Report : Genetic Testing Services Market to 2027 - Global Analysis and Forecasts by Type (Predictive Testing, Carrier Testing, Prenatal Testing, New-born Screening and Others), Disease (Cancer, Metabolic Diseases, Cardiovascular Diseases and Others), Service Provider (Diagnostic Laboratories, Hospital-Based Laboratories and Clinics) and Geography
The predictive testing segment is expected to grow at a significant pace over the forecast period.
According to The Insight Partners market research titled 'Genetic Testing Service Market to 2027 - Global Analysis and Forecasts by Type, Disease, Service Provider and Size.' The global genetic testing service market is expected to reach US$ 22,701.8 Mn in 2027 from US$ 9,546.2 Mn in 2019. The market is projected to grow with a CAGR of 11.7% from 2020-2027. The report provides trends prevailing in the global genetic testing service market along with market drivers and restraints.
The global genetic testing service market, based on the type, was segmented as predictive testing, carrier testing, prenatal testing, newborn screening and others. In 2019, the predictive testing segment accounted for the largest market share in the global Genetic Testing Service market by type. Predictive genetic testing searches for genetic changes, or mutations, which are linked to disease. These tests are done before you show any signs of a disease. Predictive testing may be useful to people who have a family history of a treatable genetic disorder, show no signs of illness owing to these benefits the segment is anticipated to grow at a significant rate during the forecast period.
Major factors boosting the growth of market include rising prevalence of the genetic diseases and rise in awareness & acceptance of personalized medicines. However, social and ethical implications of genetic testing is hampering growth of the market to a certain extent.
The Genetic Testing Service market majorly consists of players such as 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, and 23andMe, Inc. Several companies in the market are concentrating on inorganic strategies, such as partnership for enhancing their position in the market. For instance, in January, 2020, Illumina Inc. has announced partnership with Roche. The partnership was carried out to increase patient access to transformative genomic testing technology, accurately.
The report segments global Genetic Testing Service market as follows:
Global Genetic Testing Service Market - By Type
Global Genetic Testing Service Market - By Disease
Global Genetic Testing Service Market - By Service Provider
Global Genetic Testing Service Market - By Geography
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