The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s genetic testing market report forecasts the genetic testing market size to grow to $26.21 Billion by 2027, with a CAGR (compound annual growth rate) of more than 11%.

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Genetic Testing Market Size Forecast
The global genetic testing market is expected to grow from $15.42 billion in 2022 to $17.23 billion in 2023 at a compound annual growth rate (CAGR) of 11.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The genetic testing market size is expected to grow to $26.21 billion in 2027 at a CAGR of 11.1%.

North America held the largest genetic testing market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Genetic Testing Market Driver ­– Rise In The Prevalence Of Genetic Disorders
For instance, in November 2021, according to the 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.

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Key Genetic Testing Market Trend – Technological Advancement
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.

Genetic Testing Market Segment
1) By Type: Predictive Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing, Other Types
2) By Technology: Cytogenetic Testing, Biochemical Testing, Molecular Testing
3) By Disease: Alzheimer’s Disease, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Other Diseases
4) By Application: Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, Other Applications

Genetic Testing Market Major Players and Strategies
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., Blueprint Genetics, CSL Limited, bioMerieux SA, PerkinElmer Inc., and Agilent Technologies Inc.

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 Genetic Testing Global Market Report 2023 covers regional data on genetic testing market size, genetic testing market trends and drivers, opportunities, strategies, and genetic testing market competitor analysis. The countries covered in the genetic testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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. Genetic testing is used to confirm specific genetic disorders in children and their conditions based on physical signs and symptoms.

View More Reports Related To The Genetic Testing Market –
Epigenetics Global Market Report 2023
Gene Editing Global Market Report 2023
Genetically Modified Crops Global Market Report 2023

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