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Genetic Testing Market 2020 by industry trends, statistics, key companies growth and regional forecast

Genetic Testing Market 2020 by industry trends, statistics, key companies growth and regional forecast

Genetic Testing Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Genetic testing market size is likely to be driven by mounting need for early diagnosis of fatal diseases. The process of genetic testing is majorly used as a predictive tool in diagnostics, pharmacogenomics, and prenatal screening. The demand for direct-to-consumer genetic testing is rapidly increasing. Genetic testing aids in projecting the risk of diseases by identifying carriers and establish diagnosis.

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It may also aid an individual in identifying his or her ancestral origins and predisposition to certain illnesses which may be running in the bloodline. Genetic testing aids individuals to prepare or prevent onset of these diseases.

Rising incidence of chronic diseases and genetic disorders across the globe will be a major growth inducing factor for genetic testing development. Moreover, increasing awareness among people regarding their health and illnesses will drive the industry growth. Genetic testing market size is forecast to surpass USD 28.5 billion by 2026.

In 2019, nutrigenomic testing market generated a revenue of over USD 408.9 million and is likely to showcase immense traction over the analysis period. This test determines how genetic variations change an individual’s reaction to nutrients. Nutrigenomic testing also aids in planning optimum nutritional intake. Rising incidence of obesity stemming from increased consumption of junk food and adoption of sedentary lifestyle may augment segmental growth.

Moreover, growing awareness pertaining to customized diets will complement business landscape. Based on application, the market is segmented into genetic diseases, cardiovascular diseases and cancer. In 2019, cancer testing segment held over 52% of the overall market share and is estimated to exhibit robust growth during the forecast timeline.

This can be attributed to technological advancements in genetic testing that aid in confirming diagnosis results. The testing also allows the formulation of the most effective drugs for cancer treatment and improving patient condition.

North America will offer lucrative growth avenues for genetic testing industry owing to widespread adoption of these tests in oncology and diagnosis of genetic diseases. As the test aids in determining the probability of cancer or other rare diseases, it further aids in planning the treatment of the disease at a nascent stage.

Rise in number of people suffering from cancer and other inherited diseases across North America will bolster regional growth. Moreover, growing application of genetic testing in genomic disorders and cancer will foster industry size over the coming years.

Europe genetic testing industry share is poised to register a CAGR of 13% over the projected timeframe. A fast expanding geriatric population base across the region may fuel the demand for the products. Moreover, presence of prominent industry players across the region will favor industry growth. Favorable initiatives undertaken by the government to harmonize genetic testing for providing accurate, reliable diagnosis and results is fueling the technology adoption.

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Key developers and providers of genetic testing products are Abbott Molecular, 23andME, Bayer Diagnostics, Counsyl, Cepheid, PacBio, Qiagen, Illumina Inc., Roche Diagnostics, Siemens and BioCartis. These industry players are adopting various organic and inorganic strategies such as mergers, acquisitions and innovative product launches to expand their global footprint and portfolio. 

Partial Chapter of the Table of Content 

Chapter 4.    Genetic Testing Market, By Test Type

4.1. Key segment trends

4.2. Predictive testing

4.2.1. Market size, by region, 2015 – 2026 (USD Million)

4.3. Carrier testing

4.3.1. Market size, by region, 2015 – 2026 (USD Million)

4.4. Prenatal and newborn testing

4.4.1. Market size, by region, 2015 – 2026 (USD Million)

4.5. Diagnostic testing

4.5.1. Market size, by region, 2015 – 2026 (USD Million)

4.6. Pharmacogenomic testing

4.6.1. Market size, by region, 2015 – 2026 (USD Million)

4.7. Nutrigenomic testing

4.7.1. Market size, by region, 2015 – 2026 (USD Million)

4.8. Others

4.8.1. Market size, by region, 2015 – 2026 (USD Million)

Chapter 5.    Genetic Testing Market, By Application

5.1. Key segment trends

5.2. Cancer

5.2.1. Market size, by region, 2015 – 2026 (USD Million)

5.3. Genetic diseases

5.3.1. Market size, by region, 2015 – 2026 (USD Million)

5.4. Cardiovascular diseases

5.4.1. Market size, by region, 2015 – 2026 (USD Million)

5.5. Others

5.5.1. Market size, by region, 2015 – 2026 (USD Million) 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/genetic-testing-market

 

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