HomeScienceGeneticsGenetic testing market: demand, share, trend, company

Genetic testing market: demand, share, trend, company

Genetic testing market

Allied Market Research has published a report titled β€œGenetic Testing Market by Type (Predictive & Presymptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing, Biochemical Testing, and Molecular ), Application (Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027β€³ According to the report, the global genetic testing industry was valued at $12, 68 billion in 2019, and is expected to reach $21.26 billion by 2027, with a CAGR of 10.1% from 2020 to 2027.

Download a detailed sample report on the COVID-19 impact at: https://www.alliedmarketresearch.com/request-for-customization/5241?reqfor=covid

Covid-19 scenario-

The Covid-19 outbreak had a heavy impact on genetic counselors as doctors were unavailable for advice and laboratories were unable to perform the tests.
Genetic counselors are not exempt from practicing during lockdowns as they are not currently licensed as physicians by government agencies such as Centers for Medicaid Services (CMS).
However, the government authorities have relaxed certain rules, allowing the organizations to resume their activities.
By type, the market has been segmented into predictive tests and presymptomatic tests, carrier tests, prenatal and newborn tests, diagnostic tests, pharmacogenomic tests, and others. The prenatal and newborn tests held a dominant position with the highest revenue in 2019 and are expected to maintain their dominance over the forecast period. This is due to a growing awareness among people regarding health care and an increase in the incidence of death rates from genetic diseases around the world. On the other hand, the pharmacogenomic testing segment is expected to experience the highest CAGR during the forecast period. This is largely expected to increase the use of personalized medicine around the world.

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Through technology, molecular testing gained the majority of the genetic testing market in the year 2019 and is expected to maintain the lead throughout the forecast period. The growth of this segment is due to the fact that molecular testing is the most widely used technology for genetic testing. For example, the technology is used in genetic tests such as carrier tests, diagnostic tests, predictive and presymptomatic tests, and others. In addition, molecular testing is also preferred because it can be used to analyze gains or losses in DNA that are undetectable by routine chromosome analysis.

Regionally, North America was the largest revenue contributor to the global genetic testing market in 2019 and is expected to dominate the market during the forecast period. This is attributed to the presence of the majority of key players in the region. However, Asia-Pacific is expected to grow at the highest CAGR over the forecast period, owing to rising affordability, rising health care spending and increasing awareness for early screening of genetic disorders.

Key findings of the study

By Type, the Prenatal and Newborn Testing Segment Covered One-Third of the Global Genetic Testing Market in 2019
By technology, the biochemical testing segment is expected to grow at the highest CAGR over the forecast period.
By application, the genetic disease diagnosis segment accounted for more than a third of the market in 2019.
By region, Asia Pacific is expected to grow the fastest during the analysis period.

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as small and medium-sized businesses with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We have professional business relationships with several companies and this helps us excavate market data which helps us generate accurate research data tables and confirm the pinpoint accuracy of our market forecasts. All data presented in the reports published by us has been extracted through primary interviews with top executives from leading companies in the relevant field. Our secondary data procurement methodology includes in-depth online and offline research and discussions with expert industry professionals and analysts.

This release is published on openPR.

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