Genetic Testing Market to Reach $21.26 Bn, Globally, by 2027 at 10.1% CAGR: Allied Market Research
- Increase in incidences of genetic disorders and cancer, surge in awareness & acceptance of personalized medicines, and advancements in genetic testing techniquesfuel the growth of the global genetic testing market
- Increase in incidences of genetic disorders and cancer, surge in awareness & acceptance of personalized medicines, and advancements in genetic testing techniques fuel the growth of the global genetic testing market
PORTLAND, Ore., Oct. 19, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Genetic Testing Market by Type (Predictive & Presymptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing), Application (Cancer diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report, the global genetic testing industry was estimated at $12.68 billion in 2019, and is expected to reach $ 21.26 billion by 2027, registering a CAGR of 10.1% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Increase in incidences of genetic disorders and cancer, surge in awareness & acceptance of personalized medicines, and advancements in genetic testing techniques fuel the growth of the global genetic testing market. On the other hand, standardization concerns of genetic testing-based diagnostics and stringent regulatory requirements for product approvals impede the growth to some extent. However, untapped emerging markets in developing countries is expected to create multiple opportunities for the key players in the industry.
Covid-19 scenario-
- Covid-19 outbreak badly impacted genetic counselors as doctors were not available for counselling, and laboratories were not able to run the tests.
- Genetic counselors are not exempted for practicing during lockdowns as they are not recognized as doctors by governmental bodies such as Centers for Medicaid Services (CMS) presently.
- However, the government bodies have eased off certain regulations thereby permitting the organizations to resume their activities.
The prenatal and newborn testing segment to dominate by 2027-
Based on type, the prenatal and newborn testing segment accounted for nearly one-third of the global genetic testing market revenue in 2019 and is expected to maintain the lion's share till 2027. The surge in awareness towards newborn testing and rise in government intervention in newborn testing are the major factors driving the segment growth. Conversely, the pharmacogenomic testing segment would grow at the fastest CAGR of 14.1% throughout the forecast period, due to increase in application in use of personalized medicine across the globe.
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The molecular segment to maintain the dominant share-
Based on technology, the molecular segment contributed to nearly three-fifths of the global genetic testing market share in 2019 and is projected to lead the trail by the end of 2027. The fact that molecular testing is the most used technology for genetic testing drives the segment growth. Simultaneously, the biochemical segment would portray the fastest CAGR of 11.5% from 2021 to 2027. This is attributed to surge in awareness related to early screening of biochemical genetic diseases which are present at birth and disrupt a key metabolic pathway.
North America garnered the major share in 2019 –
Based on region, North America garnered the major share in 2019, holding nearly two-fifths of the global genetic testing market, owing to presence of majority of key players, superior regulatory framework for genetic testing, rise in geriatric population along with increase in prevalence of chronic diseases. At the same time, Asia-Pacific would manifest the fastest CAGR of 12.5% during the forecast period. This is due to the factors such as surge in awareness associated with genetic testing, and rise in healthcare expenditure.
Key players in the industry-
- Abbott Laboratories
- Bio-Rad Laboratories, Inc. (RainDance Technologies, Inc.)
- Myriad Genetics, Inc. (Myriad RBM, Inc.)
- Danaher Corporation (Cepheid)
- F. Hoffmann-La Roche Ltd.
- Eurofins Scientific
- Illumina, Inc.
- Qiagen N.V.
- Thermo Fisher Scientific, Inc.
- CSL Ltd.
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