Press release
Genetic Testing Services Market Is Set To Record Robust Expansion With A CAGR Of 7.6% During The Forecast Period (2022-2025)
Genetic testing services have found widespread applications in several healthcare fields. These include oncology, obstetrics and ancestry. Genetic testing is predominantly used in determining the prevalence of various autoimmune diseases like rheumatoid arthritis, Type-1 diabetes mellitus, multiple sclerosis, cancers and Guillain-Barre syndrome.Request a Free Sample: https://www.factmr.com/connectus/sample?flag=S&rep_id=4744
On the back of these factors, the global genetic testing services market is set to burgeon in the future. The market is set to record robust expansion with a CAGR of 7.6% during the forecast period (2020-2025), surpassing a value of US$ 64,131.4 Mn by 2025. Increase in the number of geriatric patients and spread of communicable and non-communicable diseases are also anticipated to leverage the genetic testing services market.
Clinical Testing to Remain Strategy of Key Market Players
The company processes tests on more than 3 million patient specimens per week and serves hundreds of thousands of customers in the United States. Likewise, Quest Diagnostics Incorporated offers various diagnostic and clinical tests for several medical conditions such as hepatitis C, arthritis, cardiovascular diseases, neurology, Genetics, Pediatrics, autoimmune diseases and cancers. The company's main area of expertise is in providing diagnostic information services.
Key Takeaways of Global Genetic Testing Services Market:
By test-type, new born screening is set to expand rapidly during the forecast period, recording a CAGR of 8.4%. Increasing incidences of hyperthyroidism and other chronic diseases among infants is projected to boost this segment.
Hospital-based laboratories are set to gain maximum traction in the global genetic testing services market during the forecast period. This is attributed to the rising prevalence of hospitalization within the geriatric population who suffer from a number of ailments. The segment is anticipated to account for two-fifth of the overall genetic testing services market.
The oncology segment shall find maximum application for genetic testing services in the future. The segment shall register an impressive CAGR of 8% during the forecast period. Rising cases of cancer and increased awareness about early diagnosis is expected to drive the segment's growth.
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Autoimmune diseases segment shall gain significant traction, owing to importance of tracing hereditary-based factors responsible for the prevalence of diseases like cancers. The segment is projected to expand at a CAGR of 7.8%.
North America shall dominate the global genetic testing services market, owing to increased demand for knowing ancestry, in-vitro fertilization and pre-implantation testing. The region shall hold around two-fifth of the global genetic testing services market, registering a robust CAGR of 7% in the forecast period.
Asia-Pacific projects lucrative possibilities for the expansion of the global genetic testing services market. Rising prevalence of cancer and increased incidences of genetic disorders such as Huntington's disease are expected to boost market share in the region. A robust CAGR of 8.4% is predicted for the region.
The COVID-19 pandemic is anticipated to stimulate the growth of the genetic testing services market. As hospitals are reaching a saturation point, key companies are investing in various genetic testing methods to assist healthcare professionals in diagnosing and treating COVID-19.
Recently, Avellino Lab USA announced additional production shifts to scale up the manufacturing of the SARS-CoV-2/COVID-19 Test. Christened AvellinoCoV2, this ultra-rapid genetic test helps clinicians diagnose COVID-19 by identifying and isolating the genetic markers as approved by the FDA and the CDC. It is highly reliable and accurate as well.
Likewise, MedGenome and SciGenom Research Foundation have published research into genetic susceptibility of the COVID-19 disease. The research concludes that there are variants in the ACE-2 gene that will help protect individuals from infection. The firms hope to eventually develop a potential drug based on these variants in collaboration with a suitable pharmaceutical company.
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Global Genetic Testing Services Market Segmentation
Fact.MR has studied the global genetic testing services market with detailed segmentation on the basis of test types, service providers, applications and key regions.
By Test types :
Prenatal Testing
New Born Screening
Predictive and Presymptomatic Testing
Pharmacogenomic Testing
Others
By Service providers :
Hospital-based Laboratories
Diagnostic Laboratories
Specialty Clinics
Others
By Applications :
Oncology
Infectious Diseases
Autoimmune Diseases
Others
By Key Regions :
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Highlights And Projections of the Genetic Testing Services Market Report :
Elaborated scenario of the parent market
Transformations in the Genetic Testing Services Market Demand dynamics
Detailed segmentation of the target market
Historical, current and forecast of Genetic Testing Services Market size based on value and volume
Latest industry developments and trends of Genetic Testing Services Market
competitive analysis of Genetic Testing Services Market
Strategies adopted by the Genetic Testing Services Market Key players and product developments
Potential and niche segments, along with their regional analysis
Unbiased analysis on Demand of Genetic Testing Services Market
Why to purchase this Report?
Following are the reasons to consider this Outlook of Genetic Testing Services Market report By Fact.MR - a market research and competitive intelligence provider:
This ultimate guide will help you stay ahead in market as it furnishes you with the profiles of the Genetic Testing Services Market key players and their working methodologies and their decision making capabilities.
The report analyzes various factors which act as drivers and restraints to development and sales of Genetic Testing Services Market globally .
This report not only analyzes present market condition but it likewise estimates how the Genetic Testing Services Market Demand is going to perform for estimated time period.
It enables you to adopt smart methodologies and form better decisions by giving a clear idea about customer's requirement and preferences regarding the product in particular region.
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