Genetic Testing Services Market and Impact of COVID-19 | Research Report By America Holdings, F. Hoffmann-La Roche, Illumina, Quest Diagnostics Incorporated, Exact Sciences Corporation, NeoGenomics Laboratories, Eurofins Scientific And Others

The Insight Partners published a new report, titled, “Genetic Testing Services Market”. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain a competitive advantage.

The report offers key drivers that propel the growth in the global Genetic Testing Services market. These insights help market players in devising strategies to gain market presence. The research also outlined the restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining the potential in untapped regions.

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The Genetic Testing Service market was valued at US$ 9,546.2 million in 2019 and is expected to grow at a CAGR of 11.7% from 2020 to 2027 to reach US$ 22,701.8 million by 2027.

Market Insights

Government initiatives to increase awareness in the European Region

In Europe, Genetic testing has been growing at an exceptional rate; a large panel of tests are now offered to screen a number of genetic diseases. Treatments are available for a number of rare genetic diseases, and the process is gaining importance in scenarios, such as carrier testing, newborn screening, predictive, and pre-symptomatic testing, among others. Moreover, European countries have undertaken a number of initiatives to increase awareness among people about the benefits of genetic testing. For instance, EuroGentest is a project funded by the European Commission to harmonize the process of genetic testing, from sampling to counseling, across Europe. The ultimate goal is to ensure that all aspects of genetic testing are of high quality, thereby providing accurate and reliable results for the benefit of the patients. In addition, the UK Genetic Testing Network (UKGTN), an advisory organization in UK, promotes equity of access to genetic testing and provides contracting support to the NHS

Some of the Major Market Players Are:

Laboratory Corporation of America Holdings
F. Hoffmann-La Roche Ltd.
Illumina, Inc.
Quest Diagnostics Incorporated
Exact Sciences Corporation
NeoGenomics Laboratories, Inc.
Eurofins Scientific
Ambry Genetics
Centogene AG
23andMe, Inc.

Strategic Insights

Growth strategies such as partnerships, agreement and acquisition have been significantly witnessed in the Genetic Testing Service market, which has helped the company to strengthen its customer base. For instance, in May 2019, NeoGenomics announced collaboration with QIAGEN The collaboration is done to provide day-one access to companion diagnostic tests.

The report segments global Genetic Testing Service market as follows:

By Type

• Predictive Testing
• Carrier Testing
• Prenatal Testing
• Newborn Screening
• Others

By Disease

• Cancer Disease
• Metabolic Diseases
• Cardiovascular Diseases
• Others

By Service Provider

• Diagnostic Laboratories
• Hospital-Based Laboratories
• Clinics

The report analyses factors affecting the Genetic Testing Services Market from further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Genetic Testing Services Market in these regions.

Moreover, the report entails the estimate and analysis for the Genetic Testing Services Market on a global as well as regional level. The study provides historical data as well as the trending features and future predictions of the market growth. Further, the report encompasses drivers and restraints for the Genetic Testing Services Market growth along with its impact on the overall market development. In addition, the report provides an analysis of the accessible avenues in the market on a global level.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global Genetic Testing Services Market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2027 with respect to five major regions. The Genetic Testing Services Market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

Promising Regions & Countries Mentioned in The Genetic Testing Services Market Report:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East & Africa

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Major Features of Genetic Testing Services Market Report:

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Genetic Testing Services market
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global Genetic Testing Services market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.

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