Genetic Testing Market is Expected to Expand at an Impressive Rate by 2025
Posted by sanjayhande on November 11th, 2019
According to the report, the global genetic testing market garnered .50 billion in 2017 and is expected to reach .60 billion by 2025, registering a CAGR of 11.3% from 2018 to 2025.
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Surge in incidence of cancer & genetic disorders, increase in awareness regarding personalized medicines, and advancements in genetic testing techniques drive the market growth. However, concerns related to standardization of genetic testing-based diagnostics and strict regulatory policies for approval of products hinder the growth in the market. On the other hand, untapped potential in emerging economies create new pathways in the market.
Molecular testing segment to contribute the highest share by 2025
Genetic diseases diagnosis segment to maintain its dominating position by 2025
Asia-Pacific to grow at the fastest rate during the forecast period
Asia-Pacific is expected to grow at the fastest rate, with a CAGR of 13.0% from 2018 to 2025, owing to surge in affordability, increase in healthcare expenditure, and growth in awareness regarding early screening of genetic disorders. However, North America contributed for more than two-fifths of the total share in terms of revenue in 2017 and is estimated to lead throughout the forecast period. This is due to presence of key market players, high expenditure on healthcare, ongoing R&D activities to develop advanced technologies.
Key market players analyzed in the research include
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About the Authorsanjayhande
Joined: October 17th, 2019
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