Sales Of Genetic Testing Services Is Predicted To Increase From A Valuation Of US$ 40 Billion By 2023

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Expanding at a CAGR of 8%, the global genetic testing services market is predicted to increase from a valuation of US$ 40 billion in 2023 to US$ 87 billion by the end of 2033.

 Expanding at a CAGR of 8%, the global genetic testing services market is predicted to increase from a valuation of US$ 40 billion in 2023 to US$ 87 billion by the end of 2033.

Global demand for newborn screening is projected to increase at a CAGR of 8.5% during the forecast period due to many infants being diagnosed with hyperthyroidism and other chronic disorders. Genetic tests are used to check for genetic illnesses in the human body. They come in the form of kits and panels. The chromosomes, genes, and proteins are examined as part of a medical procedure known as DNA testing.

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The increasing demand for personalized medicine and the rising prevalence of genetic disorders are some of the major drivers of the genetic testing services market. The growing awareness of personalized medicine and the increasing acceptance of genetic testing as a diagnostic tool are also driving the growth of this market. Moreover, the development of advanced genetic testing technologies, such as nextgeneration sequencing (NGS) and quantitative polymerase chain reaction (qPCR), are creating opportunities for market growth. Furthermore, the increasing number of collaborations between public and private organizations and the increasing investments in research and development activities are also driving the growth of the genetic testing services market.

Key Companies

  • Myriad Genetics Inc.
  • Danaher Corporation
  • Illumina Inc.
  • PerkinElmer Inc.
  • Eurofins Scientific
  • BioRad Laboratories Inc.
  • Quest Diagnostics Incorporated
  • F. Hoffmann-La Roche Ltd
  • Qiagen NV

Key Takeaways of Global Genetic Testing Services Market:

  • By test-type, new born screening is set to expand rapidly during the forecast period, recording a CAGR of 8.4%. Increasing incidences of hyperthyroidism and other chronic diseases among infants is projected to boost this segment.
  • Hospital-based laboratories are set to gain maximum traction in the global genetic testing services market during the forecast period. This is attributed to the rising prevalence of hospitalization within the geriatric population who suffer from a number of ailments. The segment is anticipated to account for two-fifth of the overall genetic testing services market.
  • The oncology segment shall find maximum application for genetic testing services in the future. The segment shall register an impressive CAGR of 8% during the forecast period. Rising cases of cancer and increased awareness about early diagnosis is expected to drive the segment’s growth.

Genetic Testing Services Industry Research Segmentation

  • By Test Type :
    • Prenatal Testing
    • New Born Screening
    • Predictive and Presymptomatic Testing
    • Pharmacogenomic Testing
    • Others
  • By Application :
    • Oncology
    • Infectious Diseases
    • Autoimmune Diseases
    • Others
  • By Service Provider :
    • Hospital-based Laboratories
    • Diagnostic Laboratories
    • Specialty Clinics
    • Others
  • By Region :
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East Africa

Competitive Landscape

Top genetic testing service providers are concentrating on improving product standards following safety regulations to lower the environmental impact. Major market participants are maintaining quality control to enhance genetic testing systems. Leading companies should focus on product innovation, RD, form solid distribution partnerships, and supply chain management to maintain a competitive edge in the market.

For instance :

  • In July 2021, Avellino Labs announced the release in the United States of AvaGen, the genetic eye test intended to assess a patient’s risk of developing keratoconus and other corneal dystrophies. It is projected that these activities by significant industry participants will propel market expansion.
  • Under the brand name Genessense, MedGenome Labs introduced its direct-to-consumer segment. Through the Genessense website or future e-Commerce platforms, it will provide specialized, research-based genetic screening tests that may be obtained online.
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