Genetic Testing Market Depth Analysis and Industry Forecast, 2020-2027
Posted by Sanyukta K on July 15th, 2022
Genetic tests are defined as medical devices available in the form of kits and panels that are used for testing genetic diseases in humans. Furthermore, the testing is performed by collecting samples of blood from patients. These samples are then run-on laboratory machines using test kits. In addition, there are different types of tests used in testing of genetic disorders.
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COVID-19 Impact Analysis:
COVID-19 pandemic has also affected the market adversely. For instance, after COVID-19 was declared as a pandemic by the WHO, countries worldwide adopted lockdowns to observe social distancing as a measure to contain the spread. This led to disruption, limitation, challenges, and changes in each sector of every industry. Similarly, the pandemic has a negative effect on the genetic testing market. This is attributed to the fact that genetic counselors are largely unable to see patients in person, doctors are not available for counselling, and laboratories are not able to run the tests. In addition, governmental bodies such as Centers for Medicaid Services (CMS) presently do not recognize genetic counsellors as healthcare providers and hence, they are not exempted from practicing during lockdowns.
The global genetic testing market is expected to witness significant growth in the future due to increase in the incidence of genetic disorders and cancer and increased awareness and acceptance of personalized medicine. For example, genetic testing has been widely used in pharmacogenomics, also known as drug-gene testing. Additionally, advancements in genetic testing techniques are expected to fuel the growth of the genetic testing market over the forecast period.
Concerns over the standardization of genetic test-based diagnostics and stricter regulatory requirements for product approval are expected to hinder the growth of the genetic testing market over the forecast period. In contrast, unused emerging markets in developing countries are expected to provide lucrative opportunities to market players.
The global genetic testing market is segmented on the basis of type, technology, application, and region. By type, the genetic testing market size is categorized into predictive & presymptomatic testing, carrier testing, prenatal & newborn testing, diagnostic testing, pharmacogenomic testing, and others. On the basis of technology, it is divided into cytogenetic testing/chromosomal analysis, biochemical testing, and molecular testing. Molecular testing is further classified into DNA sequencing and others. By application, it is segmented into cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, and others.
North America was the leading revenue contributor to the global genetic testing market in 2019 and is expected to dominate the market during the forecast period. This is attributed to the presence of most of the major players in the region. According to a new report published by Allied Market Research, titled, “Genetic Testing Market: Global Opportunity Analysis and Industry Forecast, 2020-2027” the genetic testing market accounted for $ 12,682 million in 2019, and is expected to reach $ 21,260 million by 2027, registering a CAGR of 10.1% from 2020 to 2027.
𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
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About the AuthorSanyukta K
Joined: July 13th, 2022
Articles Posted: 49
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