Genetic Testing Market Size Worth USD 40.85 billion by 2031| Growth Plus Reports

Pune, April 04, 2022 (GLOBE NEWSWIRE) — The Global Genetic Testing Market is expected to clock US$ ~40.85 billion by 2031 owing to the increasing prevalence of chronic diseases, infectious diseases, and genetic disorders; and technological advancements.

Growth Factor

The prominent players are progressively implementing collaborative initiatives with several organizations, research centers and companies in order to increase awareness for genetic testing. For instance, in April 2019, the FH Foundation announced the launch of the FIND HoFH program to identify individuals at risk for homozygous familial hypercholesterolemia (HoFH). The goal is to accelerate the diagnosis of this life-threatening condition. Individuals identified through the program will have the option to receive genetic counseling and confirmatory genetic testing through collaboration with Invitae and Genome Medical at no charge.

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The global genetic testing market has been analyzed from three different perspectives–Testing Type, Technology, and Region.

Excerpts from ‘By Testing Type Segmentation’

The global genetic testing market has been segmented majorly into six distinct categories depending on testing type, viz.

• Prenatal & Newborn Testing
• Diagnostic Testing
• Carrier Testing
• Predictive & Presymptomatic Testing
• Pharmacogenomic Testing
• Others (forensic testing, paternity testing, etc.)

The prenatal & newborn testing segment dominated the market with largest share in 2020. The growth of the segment can be attributed to growing initial screening tests during new pregnancies and in newborn babies to identify genetic disorders that can be treated early in life.

Excerpts from ‘By Region Segmentation’

The global genetic testing market has been segmented into:

• North America
• Europe
• Asia Pacific
• Rest of the World (RoW)

North America commanded the largest share in the global genetic testing market in 2020, followed by Asia Pacific, Europe & Rest of the World (RoW).

Factors such as highly developed healthcare infrastructure, greater healthcare spending, better adoption of genetic testing, and presence of prominent players as well as genetic testing laboratories in the region are attributed for the large share of the region in the global market.

Moreover, high prevalence of various chronic diseases such as cancer and genetic disorders is also expected to contribute to the market growth in North America.

Excerpts from ‘Competitive Landscape’

The prominent players operating in the global genetic testing market

• Siemens Medical Solutions
• Abbott
• Thermo Fisher Scientific
• F. Hoffmann-La Roche Ltd
• General Electric Company
• Qiagen
• Illumina, Inc
• Agilent Technologies, Inc
• Bio-Rad Laboratories, Inc
• Hologic, Inc
• Among others

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