Market Research Future published a research report on “Genetic Testing Market Research Report - Global Forecast Till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
Pune, India - July 9, 2019 /MarketersMedia/ —
Market Synopsis
The global genetic testing market is expected to reach a valuation of more than USD 22.8 billion by 2024, growing at a robust CAGR of 11.5% over the forecast period from 2018 to 2024, according to the latest research report from Market Research Future (MRFR). The global genetic testing market is analyzed in complete detail in the report, which analyzes the market’s historical figures, present stats, and future prognosis in terms of the major drivers and restraints operating on the market.
Genetic testing has become a vital part of the global healthcare sector in recent years due to the increasing focus on personalized medication and the growing prevalence of genetic conditions. The growing awareness about genetic conditions and the rising prevalence of congenital genetic conditions is likely to be a major driver for the global Genetic Testing Market over the forecast period. The possibility to treat these conditions early in life with the help of genetic testing, thus ameliorating the impact of the condition on the patient’s life quality, has been a major driver for the global genetic testing market. Rising government support to the field of personalized medication and the increasing interest shown in the field by major healthcare industry players is likely to be a major driver for the global genetic testing market over the forecast period.
The rising use of genetic testing in cancer and diabetes treatment, apart from other diseases, is likely to be a major driver for the global genetic testing market over the forecast period. Cancer has emerged as a major hurdle for the healthcare industry in recent years, with considerable focus and expenditure being devoted to the development of more effective cancer therapies. This is likely to drive the demand from the global genetic testing market over the forecast period, as genetic therapies are among the most successful solutions the healthcare sector has been able to provide against cancer.
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Key Players
The prominent players in the global genetic testing market are Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), Illumina Inc. (US), Myriad Genetics, Inc. (US), PerkinElmer Inc. (US), QIAGEN N. V. (Germany), Quest Diagnostics Incorporated (US), Eurofins Scientific (US), F. Hoffmann-La Roche Ltd (Switzerland), Blueprint Genetics (Finland), BGI Genomics (China), and Thermo Fisher Scientific Inc. (US).
Market Segmentation:
The global genetic testing market is segmented on the basis of type, method, application, and region.
By type, the global genetic testing market is segmented into prescribed genetic testing and direct to consumer genetic testing. Prescribed genetic testing is by far the dominant segment of the global genetic testing market and is likely to remain in the lead over the forecast period. However, the direct to consumer genetic testing segment is also likely to exhibit steady growth over the forecast period due to the growing demand from consumers for personal genetic testing, which can be made easily available to individual consumers through online channels.
By method, the global genetic testing market is segmented into molecular genetic tests, chromosomal genetic tests, and biochemical genetic tests. Molecular genetic testing, also known as DNA testing, is likely to be the major revenue generator in the global genetic testing market over the forecast period.
By application, the global genetic testing market is segmented into reproductive health, cancer screening, ancestry, predictive and pre-symptomatic testing, and others. Reproductive health is likely to be the major application channel in the global genetic testing market over the forecast period.
Detailed Regional Analysis:
The Americas hold the dominant share in the global genetic testing market and are likely to remain the leading regional market over the forecast period due to the first mover advantage enjoyed by countries such as the U.S. and Canada, where genetic testing is widely available and used in various medical disciplines. Europe is the second largest regional market for genetic testing, while Asia Pacific is expected to exhibit the fastest growth rate over the forecast period.
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Intended Audience
• Genetic testing products manufacturers and suppliers
• Genetic testing services providers
• Hospitals and clinics
• Medical research laboratories
• Research and development (R&D) companies
• Government authorities
• Market research and consulting service providers
• Potential investors
About Us:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact Info:
Name: Abhishek Sawant
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Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Source: MarketersMedia
Release ID: 88894066
