Genetic Testing Market Segmentation | Type, Method, and Application | Forecast to 2024

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Genetic Testing Market
Industry Insight, Size, Share, Growth, and
Development Forecast 2023
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Genetic Testing Market
Genetic Testing Market Overview
According to the new study offered by Market
Research Future (MRFR), the global genetic
testing market is set to thrive at a CAGR of
11.50 during the forecast period (2019-2024).
The global market is poised to reach a valuation
of USD 22,834.19 Mn by 2024. Genetic testing has
gained popularity in the healthcare sector as it
facilitates early detection of chronic diseases.
Rising awareness among the people coupled with
increasing patient pool is likely to boost the
future trajectory of the genetic testing market.
In addition, the rising expenditure in preventive
healthcare is another major factor favoring the
expansion of the market globally. Genetic testing
offers high precision which is likely to benefit
its adoption across the global healthcare sector
in the foreseeable future. Investments are likely
to flow towards the market for innovations and
advancements. The market seems highly lucrative
at present and is estimated to remain so over the
assessment period. Furthermore, the inclination
towards minimally-invasive genetic testing
technology is also projected to accelerate the
proliferation of the market.
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Genetic Testing Market

• Genetic Testing Market Segmentation
• On the basis of type, the global genetic testing
  market has been segmented into prescribed genetic
  testing, and Direct to Consumer (DTC) genetic
  testing. Among these, the prescribed genetic
  testing segment accounted for the maximum share
  of the market in 2016 and is presumed to attract
  a larger customer base in the forthcoming years.
• On the basis of method, the genetic testing
  market has been segmented into chromosomal
  genetic test, molecular genetic test/ DNA test,
  and biochemical genetic test. The molecular
  genetic test/ DNA test segment held the largest
  market share in 2016 and is predicted to
  proliferate substantially across the projection
  period.
• On the basis of application, the global genetic
  testing market has been segmented into
  reproductive health, cancer screening, ancestry,
  predictive pre-symptomatic testing, and others.
  The reproductive health segment held a market
  value of USD 3,993.67 million in 2018, this
  segment is further divided into newborn
  screening, prenatal screening and carrier
  screening. The cancer screening segment is
  further segmented into hereditary cancer, breast
  cancer, ovarian cancer and colon cancer.
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Genetic Testing Market
Genetic Testing Market Regional Analysis
The global genetic testing market, by region, has
been segmented into America, Europe, Asia
Pacific, and the Middle East Africa. Americas
accounted for a 46.3 of the global market in
2016 and is poised to retain its dominance over
the next couple of years. The factors that are
expected to catalyze the growth of the genetic
testing market in the region include rising
awareness, increasing preventive healthcare
expenditure, technological advancements, presence
of a developed healthcare sector, etc. Europe is
an important growth pocket presumed to grow at a
healthy pace in the foreseeable future. The
increased research development activities
backed by the governments is likely to propel the
expansion of the genetic testing market in the
upcoming years. Asia Pacific is prognosticated to
thrive at a relatively higher CAGR of during the
forecast period. Japan had a 27.7 share of the
Asia Pacific genetic testing market in 2018.
However, the Middle East Africa region is
anticipated to exhibit limited growth due to
limited awareness.
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Genetic Testing Market
Genetic Testing Market Competitive Analysis
Some of the key players profiled in this MRFR
report are Myriad Genetics, Inc. (US),
PerkinElmer Inc. (US), Abbott Laboratories (US),
Bio-Rad Laboratories, Inc. (US), Illumina Inc.
(US), QIAGEN (Germany), Quest Diagnostics
Incorporated (US), Eurofins Scientific (US), F.
Hoffmann-La Roche Ltd (Switzerland), Blueprint
Genetics (Finland), Thermo Fisher Scientific Inc.
(US), and BGI Genomics (China). These companies
have made profits by securing mergers,
acquisitions, collaborations, and other
procedures in recent times. Investment-related
changes like spurring funding for research and
development sector, boosting various branding
strategies, improving launching techniques, and
others can help in developing better tactical
moves. MRFR recorded all the latest changes to
make the report a comprehensive one.
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