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Rapid Market Expansion

• Current Growth: The genetic testing market has experienced significant growth, increasing from $17.33 billion in 2023 to $19.45 billion in 2024, marking a robust compound annual growth rate (CAGR) of 12.3%.
• Historic Growth Drivers:
  • Increasing healthcare expenditure.
  • Rising prevalence of cancer.
  • Growing demand for personalized medicine.
  • Emergence of novel infectious diseases.

Promising Future Prospects

• Future Projections: The market is expected to continue its strong growth trajectory, reaching $29.35 billion by 2028 with a CAGR of 10.8%.
• Forecasted Growth Drivers:
  • Increased government support.
  • Rising prevalence of genetic disorders.
  • Aging population.
  • Increased prevalence of chronic diseases.
• Emerging Trends:
  • Introduction of genetic counseling and informatics programs.
  • Technological advancements.
  • Launch of direct-to-consumer genetic tests.

View More On The Genetic Testing Market Report 2024 – https://www.thebusinessresearchcompany.com/report/genetic-testing-global-market-report

Surge in Genetic Disorders Propels Market Growth

• Impact of Genetic Disorders: The rising prevalence of genetic disorders is a significant factor driving the genetic testing market.
  • Statistics: According to the National Center for Biotechnology Information, genetic illnesses affected 9.4% of pediatric patients in November 2021, with 44.7% being critically ill newborns. Additionally, 13.17 million patients in the US were suffering from unique genetic disorders.
  • Importance of Testing: Genetic testing provides critical diagnoses for genetic issues and insights into cancer development risks.

Leading Companies in the Market

• Key Players: Major companies operating in the genetic testing market include:
  • Myriad Genetics Inc.
  • Illumina Inc.
  • Abbott Laboratories
  • Eurofins Scientific
  • Danaher Corporation
  • F. Hoffmann-La Roche Ltd.
  • Quest Diagnostics Incorporated
  • Qiagen NV
  • Thermo Fisher Scientific Inc.
  • BioRad Laboratories Inc.
  • And many more.

Technological Advancements Drive Innovation

• New Product Launches: Technological advancements are fueling innovation in the genetic testing market.
  • Illumina and Merck Collaboration: In June 2022, Illumina, Inc. launched a research test co-developed with Merck to gain deeper insights into the tumor genome. This initiative aims to enhance precision medicine in oncology by expanding the widely used TruSight Oncology 500 assay to include the evaluation of a novel genetic signature.

Strategic Acquisitions Expand Market Reach

• Exact Sciences Acquires Prevention Genetics: In January 2022, Exact Sciences acquired Prevention Genetics for $190 million. This acquisition aims to expand hereditary cancer testing capabilities, making it accessible to more patients.
  • Prevention Genetics: A US-based company specializing in clinical DNA tests for inherited genetic illnesses.

Market Segmentation

• By Type:
  • Predictive Testing
  • Carrier Testing
  • Prenatal and Newborn Testing
  • Diagnostic Testing
  • Pharmacogenomics Testing
  • Nutrigenomic Testing
  • Other Types
• By Technology:
  • Cytogenetic Testing
  • Biochemical Testing
  • Molecular Testing
• By Application:
  • Cancer Diagnosis
  • Genetic Disease Diagnosis
  • Cardiovascular Disease Diagnosis
  • Other Applications
• By End User:
  • Hospitals and Clinics
  • Diagnostic Laboratories and Centers
  • Other End Users

Regional Insights

• North America: Dominated the genetic testing market in 2023.
• Asia-Pacific: Projected to be the fastest-growing region during the forecast period.

The genetic testing market is experiencing rapid growth, driven by technological advancements, increasing healthcare needs, and strategic industry movements. This market will continue to play a crucial role in enhancing diagnostics and personalized medicine, significantly impacting healthcare outcomes worldwide.

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