Genetic Testing Services Market (Test Type - Prenatal Testing, Newborn Screening, Predictive and Presymptomatic Testing, Pharmacogenomic Testing; Service Provider - Hospital-based Laboratories, Diagnostic Laboratories, Specialty Clinics; Application - Oncology, Infectious Diseases, Autoimmune Diseases)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Genetic Testing Services market size is expected to hit around USD 45.2 billion by 2030 from valued at USD 18.5 billion in 2021 and growing at a CAGR of 15% from 2022 to 2030.

??????Genetic tests are characterized as medical gadgets accessible as units and boards that are utilized for testing genetic illnesses in people. Moreover, the testing is performed by gathering samples of blood from patients. These samples are then sudden spike in demand for research facility machines utilizing test packs. Moreover, there are various kinds of tests utilized in testing genetic issues. Some genetic tests incorporate predictive and presymptomatic testing, transporter testing, pre-birth and infant testing, diagnostic testing, pharmacogenomic testing, and others. Furthermore, these tests are utilized in the determination of medical conditions like malignant growth conclusion, genetic illness finding, and cardiovascular sickness analysis.

The worldwide genetic testing market is relied upon to enlist significant development later on, attributable to an ascent in occurrences of genetic issues and disease and an ascent in mindfulness and acknowledgment of customized prescriptions. For example, genetic testing has been broadly utilized in pharmacogenomics, additionally alluded to as medication quality testing. Also, progressions in genetic testing strategies are relied upon to support the genetic testing market development during the conjecture time frame. Notwithstanding, normalization worries of genetic testing-based diagnostics and severe administrative necessities for item endorsements are expected to hamper the genetic testing market in the coming years. On the other hand, undiscovered developing business sectors in emerging nations are relied upon to give profitable freedoms to the market players.

The development of atomic science has changed the determination and treatment of infections. Current test techniques, in light of the recognition of DNA and RNA, offer a few benefits over customary strategies for the identification of sicknesses. The new methodology can recognize infections, microorganisms, and genetic varieties quicker and considerably more precisely.

New creative advancements like RT-PCR and sequencing are accessible in the market which gives relatively more affordable strategies for analysis, guess, and treatment choice in patients all through their treatment plan. This assists doctors with outlining suitable helpful systems for patients experiencing the infection. Accordingly, nonstop improvement in innovation is relied upon to drive the development of the worldwide genetic testing administrations market in the coming years.

Report Scope of the Genetic Testing Services Market

Increase in Prevalence & Incidence rate of Chronic Diseases: Key Drivers of Global Genetic Testing Services Market

• Sedentary lifestyle and unhealthy diet is leading to surge in prevalence& incidence of chronic diseases. For instance, according to World Health Organization (WHO), in 2018 cancer burden is estimated to have risen to 19.1 million new cases and 10.6 million deaths globally. This is estimated to drive the market of global genetic testing services.
• According to Autoimmunity Reviews, the autoimmune diseases are one of the leading cause of deaths in United States among young and middle aged people. For instance, according to International Journal of Recent Scientific Research, the incidence of celiac diseases have increased in countries like Scotland , Canada etc. over last 60 years. Furthermore, genetic factor plays an important role in activating the autoimmune diseases. For instance, the human leukocyte antigen (HLA) class II alleles is likely to be associated with the autoimmune disease predisposition. Moreover, giant cell arthritis (GCA) is likely to be most common in people with Northern European descent and pemphigus vulgaris (PV) diseases majorly affects the Mediterranean descent. All these facts drive the involvement of the genetic factors in triggering autoimmune diseases, thus estimated to boost the genetic testing services market.

Technological Advancements to Propel Global Genetic Testing Services Market Growth

• Growth of molecular biology has transformed the diagnosis and treatment of diseases. Modern test methods, based on the detection of DNA and RNA, offer several advantages over traditional methods for the detection of diseases. The new procedures can detect viruses, bacteria, and genetic variations faster and much more accurately.
• New innovative technologies such as RT-PCR and sequencing are available in the market which provides comparatively less expensive method of diagnosis, prognosis, and therapy selection in patients throughout their treatment plan. This helps physicians to frame appropriate therapeutic regimes for patients suffering from disease. Thus, continuous improvement in the technology is expected to drive the growth of the global genetic testing services market during the forecast period.

Surge in Adoption of Genetic Testing Services to boost the market  

• Genetic testing services have come to use widely for many application in fields of oncology, obstetrics, ancestry etc. after the human genome project few years ago. The services are said to be help clinicians and patients to identify the hereditary diseases factor in patients
• According to American College of Preventive Medicine, there are about 1500 genetic test available in clinical settings and the number is increasing due to increase R & D in the field of genetics.
• People are turning towards the services since the genetic tests can predict the disease factors way earlier and are specific and getting approved by the regulatory, which in turn will propel the growth of global market during the forecast period

Some of the prominent players in the Genetic Testing Services Market include:

·       3&Me Inc.

·       Abbott Laboratories

·       Myriad Genetics Inc.

·       Danaher Corporation

·       Illumina Inc.

·       DiaSorin Spa (Luminex Corporation)

·       BioRad Laboratories Inc.

·       PerkinElmer Inc.

·       Quest Diagnostics Incorporated

·       F. Hoffmann-La Roche Ltd

·       Eurofins Scientific

·       Qiagen NV

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Genetic Testing Services market

Test Types

• Prenatal Testing
• New Born Screening
• Predictive and Presymptomatic Testing
• Pharmacogenomic Testing
• Others

Application

• Oncology
• Infectious Diseases
• Autoimmune Diseases
• Others

Service Providers

• Hospital based Laboratories
• Diagnostic laboratories
• Specialty Clinics
• Others

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Genetic Testing Services industry analysis from 2022 to 2030 to identify the prevailing Genetic Testing Services industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Genetic Testing Services industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Genetic Testing Services industry trends, key players, market segments, application areas, and market growth strategies.