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Genetic Testing Global Market Report 2022

·4-min read
ReportLinker
ReportLinker

Major players in the genetic testing market are Abbott Laboratories, Bio-Rad Laboratories Inc. , Eurofins Scientific, F. Hoffmann-La Roche Ltd. , Illumina Inc. , Myriad Genetics Inc. , QIAGEN, Thermo Fisher Scientific, Quest Diagnostics, BGI Group, Biocartis Group, 23 and Me Inc.

New York, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Genetic Testing Global Market Report 2022" - https://www.reportlinker.com/p06317640/?utm_source=GNW
, Blueprint Genetics, CSL Limited, bioMerieux SA, PerkinElmer Inc., and Agilent Technologies Inc.

The global genetic testing market is expected to grow from $13.72 billion in 2021 to $15.36 billion in 2022 at a compound annual growth rate (CAGR) of 12%. The genetic testing market is expected to grow to $22.91 billion in 2026 at a CAGR of 10.5%.

The genetic testing market consists of the sale of genetic testing services by entities (organizations, partnerships, and sole proprietors) that are used to confirm specific genetic disorders in children and their conditions based on physical signs and symptoms.Genetic testing refers to a sort of medical examination that looks for alterations in genes, proteins, or chromosomes.

A genetic test’s results can identify a genetic ailment, as well as determine a person’s risk of developing a genetic disorder.

The main types of genetic testing are predictive testing, carrier testing, prenatal and newborn testing, diagnostic testing, pharmacogenomic testing, nutrigenomic testing, and other types.The predictive tests are part of a new and rapidly expanding class of medical tests that are fundamentally different from traditional medical diagnostic examinations.

The various technologies involved are cytogenetic testing, biochemical testing, and molecular testing and are used for different diseases such as Alzheimer’s disease, cancer, cystic fibrosis, sickle cell anemia, Duchenne muscular dystrophy, thalassemia, Huntington’s disease, rare diseases, and other diseases. It is used in several applications, such as cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, and others.

North America was the largest region in the genetic testing market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the genetic testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The genetic testing market research report is one of a series of new reports that provides genetic testing market statistics, including global market size, regional shares, competitors with a genetic testing market share, detailed genetic testing market segments, market trends and opportunities, and any further data you may need to thrive in the genetic testing industry. This genetic testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The rising prevalence of genetic disorders is expected to propel the growth of the genetic testing market going forward.Genetic disorders refer to some diseases that cause symptoms at birth, while others develop over time.

Genetic testing can help get a diagnosis for a genetic issue and information about the chances of developing cancer. For instance, in November 2021, according to National Center for Biotechnology Information, a US-based medical organization, genetic illnesses were found in 9.4 %of pediatric patients, with 44.7% of these patients being critically ill newborns. Also, 13.17 million patients were suffering from unique genetic disorders in the US. Therefore, the rising prevalence of genetic disorders is driving the genetic testing market.

Technological advancement is a crucial trend gaining popularity in the genetic testing market.Major companies operating in the genetic testing market are focused on developing technology to sustain their position in the market.

For instance, in December 2020, Cell ID Pte. Ltd., a Singapore-based company that manufactures, genetic testing products launched a portable genetic test for COVID-19 named Quiz PCR Biochip. This is a portable palm-sized moveable genetic test kit that utilizes an app to confirm if a person has COVID-19. This device also had a QR code for tracking. This device works on pooled screening technology. This can be easily moveable and can take tests anywhere at any time.

In January 2022, Exact Sciences, a US-based molecular diagnostics company that manufactures genetic testing products acquired Prevention Genetics for a deal amount of $190 million.As a result of this acquisition, Exact Sciences aims to increase hereditary cancer testing for more patients.

Prevention Genetics is a US-based company that manufactures clinical DNA (genetic) tests for genetic germline (inherited) illnesses.

The countries covered in the genetic testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06317640/?utm_source=GNW

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