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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Genetic Testing market. Market segmentation includes Type (Prenatal & Newborn, Diagnostic, Predictive & Presymptomatic, Carrier, Pharmacogenomic, and Other Types).

Find Out More About Regions, Brands, Dominant, Active & Niche Companies Covered in the Report

24 November 1:15 a.m., Silicon Valley, California - According to the new market research report, the global market for Genetic Testing is projected to grow at a CAGR of 8.6% reach US$18.9 billion by 2027, driven by growing incidence of genetic diseases, such as Huntington's disease and cystic fibrosis, increasing awareness of early disease detection and prevention among people, aging population, increased demand for personalized medicine, growing application in oncology. Pharmacogenomics and cancer genetic testing are expected to witness maximum growth. Other growth driving factors of the thriving genetic testing market include growing consumer interest, adoption of genetic testing by physicians into regular clinical care, favorable regulatory environment and legislative policies, favorable reimbursement policies with greater coverage for genetic testing, developments in testing technologies, and advanced bioinformatics/data analytics. The market expansion is likely to be also supported by enhanced understanding about molecular basis of medical conditions and the regulatory landscape allowing marketing of a genetic test (ordered by physicians) without FDA's approval. 

The concept of genetic testing gained further from technological advances like microarrays and whole exome sequencing that offered data in a cost-efficient and quick manner. While microarrays probe for desirable sets of certain DNA variations, whole exome sequencing focuses on protein encoding part of the genome. In addition, progress in bioinformatics and computing enabled researchers to capture more genomic data. Each individual genome contains millions of genetic variations, and researchers are required to find their association with specific diseases. Advanced bioinformatics and computing techniques allow researchers to map desirable variations and genes to diseases. These advancements are enabling researchers to leverage genetic testing and associated data for various applications. The increasing popularity of direct-to-consumer genetic tests and ongoing efforts to capture and use genetic data for R&D and clinical settings is expected to provide large volumes of genetic data, which holds potential to transform healthcare and medicine domains in the coming years by supporting drug development and personalized medicine.

Multi-gene tests are anticipated to experience notable acceptance for hereditary and prenatal cancer risk testing in the coming years to provide a major boost to the market. While a large number of drugs note specific genetic markers in labels for guiding treatments, nearly 42% of medications in the pipeline are associated with genetic markers. The growth is also favored by aggressive attempts made by testing players to target new markets, government-funded R&D projects and implementation of massive testing by healthcare organizations for patient populations. Leading players such as Color Genomics offer genetic testing option as health benefits to family members and people working with large organizations. With all efforts to safeguard data, these tests allow people to identify their risk of developing specific genetic diseases for preventative measures. Companies also offer health-related genetic tests to serve large population. In addition, the US government is working on an ambitious 'All of Us Research Program' that targets enrolment of one million citizens for a study relying on genome sequencing. The program focuses on delivery of health test results to patients through genetic counselors. These endeavors are anticipated to provide a large number of individuals with an access to their health information. On the other hand, these approaches present a major challenge regarding integration of the data into traditional healthcare. However, regulation of these genetic tests remains unclear and loose. While the FDA holds authority over genetic tests, it mainly uses its enforcement discretion. However, the government has started making efforts to regulate LDTs and come up with the VALID Act.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 11296. Among this pool, 1356 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 339 unique participations, a total of 153 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
Abbott Laboratories, Inc.
PerkinElmer, Inc.
Bio-Rad Laboratories, Inc.
Illumina, Inc.
Laboratory Corporation of America Holdings (LabCorp)
Luminex Corporation
Cepheid
ELITech Group
Biocartis NV
23andMe, Inc.
AutoGenomics, Inc.
Natera, Inc.

Segments Covered in the Report -
Type (Prenatal & Newborn, Diagnostic, Predictive & Presymptomatic, Carrier, Pharmacogenomic, Other Types)
Application (Cancer, Genetic Disease, Cardiovascular Disease, Other Applications)

Geographies Analyzed in the Report -
World
USA
Canada
Japan
China
Europe
France
Germany
Italy
UK
Rest of Europe
Asia-Pacific
Rest of World.

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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