The Genetic Testing Market is Expected to Witness a CAGR of 11.4% to Reach $20.5 Billion by 2024
Bangalore, India, September 28, 2018: With its recently published study “Genetic Testing– Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for genetic testing will continue to grow, owing to the increasing disease incidence across the globe, upsurge in the demand for personalized medicine, growing emphasis on early disease detection and increasing healthcare spending, and growing healthcare awareness in emerging countries.
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The genetic testing market by test type is segmented into diagnostic testing, prenatal & newborn testing, predictive & presymptomatic screening and others. Diagnostic testing occupied the major market share in 2017 and prenatal & newborn testing segment is expected to grow at a high CAGR during the forecast period. Growing emphasis on early disease diagnosis and increasing disease incidence across the globe made the diagnostic testing segment a major shareholder in 2017.
North America is the major shareholder in the global genetic testing market, followed by Europe. The presence of well-established healthcare facilities, robust research and development activities, and increasing product launches is driving the demand in this region. Asia Pacific is expected to grow at a high CAGR during the forecast period due to high patient pool, growing elderly population, increasing healthcare awareness, and expenditures.
“The genetic testing market is growing steadily, and the key market vendors are continuously focused on strategic deals and new product launches to enhance capabilities and attain share in the market. For instance, in June 2017, LifeCodexx AG, a pioneer in non-invasive prenatal DNA testing in Europe announced partnership with LifeCell, to bring PrenaTesT qNIPT testing for the first time to India. The increasing incidence of cancer and genetic disease, advanced maternal age, and the increasing demand for early diagnosis are expected to provide a better opportunity for the increase in the use of these tests.” said Arpitha Shetty, Research Analyst, Infoholic Research
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Key insights of the report include:
- Test type:
- Diagnostic testing
- Prenatal and Newborn testing
- Predictive and Presymptomatic screening
- North America
- Asia Pacific
- Rest of the World
- Industry Outlook: Market trends, drivers, restraints, and opportunities