The market for genetic testing services worldwide is anticipated to grow from a projected valuation of US$ 40 billion in 2023 to US$ 87 billion by the end of 2033, expanding at a CAGR of 8%.
Due to the fact that many newborns are being diagnosed with chronic diseases like hyperthyroidism, the demand for newborn screening is expected to rise globally at a CAGR of 8.5% during the forecast period. To check for hereditary diseases in the human body, genetic testing are utilised. They are available as kits and panels. DNA testing is a medical procedure that involves looking at the chromosomes, genes, and proteins. Genetic tests can be used to suspect the genetic conditions that determine any genetic problem or disease in the patients.
For more insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=4744?SP
Key Takeaways:
- North America is set to hold around 2/5th of share in the global genetic testing services market during the forecast period.
- Japan is slated to expand at a CAGR of 8.4% in the global market throughout the forecast period.
- Based on test type, it is anticipated that demand for newborn screening is poised to account for 3/5th of revenue from 2023 to 2033.
- On the basis of application, the oncology category is predicted to hold a sizeable portion of the global genetic testing services market.
- In Europe, Germany is projected to generate the lion’s share in the genetic testing services market by 2033.
Growth Drivers:
- Rising incidence of autoimmune disorders is anticipated to drive demand for genetic testing services.
- Increasing crime rates and vital functions provided by genetic testing in forensic investigations are likely to contribute to expansion.
- Surging knowledge regarding easy availability of improved diagnostic treatments is set to boost demand.
- Government programs that favor genetic testing are likely to increase demand for genetic testing services
Restraints:
- Strict regulatory requirements for the approval of new products may place restrictions on growth in the global genetic testing services.
- Lack of qualified personnel who can examine the data might impede expansion of genetic testing services.
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, R&D, 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.
Key Companies Profiled by Fact.MR
- Myriad Genetics Inc.
- Danaher Corporation
- Illumina Inc.
- PerkinElmer Inc.
- Eurofins Scientific
- BioRad Laboratories Inc.
- Quest Diagnostics Incorporated
- Hoffmann-La Roche Ltd.
- Qiagen NV
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
For in-depth competitive analysis, Buy Now:
https://www.factmr.com/checkout/4744
Key Questions Covered in the Genetic Testing Services Market Report
- What is the projected value of the genetic testing services market in 2023?
- At what rate will the global genetic testing services market grow until 2033?
- Which are the factors hampering the growth in genetic testing services market?
- Which region is expected to lead in the global genetic testing services market from 2023 to 2033?
- Which are the factors driving the genetic testing services market during the forecast period?
- What is the expected market value of the genetic testing services market during the forecast period?