Genetic Testing Market Overview
Genetic testing is the analysis of genes, chromosomes, or proteins to predict the risk of diseases, identify carriers (individuals who do not have the disease but have a copy of the disease gene) of disease, diagnose diseases, or determine the likely course of a disease. Genetic testing has enabled the easy diagnosis of diseases, such as sickle cell anemia, haemophilia, and cystic fibrosis, helping several patients in leading a normal life
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Growing awareness about the potential benefits in genetic testing is one of the primary reasons for the growth of the genetic testing market. In addition, advancements in the genetic testing space, aging population and a subsequent rise in the number of chronic diseases, and rising incidences of cancer cases are the other factors fuelling the growth in the genetic testing market.
However, high costs associated with testing and lack of credible standard procedure has led to serious doubts among individuals concerning the authenticity of genetic reports. These factors are hindering the growth of the global genetic testing market
Genetic Testing Market Forecast Report (2018-2023)
Global Genetic Testing Market is estimated at $ 49.26 million in 2018 and is poised to reach $ 77.58 Million by 2023 growing at a CAGR of 9.51%.
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Genetic Testing Market Segmentation
The Global genetic testing market is categorized based on application into Cancer Testing, Pharmacogenomics testing, prenatal testing and Predisposition testing. Based on the type of tests, the market is segmented into Carrier Testing, Diagnostic Testing, Prenatal Testing and Neonatal Testing. Genetic testing is also applied in non-clinical applications such as paternity testing and forensics. Cancer genetic testing is predicted to witness high growth, and would dominate the genetic testing market in the near future. The market for screening the new-borns, diagnosing rare and fatal disorders, and estimating the probability of occurrence of diseases is likely to expand. Particularly, genetic tests to screen the new-borns are expected to expand immensely over the coming years.
Furthermore, on the basis of geography, the global market is analyzed under various regions namely North America, Latin America, Europe, Asia-Pacific, Middle-East & Africa. The US represents the largest market for genetic testing worldwide. Screening for genetic mutations within the CFTR (Cystic Fibrosis Trans-Membrane Conductance Regulator) gene is the most recurrently conducted test in the US.
Major Players:
The major companies dominating this market for its products and services are
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