Latest Genetic Testing Market Growth Study 2022-2026 By The Business Research Company
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The genetic testing market is forecasted to achieve notable growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 10%, as per The Business Research Company’s market report!
Read More On The Genetic Testing Market Report 2022 – https://www.thebusinessresearchcompany.com/report/genetic-testing-global-market-report
The Genetic Testing Market Size In 2022 And Forecast
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 global genetic testing market size 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.
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Rise In Prevalence Of Genetic Disorders Is Driving The Growth Of The Genetic Testing Market
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 in the US suffer from unique genetic disorders. Therefore, the rising prevalence of genetic disorders is driving the genetic testing market.
Competitive Landscape And The Regional Analysis Of The Genetic Testing Market
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.
Additionally, as per TBRC’s research – North America was the largest region in the genetic testing market in 2021 holding the largest market share and Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Genetic Testing Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. 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. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the genetic testing market.
Technological Advancement – A Key Trend 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.
Genetic Testing Market Segmentation By The Business Research Company
1) By Type: Predictive Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing, Others
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, Others
4) By Application: Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, Others
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