Genetic Testing Market to Grow at 9.6% CAGR during 2021-2027

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Genetic Testing Market
Genetic Testing Market
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Genetic Testing Market
According to the latest report by Renub Research,
titled Genetic Testing Market Global Forecast
2021-2027, Industry Trends, Growth, Impact of
COVID-19, Opportunity Company Analysis the
Global Genetic Testing Market is expected to
reach US 25.05 Billion by 2027. Genetic testing
plays an essential role in diagnosing the carrier
detection disease, presymptomatic, and prenatal
diagnosis. As per the (WHO) World Health
Organization, 10,000 diseases worldwide are
monogenetic, created by modification or variation
in a single gene present in every single cell of
a body those diseases can only be diagnosed and
prevented by genetic testing. Moreover, genetic
testing is a form of medical testing performed to
identify any changes in the DNA sequence or
chromosome structure. Genetic testing practices
are rapidly progressing in rare disease
diagnostics and personalized medicine. There are
different kinds of tests practiced in examining
genetic disorders like Predictive Testing,
Carrier Testing, Prenatal and Newborn Testing,
Diagnostic Testing, Pharmacogenomics Testing,
Nutrigenomic Testing, and others. These tests are
used to diagnose medical conditions such as
genetic disease, cancer diagnosis, diagnosis, and
cardiovascular disease diagnosis.
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Genetic Testing Market
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Genetic Testing Market
Globally New Cancer Cases were more than 19
Million and Deaths from Cancer were also more
than 9 Million The increasing burden of cancers
worldwide and the growing awareness among the
global population on predictive testing and
personalized medicine are the major factors that
demand genetic testing in cancer. Thus, the aid
of the genetic test provides information on
whether cancer runs in the family and the risk
factors connected with the development of cancers
in future among the individuals with a family
history of diseases. Also, genetic testing is
conducted in patients who do not respond to
chemotherapy to identify the presence of acquired
mutations in tumors that are resistant to
therapy. By Globocan 2020, the rate of new cancer
cases was 19,292,789, with nearly 9,958,133
deaths due to cancers. Genetic testing includes
cytogenetic, biochemical, and molecular testing
based on technology. Molecular testing is the
most standard technology for genetic testing. For
instance, molecular technology is used in genetic
tests such as diagnostic, carrier, predictive,
presymptomatic testing, etc.
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Furthermore, molecular testing is also favored as
it can be applied to analyze gains or losses in
DNA that are not detectable with regular
chromosome analysis. United States New Cancer
Cases were more than 2 Million and Deaths from
Cancer were also more than 0.6 Million Geographic
ally, North America runs the market for genetic
testing by advancements in technology in the
genetic testing space. The growth in the ageing
population, a subsequent rise in the cases of
chronic diseases, and rising cancer cases are a
few factors aiding the demand for genetic testing
in the region. For instance, in 2020, by
Globocan, in the US, among all cancers, breast
cancer had the highest incidence, followed by
lung prostate and colon. The new cancer cases
diagnosed were 2,281,658 in the United States,
with 612,390 deaths.
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Genetic Testing Market
On the one hand, there is a massive demand for
genetic testing in Asia-Pacific due to increased
affordability, the surge in healthcare
expenditure, and the rise in awareness toward
early screening of genetic disorders. In the
future, the Asia-Pacific Genetic Testing Market
Size will be more than double. Covid-19 Impact
on Genetic Testing Market COVID-19 pandemic has
also affected the genetic testing market
adversely. After the WHO declared COVID-19,
worldwide adopted lockdowns to observe social
distancing to contain the spread. The pandemic
hurts the genetic testing market. This is
attributed to the point that genetic counselors
cannot see patients in person, laboratories
cannot run the tests, and doctors are not
available for counselling. In addition,
governmental bodies such as the Centers for
Medicaid Services (CMS) presently do not
recognize genetic counselors as healthcare
providers. Hence, they are not exempted from
training during lockdowns.
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Genetic Testing Market
The global genetic testing industry is highly
ambitious, and the prominent players in the
market have adopted several strategies to garner
maximum genetic testing market share. These
include product launch, collaboration,
partnership, and acquisition. Key players
operating in the genetic testing market include
Abbott Laboratories, Danaher Corporation (Cepheid
Inc.), Illumina Inc., BioRad Laboratories Inc.
and F Hoffmann-La Roche AG. Type We have
covered by type in the Genetic testing market
breakup by 7 viewpoints (Predictive Testing,
Carrier Testing, Prenatal and New-born Testing,
Diagnostic Testing, Pharmacogenomics Testing,
Nutrigenomic Testing and Others)
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Genetic Testing Market
Technology Renub Research Report covers by
technology in the Genetic testing market breakup
by 3 viewpoints (Cytogenetic Testing, Biochemical
Testing and Molecular Testing) Application This
Report covered by application in the Genetic
testing market breakup by 3 viewpoints (Cancer,
Genetic Diseases, Cardiovascular Diseases and
Others) Region - Our Report covered by region in
Genetic testing market breakup by 4 viewpoints
(Europe, America, Middle East Africa and
Asia-Pacific) All the key players have been
covered from 3 Viewpoints (Overview, Recent
Development, and Revenue) Abbott Laboratories,
Danaher Corporation (Cepheid Inc.), Illumina
Inc., BioRad Laboratories Inc. and F Hoffmann-La
Roche AG
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Genetic Testing Market