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[Research Report] The Genetic Testing Services market was valued at US$ 9,546.2 million in 2019 and it is projected to reach US$ 22,701.8 million by 2027; it is expected to grow at a CAGR of 11.7% from 2020 to 2027.
Genetic testing is a type of medical test that identifies changes in chromosomes, genes, or proteins. The results of a genetic test can confirm or rule out a suspected genetic condition or help determine a person’s chance of developing or passing on a genetic disorder. More than 1,000 genetic tests are currently in use, and more are being developed. Genetic testing may be beneficial whether the test identifies a mutation or not. For some people, test results serve as a relief, eliminating some of the uncertainty surrounding their health. These results may also help doctors make recommendations for treatment or monitoring, and give people more information for making decisions about their and their family's health, allowing them to take steps to lower his/her chance of developing a disease. The growth of the Genetic Testing Services market is attributed to the rising prevalence of the genetic diseases, rise in awareness & acceptance of personalized medicines are expected to boost the market growth over the years. However, cost effectiveness and affordability of genetic services is likely to have a negative impact on the growth of the market in the coming years.
The Genetic Testing Services market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Lucrative Regions for Genetic Testing Services market
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Market Insights
Growing Applications of Genetic Testing Services in Healthcare to Drive Genetic Testing Services market Growth
The prevalence of the genetic diseases are rising across the world and impacting the health among the people at a severe level. In the eastern region due to the improper diagnostic, management and rehabilitation facilities the prevalence is much higher than the countries in the western region. The genetic diseases shows many symptoms that are uncommon and are mostly non-curable. Most of the genetic diseases are rare and are developed due to the mutation in the genetic make-up of the people. As per the Global Genes which is a non-profit corporation addressing the rare diseases across world states that near about 70,000 types of rare disease and disorders are being identified every day. For instance, approximately 30 million people in the United States lives with the genetic and rare diseases.
In addition it also states that the 80% of rare diseases are genetic diseases by origin. Moreover, in the regions such as Asia and Middle East a very large population are diagnosed with the genetic diseases due to consanguineous marriage favored in many communities.
The marriages in between relatives is the major concern for the rise in the prevalence of the genetic diseases and to control it, countries in the Middle East are mandatorily conduction genetic evaluations for the couples getting married.
The type 2 diabetes is partially considered to be the genetic diseases and the prevalence of the diabetes has been rising more rapidly in middle and low-income countries. As the diabetes is caused by both genetic and environmental factors and various studies have shown that the several genetic mutation lead to the higher risk of the diabetes. The prevalence of the type 2 diabetes is prevalent even though it is preventable. As per the Centers for Disease Control and Prevention (CDC) the type 2 diabetes sum up approximately 90%-95% of all the diagnosed cases of diabetes among the adults. According to the CDC near about 1.4 million people in United States are diagnosed with the diabetes.
Furthermore, the impact of the genetic diseases are seen due to the environmental factors, for instance, DNA in the cells can get damaged when exposed to the sun, and if the damage goes unrepaired, these gene changes will be copied as in body and creates new cells. Every gene in the cell has capability to make a copy of it owns and some gene changes can make you more likely to get cancer. Thus, the rise in the prevalence of the genetic disorders, rise in the prevalence of the diabetes along with the environmental factors and more are leading to the rising prevalence of the genetic diseases and the factors are likely to drive the growth of the market in coming future.
Personalized medicine is the field that utilizes patient’s genetic and environmental data in order to deliver optimal healthcare, and since it is a rapidly evolving area and is presently incorporated in several health care systems. The successful completion of the Human Genome Project (HGP) in 2003 and the fast decreasing human genome sequencing costs encouraged the development of a new medical approach which is called Personalized Medicine. With a growing repository of personalized data at the molecular level, molecular-diagnostics companies are uniquely positioned to unlock value. The awareness of personalized medicine has increased since the inception of the Precision Medicine Initiative, announced by Barack Obama during his 2015. Not only in the U.S. but also Germany, Personalized Medicine (in this country, better known as Individualized Medicine (IM)) has gained more attention. By the end of 2010, the German Federal Ministry of Education and Research (BMBF) named Personalized Medicine to be one of the six priorities. It introduced the Action Plan called “Individualized medicine. Moreover, The 100,000 Genomes Project is also strengthening the NHS’s position as one of the most advanced healthcare systems in the world. Also, the project is consolidating the foundation for personalized medicine, and this, in turn, will contribute to the growth of the genetic testing market.
Genomics is one of the fastest-growing divisions of medical science and is already driving a paradigm shift in research methodology of a disease, as well as diagnose and treat illness. Fifteen years on from the first complete sequencing of a human genome, it has been seen a growing number of medicines moving through approval processes for treatment based on a person’s genomics.
Personalized Medicine Coalition and Genome Web appointed KRC Research to conduct a comparative survey of 1,001 Americans in 2018 to measure awareness of and opinions about the field. The massive majority of respondents want to learn more about personalized medicine. 82 percent of U.S. adults stated an interest in more information about the field, and 32 percent said they are very interested. Moreover, The Greenville Hospital System and its Institute for Translational Oncology (ITOR) has been focusing on evolving patient care through personalized medicine and translational research which can lead for innovative treatments.
Also, France is planning to develop a national plan for personalized medicine. ‘Genomic Medicine France 2025’, which was published in 2016, which appeals for healthcare and manufacturing firms to pilot genomic sequencing platforms. By 2020 the aim is to establish a network of centers able to process around 235,000 samples for whole-genome sequencing. Also, the government of France, in June 2016, had planned to invest approximately US$ 760.8 million (€670 million) for genomics and personalized medicine programs.
In September 2018, Vertex Pharmaceuticals collaborated with Genomics for the delivery of precision medicine based on individual’s genetic differences and lifestyle. Similarly, in January 2018, Foundation Medicine collaborated with the European Organization for Research and Treatment of Cancer (EORTC) to facilitate the foundation’s comprehensive genomic profiling across personalized medicine and clinical trial enrolment.
Genetic testing encourages the adoption of personalized medicine approach by understanding the science behind the disease, the impact of treatment, and the development of therapies for specific individual characteristics.
Personalized Genetic testing and treatment have long been used globally to help individuals and families learn more about hereditary diseases. Most of the time, genetic testing is done through healthcare workers, such as nurse practitioners, physicians, and genetic counselors. Healthcare providers decide which test is needed, order the test from a test center, collect and send the DNA sample, read the test results, and share the results with the patient. Frequently, a health insurance company covers part or all of the cost of testing. DTC genetic testing, in contrast, is relatively new and allows people without a prescription or guidance from a genetic counselor or medical practitioner to find out what disease-associated genes they may carry. Moreover, some consumers of DTC testing view it as another method of gathering medical information about themselves.
Furthermore, fears of genetic discrimination make DTC testing an attractive alternative to undergoing testing in a doctor's office because it allows individuals to keep their test results out of their medical records.
Rising consumer awareness regarding DTC genetic tests in developed as well as developing economies will propel the DTC industry growth in the forecast period. Key industry players developing DTC genetic tests implement special marketing efforts that will positively impact sales of DTC tests. In April 2017, the U.S. Food and Drug Administration (FDA) gave genetics company 23andMe the consent to sell DNA tests assessing the user's level of risk for ten health conditions, including Parkinson's disease and late-onset Alzheimer's disease. These remain the only FDA-approved direct-to-consumer (DTC) tests for genetic risk of infection.
The number of manufacturers providing direct-to-consumer genetic testing is increasing, along with various health conditions and traits covered by these tests. Furthermore, Korean patients with cancer and dementia will be permitted to have genetic tests without going to hospitals by using direct-to-consumer (DTC) devices, which test using their saliva.
Type-Based Insights
In terms of type, the Genetic Testing Services market is segmented into predictive testing, carrier testing, prenatal testing, newborn screening. The predictive testing segment held the largest share of the market in 2019.
Genetic Testing Services market, by Type – 2019 and 2027
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- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Disease-Based Insights
Based on disease, the Genetic Testing Services market is segmented into cancer disease, metabolic diseases, cardiovascular diseases and others. The cancer disease segment held the largest share of the market in 2019.
Service Provider-Based Insights
In terms of service provider, the Genetic Testing Services market is segmented into diagnostic laboratories, hospital based laboratories and clinics. The diagnostic laboratories segment held the largest share of the market in 2019.
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Genetic Testing Services Market: Strategic Insights
Market Size Value in US$ 9,546.2 Million in 2019 Market Size Value by US$ 22,701.8 Million by 2027 Growth rate CAGR of 11.7% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Genetic Testing Services Market: Strategic Insights
| Market Size Value in | US$ 9,546.2 Million in 2019 |
| Market Size Value by | US$ 22,701.8 Million by 2027 |
| Growth rate | CAGR of 11.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
Akshay
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Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
The Genetic Testing Services market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
Genetic Testing Services market – by Type
- Predictive Testing
- Carrier Testing
- Prenatal Testing
- Newborn Screening
- Others
Genetic Testing Services market – by Disease
- Cancer Disease
- Metabolic Diseases
- Cardiovascular Diseases
- Others
Genetic Testing Services market – by Service Provider
- Diagnostic Laboratories
- Hospital-Based Laboratories
- Clinics
Genetic Testing Services market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- Laboratory Corporation of America Holdings
- F. Hoffmann-La Roche Ltd
- Illumina, Inc.
- Quest Diagnostics Incorporated
- Exact Sciences Corp (Genomic Health)
- NeoGenomics Laboratories, Inc.
- Eurofins Scientific
- Ambry Genetics
- Centogene AG
- 23andMe, Inc
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Disease , Service Provider and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
Genetic testing is a type of medical test that identifies changes in chromosomes, genes, or proteins. The results of a genetic test can confirm or rule out a suspected genetic condition or help determine a person’s chance of developing or passing on a genetic disorder. More than 1,000 genetic tests are currently in use, and more are being developed.
The demand for genetic testing service is expected to grow at a significant pace during the forecast period. Some of the major factors propelling the growth of the market include rising prevalence of the genetic diseases, rise in awareness & acceptance of personalized medicines, growing preference towards direct-to-consumer (DTC) genetic testing.
Despite the awareness and acceptance of genetic testing, factor such as Social and Ethical Implications, cost effectiveness and affordability of genetic services will impede the market growth. For instance, According to, National Library of Medicine, the cost of genetic testing can range from under $100 to more than $2,000, depending on the nature and complication of the test.
The List of Companies - Collagen peptides Market
- 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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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