 & 2025 (USD Million)
Genetic Testing Market

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Carrier testing segment of was valued around USD 460 million revenue in 2018 and it is anticipated to witness tremendous growth in coming years. Carrier type of testing helps in determining autosomal recessive disorders. The test is prominently used by couples to determine the chances of having child with genetic disorders. Moreover, carrier testing is used to detect whether a healthy person is a carrier of mutated genes. These factors enable healthcare professionals to recommend treatment for individuals comprising mutated genes, that will exceed segment revenue in forthcoming future.
 

Cancer diagnosis segment of genetic testing market is anticipated to witness more than 12% growth over the forecast timeframe. Significant growth can be attributed to rising prevalence of oncological disorders. Genetic screening tests enable identification of mutations and functional characterization of the individual’s genetic alterations that assists in accurate cancer diagnosis. Benefits of early detection of cancer will stimulate genetic testing industry growth in forthcoming future.
 

Browse key industry insights spread across 140 pages with 69 market data tables & 8 figures & charts from the report, “Genetic Testing Market Size By Test Type (Predictive Testing, Carrier Testing, Prenatal And Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomics Testing), By Application (Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Japan, China, India, Australia, South Korea, Brazil, Argentina, Mexico, South Africa, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:  
https://www.gminsights.com/industry-analysis/genetic-testing-market
 

North America market accounted for around 59% revenue share in 2018 and it is projected to witness robust growth over the forecast period. Growing incidences of cancer and genetic diseases will prove to be a high impact rendering factor for regional market growth. Furthermore, availability of technologically advanced gene diagnosing kits coupled with positive regulatory framework and high healthcare expenditure will accelerate the regional industry growth over the forecast timeframe.
 

Some of the notable industry players operational in genetic testing market are Abbott Molecular, Biocartis, DiagnosticsBioHelix, Counsyl, Genentech, Genomic Health, HTG Molecular Diagnostics, Celera Genomics, Bayer BioMerieux, LabCorp Diagnostics, Myriad, PacBio, 23andMe, Genomictree, MolecularMD, Pathway Genomics, Qiagen, Roche Diagnostics, Natera, Cepheid, BGI, Luminex, IntegraGen, Siemens, deCODEme and Sequenom. Industry players are implementing several strategies such as mergers, acquisitions, product launches, collaborations, etc. Strategic activities help companies to garner higher revenue share and sustain industry competition. For instance, in March 2017, Myriad Genetics launched EndoPredict test in the U.S. for patients with breast cancer. This test is used for assessing 10-year risk of disease recurrence and determination of those patients that doesn’t require chemotherapy. In February 2017, Asterand Bioscience and MolecularMD announced partnership that has focus on targeted therapeutic biomarker optimization, validation, development and commercialization.
 

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Genetic testing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:

Genetic Testing Market, By Test Type (USD million)

  • Predictive Testing
  • Carrier Testing
  • Prenatal and Newborn Testing
  • Diagnostic Testing
  • Pharmacogenomic Testing
  • Others

Genetic Testing Market, By Applications (USD million)

  • Cancer
  • Genetic Disease
  • Cardiovascular Disease
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Argentina
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

 

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