Genetic Testing Market Set to Thrive at a Strong CAGR by 2023

Pune, India, September, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Genetic Testing Market Research Report.

Market Insights:

Market Research Future (MRFR) projects in its latest study that the global genetic market is set to expand saliently striking a robust CAGR of 9.8% during the forecast period. The market is estimated to grow from USD 4,683 Mn in 2016 to USD 10,033.4 Mn towards the end of 2023.

Genetic testing has gained popularity over the last few years for detection and prevention of genetic diseases, cancer, etc. The increasing awareness among the population regarding early diagnosis coupled with rising expenditure on preventive measures has fueled demand in the market. It is likely to continue favoring the genetic testing market over the next couple of years.

The technological advancements introduced in the genetic testing market that offers enhanced efficiency and accuracy is expected to fuel demand during the projection period. Adoption of non-invasive genetic testing technology is projected to accelerate revenue creation for market players across the review period.

Market Segmentation:

By type, the global genetic testing market is segmented into prescribed genetic testing, and Direct to Consumer (DTC) genetic testing. The prescribed genetic testing segment held the most substantial share of the market in 2016 and is poised to exhibit strong growth opportunities over 2023.

By method, the genetic testing market has been segmented into molecular genetic test/ DNA test, chromosomal genetic test, and biochemical genetic test. The molecular genetic test/ DNA test segment, which held the largest share in 2016, is likely to proliferate saliently through the projection period.

By type of test, the global genetic testing market is segmented into diagnostic test, predictive test, family DNA test, and others. The diagnostic test segment captured the most significant share of market in 2016 and is poised to retain its prominence over the next few years.

By indication, the genetic testing market has been segmented into cancer testing, neurogenetic disorder testing, autoimmune disorder testing, muscular dystrophies, and others. The cancer testing segment led the market in 2016 due to the large-scale prevalence of the disease.

Access Report @  https://www.marketresearchfuture.com/reports/genetic-testing-market-2009

Regional Analysis

By region, the global genetic testing market has been segmented into America, Europe, Asia Pacific, and the Middle East & Africa. America held the largest share of the market in 2016 which accounted for 46.3% share. It is likely to retain a significant share towards the end of the forecast period. The growth in the region is attributable to the accelerated adoption of technology, increasing awareness about genetic testing, continuous innovation, etc. Europe is a significant growth pocket in the genetic testing market. The regional market is estimated to reach a valuation of USD 2,553.10 Mn by the end of 2023. Asia Pacific is projected to exhibit the steepest rise in market proliferation striking a CAGR of 10.1% through the assessment period. However, the Middle East & Africa region is poised to stage restricted growth due to lack of infrastructure and limited awareness.

Competitive Dashboard:

Some of the key players profiled by MRFR are Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), Illumina Inc. (US), QIAGEN N.V. (Germany), Myriad Genetics (US), PerkinElmer Inc. (US), and Quest Diagnostics (US).

Industry Developments:

In August 2018, Seq2Know, a consumer-initiated genetic testing service, has introduced Familial Hypercholesterolemia (FH) testing.