Dublin, July 13, 2021 (GLOBE NEWSWIRE) -- The "Genetic Testing - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Genetic Testing Market to Reach $17.3 Billion by 2026
Amid the COVID-19 crisis, the global market for Genetic Testing estimated at US$10.6 Billion in the year 2020, is projected to reach a revised size of US$17.3 Billion by 2026, growing at a CAGR of 8.6% over the analysis period.
Prenatal & Newborn, one of the segments analyzed in the report, is projected to record a 8.8% CAGR and reach US$6.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Diagnostic segment is readjusted to a revised 8.2% CAGR for the next 7-year period. Globally, prenatal testing market is expected to rise due to the increasing risk of chromosomal abnormalities associated with increasing maternal age.
One of the key growth drivers for new born and prenatal genetic testing is increased awareness about different chromosomal and genetic disorders. Development of healthcare technologies like HTS and next generation sequencing has helped detection of a number of abnormalities at early stages. Diagnostic genetic testing detects the presence of a certain genetic disease, like Huntington`s disease or cystic fibrosis through the detection of specific gene alteration.
The growing accessibility and acceptance of non-targeted sequencing among patients and consumers is expected to provide a major stimulus to the market. Applications such as tumor molecular profiling like liquid biopsies to select cancer treatment, non-invasive prenatal diagnostics, and sequencing for diagnosis of rare disease hold tremendous value.
The market is poised to benefit from growing popularity of DTC testing for specific health risks like 3 BRCA mutations. Another driver for the market is proliferation of hybrid laboratories combining DTC and conventional laboratories.
The U.S. Market is Estimated at $4.7 Billion in 2021, While China is Forecast to Reach $1.2 Billion by 2026
The Genetic Testing market in the U.S. is estimated at US$4.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.2 Billion by the year 2026 trailing a CAGR of 10.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.2% and 8.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.4% CAGR.
The US is the largest market for genetic testing worldwide. Insurance coverage for all types of genetic testing has increased, and this combined with the factor of significant reductions in genetic testing costs, is expected to result in stronger growth for the market in the years ahead. The market is also witnessing strong regulatory support especially for DTC-genetic testing.
Growth in the Europe market is being driven by increasing healthcare expenditure and growing autoimmune diseases prevalence. Asia-Pacific region is expected to witness robust growth due to increasing disposable incomes, and expanding healthcare availability.
Predictive & Presymptomatic Segment to Reach $3 Billion by 2026
Predictive diagnostics is rapidly assuming importance owing to the increasing awareness and growth in preventive medicine. Development in predictive diagnostics is also a result of the growing interest in personalized medicine. Breast cancer diagnosis is one of the key end-use markets targeted by developers of predictive diagnostics. Presymptomatic tests determine the susceptibility of an individual in future, irrespective of his/her existing health condition.
In the global Predictive & Presymptomatic segment, USA, Canada, Japan, China and Europe will drive the 9.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.5 Billion in the year 2020 will reach a projected size of US$2.9 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$169.2 Million by the year 2026.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of Covid-19 and a Looming Global Recession
A Prelude to Genetic Testing
Top Ten Genetic Diseases Worldwide
Different Types of Genetic Tests include
Prenatal and Newborn Screening
Predictive & Presymptomatic Testing
List of Genetic Disorders by Event, Genetic Manifestation and Prevalence
Genetic Testing Delivery Models
Genetic Sequencing Approaches
Genetic Testing Market Witnesses Sluggish Growth during COVID-19, Set to Record Exponential Growth Post-COVID
Expanding Applications to Drive Genetic Testing Market
Prenatal Testing Market to Rise
2. FOCUS ON SELECT PLAYERS (Total 249 Featured)
Recent Market Activity
ELITech Group SAS
Laboratory Corporation of America Holdings
Quest Diagnostics, Inc.
Roche Diagnostics AG
Roche Molecular Diagnostics, Inc.
Thermo Fisher Scientific Inc.
3. MARKET TRENDS & DRIVERS
Studies Indicate Possible Correlation between Genetic Variations Tied to Immunity and COVID-19 Severity
Prenatal Testing - Changing the World of Pregnancy Care
List of Available Prenatal Screening and Diagnostic Tests by Indication
Players in the Prenatal and New Born Genetic Testing Market
Conventional Invasive Pre-Natal Diagnostic Techniques - A Risky Affair
Emergence of Non-Invasive Prenatal Diagnosis (NIPD)
Competition Intensifies in the NIPD Market
Select Commercially Available NIPD (Genetic) Tests for Aneuploidy in the US
Strain on Resources Prevent Wide Adoption of Expanded Carrier Sequencing
Breast Cancer Gene Testing Market to Expand Strongly
Myriad Genetics - A Leader in Breast Cancer Testing
Discovery of Novel Biomarkers Crucial to Predictive Diagnostics
Pharmacogenomics Development Augurs Growth of Genetic Testing Market
MARKET TRENDS AND GROWTH DRIVERS
Genetic Testing Paves the Way for Personalized Medicine
Next-Generation Sequencing (NGS) - A Giant Leap in Genome Sequencing
Biomarker Discovery Leads to Advanced Genetic Testing
Select List of Available Tumor Markers
Immense Popularity of Ancestry Testing
Increasing Focus on Data Churning
Genetic Testing to Explode into Provider Workflow with Intriguing Use Cases
Primary Factors Responsible for Waning Interest in Direct-to Consumer Genetic Testing
Liquid Biopsy to Facilitate Cancer Diagnosis and Treatment
Hybrid Labs to Bridge Gap Between Traditional and DTC Models
Rising Prevalence of Cancer and Chromosomal Disorders Augments Demand for Cell-Free DNA Testing
Emergence of Rapid DNA Testing
Oncology - A Key Focus Area for Genetic Testing
Ageing Demographics to Drive Demand for Genetic Testing
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
Use of Genomic Data in Clinical Settings to Gather Pace
The United States: Leading Market for Genetic Testing Globally
Predictive Screening: Another Growth Area
Growing Relevance of Personalized Medicine Augurs Well
Rising Incidence of Cancer in the US: Driver for Cancer Genetic Testing
Estimated Number of New Cancer Cases and Deaths in the US (2019)
Newborn Testing Gains Ground
Invasive Prenatal Diagnosis Gives Way to Non-Invasive Prenatal Testing
Coverage of NIPT in Average Risk Pregnancies Expands Target Market
Direct-to-Consumer Testing: A Growing Market
Favorable Reimbursement Policies
Favorable Insurance Coverage for Cystic Fibrosis Genetic Testing
Demographic Changes Offer Growth Opportunities
Skepticism Limits Widespread Adoption of Genetic Testing
Myriad Eyes Diversification and Expansion for Growth
Natera Holds Fort in the NIPT Market
Invitae Banks on Low Cost Solutions for Expanding Revenues
Genetic Information Nondiscrimination Act Boosts Genetic Testing
Stricter Regulations for DTC Genetic Testing
FDA Attempts to Put a Leash around Unapproved DTC Genetic Tests
Select Genetic Test Reimbursement Codes
Rising Incidence of Chronic Diseases Spurs Genetic Testing Demand
Number of New Cancer Cases in Canada: 2019
Demographics Drive Market Growth
DTC Genetic Testing Regulatory Scenario
China Attracts Domestic and Foreign Players
Strong Focus on Genomics
Genetic Testing to Reveal Real Talent in Children - A New Popular Application
China to Take Lead in Rapidly Growing Asian Genomics Market
European Personalized Medicine Market to Exhibit Robust Growth
Aging Population to Drive Demand for Genetic Testing
Legislations/Regulatory Policies in Select European Countries
Legislations Governing Genetic Testing in Select European Countries
Rising Cancer Incidence Augurs Well for European Genetic Testing Market
Cancer Incidence in Europe: Number of New Cancer Cases (in Thousands) by Site for 2018
Increased Support for Personalized Medicine to Drive Genetic Testing
SMIP for Pharmacogenomic Testing
Increasing Need for Less Risky Prenatal Diagnostic Methods in the UK
Principles for DTC Genetic Testing Laid out by HGC
Total Companies Profiled: 249
For more information about this report visit https://www.researchandmarkets.com/r/q4kclq
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