(MENAFN- IMARC Group)
What is the demand for genetic testing?
The global genetic testing market size reached US$ 17.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.1 Billion by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2024-2032.
IMARC Group, a leading market research company, has recently releases report titled“ Genetic Testing Market Report by Type (Predictive and Presymptomatic Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing and Chromosome Analysis, Biochemical Testing, Molecular Testing), Application (Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, and Others), and Region 2024-2032 “, Offers a comprehensive analysis of the industry, which comprises insights on the market.
Industry Overview of Genetic Testing
Genetic testing involves the analysis of deoxyribonucleic acid (DNA) to identify changes or variations in their genes, chromosomes, and proteins. It helps understand genetic makeup and potential health risks and identifies inherited conditions passed down through generations. It predicts the likelihood of developing certain diseases and is used to diagnose genetic disorders or confirm suspected conditions. It aids scientific research in understanding diseases and genetic traits. It also helps in detecting diseases at early stages when treatment is more effective. It assists couples in assessing genetic risks before conceiving a child. It enables targeted interventions to prevent or mitigate disease onset and facilitates personalized medical treatments based on genetic makeup. It aids in criminal investigations and identifying human remains. Besides this, it helps in assessing genetic factors contributing to heart diseases and identifying genetic links to conditions like Alzheimer's and Parkinson's. It supports the formulation of skincare products based on genetic skin traits. Moreover, it is widely used in the healthcare industry to trace ancestral origins and migration patterns.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/genetic-testing-market/requestsample
What are the growth prospects and trends in the genetic testing industry?
The rising prevalence of various chronic genetic disorders represents one of the key factors catalyzing the demand for genetic testing for early detection and intervention. Along with this, the growing global aging population, which is highly susceptible to numerous health conditions like cancer is positively influencing the market. Additionally, the increasing awareness among individuals about inheritable genetic conditions is driving the demand for prenatal and preconception testing. Genetic testing helps in identifying genetic mutations associated with cancer and guiding treatment strategies, which is driving its adoption in oncology.
Apart from this, increasing awareness among the masses about the importance of maintaining health and wellness is catalyzing the demand for genetic testing to assess disease risks. Genetic testing helps determine optimal drug responses, reducing adverse reactions and improving drug efficacy. Furthermore, the easy availability of at-home genetic testing kits across online retail channels at competitive prices is strengthening the growth of the market. Moreover, the expansion of genetic testing into epigenetic analysis is offering new opportunities for understanding gene-environment interactions.
Besides this, the integration of genetic testing with telemedicine is enhancing accessibility and convenience for patients. In addition, the introduction of insurance coverage for genetic testing is encouraging more individuals to undergo testing. Furthermore, the expansion of hospitals, clinics, and other healthcare settings is augmenting the market growth. Moreover, the increasing demand for non-invasive prenatal tests (NIPT) in detecting fetal genetic abnormalities is creating a positive outlook for the market.
Leading Companies Operating in the Global Genetic Testing Industry: 23andme Inc. Ambry Genetics Corporation (Konica Minolta Healthcare Americas Inc.) Bio-RAD Laboratories Inc. Cepheid (Danaher Corporation) Eurofins Scientific Illumina Inc. Invitae Corporation Luminex Corporation (DiaSorin) Myriad Genetics Inc. QIAGEN Quest Diagnostics Thermo Fisher Scientific
Genetic Testing Market Report Segmentation: The report has segmented the market into the following categories:
Breakup by Type:
Predictive and Presymptomatic Testing Carrier Testing Prenatal and Newborn Testing Diagnostic Testing Pharmacogenomic Testing Others
Breakup by Technology:
Cytogenetic Testing and Chromosome Analysis Biochemical Testing Molecular Testing
Breakup by Application:
Cancer Diagnosis Genetic Disease Diagnosis Cardiovascular Disease Diagnosis Others
Regional Insight:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email:
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
MENAFN18032024004122016232ID1107989948
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.