Absolute Market Insights recent analysis of the Genetic Testing Market finds that the increasing demand from the Due to the rise in genetic disorders and high prelevance of cancer amongst a huge population, genetic testing is gaining popularity due to its reliable results. is expected to witness maximum growth in the Genetic Testing Market during the forecast period. The global Market revenue stood at a value USD 16,616.4 Mn in the year 2021.
Market Synopsis
Genetic tests are defined as medical devices available in the form of kits and panels that are used for testing genetic diseases in humans. Furthermore, the testing is performed by collecting samples of blood from patients. These samples are then run on laboratory machines using test kits.
Genetic Testing Market on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behaviour such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Genetic Testing Market is predicted to grow at a CAGR of roughly 10.90% during the forecast period.
- The Genetic Testing Market was estimated to be worth roughly 16,616.4 Mn in 2021 and is expected to reach USD 42,323.1 Mn by 2028; based on primary research.
- On the basis of region, is projected to dominate the worldwide Genetic Testing Market.
Market Dynamics:
Industry Analysis:
The report covers exhaustive analysis on the global Genetic Testing Market. Industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
Drivers:
The advancements in genetic testing techniques such as the next generation sequencing technologies can detect even smaller parts of genes and DNA by breaking the entire genotype (or genome) into small segments and then analysing the DNA sequence of some or all of the segments for diagnosis.Leading players in the genetic testing market are focused on product advances and improvements in genetic testing platforms with increasing competition.
Restraint:
Standardization concerns of genetic testing-based diagnostics and stringent regulatory requirements for product approvals are anticipated to hamper the genetic testing market growth during the forecast period.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pervasive might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Quarterly Market Revenue Forecast 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on Genetic Testing Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America had the highest share in the genetic testing market in the year 2021. This is due to the presence of the majority of the region’s significant players. However, due to increased healthcare spending, and increased awareness of genetic disorders the genetic testing market in North America is booming. Moreover the subsequent rise in the cases of chronic diseases and rising number of cancer patients have to led to an increased adoption of genetic testing in the last few years. Thus, these factors are leading to the growth of genetic testing market.
List of Prominent Players in Genetic Testing Market:
- Abbott Laboratories
- Avellino Lab USA, Inc.
- bioMérieux SA
- Bio-Rad Laboratories, Inc.
- BioReference Laboratories
- CENTOGENE AG
- EONE LABORATORIES
- Eurofins
- F. Hoffmann-La Roche Ltd
- Genomic Health
- Invitae Corporation
- Laboratory Corporation of America Holdings
- MedGenome Labs Pvt. Ltd
- Myriad Genetics, Inc
- NeoGenomics Laboratories, Inc.
- QIAGEN
- Quest Diagnostics Incorporated
- UNILABS
- Other Market Participants
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Genetic Testing Market?
- How will the Genetic Testing Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Genetic Testing Market?
- What is the Genetic Testing Market drivers and restrictions?
- What will be the CAGR and size of the Genetic Testing Market throughout the forecast period?
This market titled Genetic Testing Market will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years: 2016-2028
Base Year: 2021
Historic Years: 2016-2020
Forecast Years: 2022-2028
Segmentation Covered:
- By Testing Types
- Carrier Testing,
- Diagnostic Testing,
- New-born Screening,
- Predictive and Pre-Symptomatic Testing,
- Pharmacogenetics,
- Prenatal Testing,
- Preimplantation Testing,
- Others
- By Sample Type
- Blood,
- Buccal Swab,
- Amniocentesis,
- Chorionic Villus Sampling,
- Others
- By Indication
- Single Gene Disorders,
- Cardiovascular Diseases,
- Cancer Diagnosis
- Colon Cancer,
- Breast Cancer,
- Ovarian Cancer,
- Others
- Ophthalmology,
- Dermatology,
- Neurology,
- Immunology,
- Hematology,
- Pediatric Genetics,
- Metabolic disorders,
- Others
- By Providers
- Hospital,
- Specialty Clinics,
- Diagnostic Centers
Region & Counties Covered
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Report Coverage
- Market growth drivers
- restraints, opportunities
- Porter’s five forces analysis
- PEST analysis
- Value chain analysis
- Regulatory landscape
- Technology landscape
- Patent analysis
- Market attractiveness analysis by segments and Regional
- Company market share analysis
- COVID-19 impact analysis
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