The Global Genetic Testing Market was valued at US$ 11,701.8 Mn in 2020 is expected to reach US$ 24,194.7 Mn by 2027, with a growing CAGR of 10.2% during the forecast period (2021-2027).
Genetic testing is a technique used to examine DNA or RNA. This technique helps to understand the changes occurring in genes or to analyse the core of genetic disorder or disease. Genetic testing provides important information related to mutations and help to prevent or diagnose illness. For instance, genetic testing can be used to confirm or identify cystic fibrosis or Huntington disease.
Introduction of innovative technologies and procedures for genetic testing provides refined results with accuracy and efficiency prove to have high impact on the market. Accessibility of effective and sensitive procedures for genetic therapy for new born or prenatal testing offers new approach for initial screening during pregnancy. Other factors such as adoption of innovative diagnosis procedures, involvement of government initiatives and funding, awareness regarding successful genetic therapies and increase in number of players in the market drives the growth of genetic testing market. However, high treatment cost may hamper the overall sales of the market.
Based on type, genetic testing is broadly segmented into predictive & Presymptomatic Testing, Prenatal & Newborn Testing, Carrier Testing, Diagnostic Testing and Pharmacogenomic Testing. Prenatal and new born testing segment is expected to dominate the market during forecast period. This segment is expected to hold highest market revenue in coming years. This is due to increase in awareness and concern among population regarding prenatal screening and it’s benefits and increase in incidence of mortality in genetic diseases across globe. On the other hand, pharmacogenomics segment is expected to have the highest CAGR during the forecast period. This type of testing helps to detect and diagnose genetic abnormalities during pregnancy or child birth. This type of genetic testing also helps to point out birth defects or syndromes associated with genes.
Based on technology, genetic testing market is broadly segmented into Biochemical Testing, Cytogenetic Testing, and Molecular Testing. Molecular testing held the maximum market share in 2020 and expected to increase more during the forecast period. The growth of this segment attributes the fact that there is increase in use of molecular technology usage in diagnosis and treating diseases. Complications at molecular level can be identified and diagnosed using this technology. This technique is highly used in analysing the losses and gain in DNA that cannot be detected in manual techniques. This factor drives the growth of segment in genetic testing market.
On the basis of application, genetic testing market is segmented into Cancer Diagnosis, Cardiovascular Disease Diagnosis and Genetic Disease Diagnosis. Cancer segment held the maximum share of genetic testing market in 2020. This is due to increase in number of cancer patients due to unhealthy diet, adoption of western life style, and increase in consumption of alcohol and smoking led to cause cancer.
Geographically, North America captured the largest market share in 2020 and expected to maintain its dominance during forecast period. This is due to presence of key players in this region, presence of developed healthcare and research infrastructure in this region, growing government initiatives and increasing mergers and acquisitions in this region drives the growth of genetic testing market.
However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period due to ongoing development in technology in countries like India and China, increased in awareness regarding early genetic screening followed by surge in healthcare expenditure drives the growth in this region.
Drivers
Restraints
Opportunities
Covid-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. In this challenging situation, every industry is trying to give best services in terms of quality and safety. Genetic testing market has been adversely affected by Covid-19 outbreak. Genetic counsellor and doctors were unable to check patients face to face due to social distancing. Availability of doctors and labs were limited. Priority was given to the coronavirus infected patients for the treatments. Government implemented guidelines for lockdown and restrictions on movement within region or outside. However, genetic testing giant companies and labs were given a choice where they can deliver clinician ordered test. Virtual counselling was adopted during pandemic using telehealth. However, prenatal and genetic disorder testing was least affected. Counselling for prenatal and new born genetic testing was allowed in global pandemic.
|
Sr. No. |
Trends |
Impact |
|
1 |
Covid –19 had badly impacted genetic testing market, since, doctors and Counsellors were unable to check patients physically |
Negative |
|
2 |
Increase in government initiatives, new innovative testing techniques and awareness & adoption of genetic treatment |
Positive |
|
3 |
Supportive reimbursement scenario in the US and many developed countries |
Positive |
|
4 |
High cost for Testing |
Negative |
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