Global Genetic Testing Market to Reach $17.3 Billion by 2026
SAN FRANCISCO, June 29, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Genetic Testing - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: April 2021
Executive Engagements: 11296
Companies: 249 - Players covered include 23andMe, Inc.; Abbott Laboratories; AutoGenomics, Inc.; Biocartis NV; BioRad Laboratories; Cepheid Inc.; ELITech Group SAS; Illumina, Inc.; Laboratory Corporation of America Holdings; Luminex Corporation; Natera, Inc.; PerkinElmer, Inc.; QIAGEN N.V.; Quest Diagnostics, Inc.; Roche Diagnostics AG; Roche Molecular Diagnostics, Inc.; Thermo Fisher Scientific Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Prenatal & Newborn, Diagnostic, Predictive & Presymptomatic, Carrier, Pharmacogenomic, Other Types); Application (Cancer, Genetic Disease, Cardiovascular Disease, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Genetic Testing Market to Reach $17.3 Billion by 2026
Genetic testing broadly refers to the analysis of genes by examining genetic material taken from cells in a person's blood sample, or a sample of other body fluids. The growing accessibility and acceptance of non-targeted sequencing among patients and consumers is expected to provide a major stimulus to the market. Applications such as tumor molecular profiling like liquid biopsies to select cancer treatment, non-invasive prenatal diagnostics, and sequencing for diagnosis of rare disease hold tremendous value. The market is poised to benefit from growing popularity of DTC testing for specific health risks like 3 BRCA mutations. Another driver for the market is proliferation of hybrid laboratories combining DTC and conventional laboratories.
Amid the COVID-19 crisis, the global market for Genetic Testing estimated at US$10.6 Billion in the year 2020, is projected to reach a revised size of US$17.3 Billion by 2026, growing at a CAGR of 8.6% over the analysis period. Prenatal & Newborn, one of the segments analyzed in the report, is projected to record a 8.8% CAGR and reach US$6.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Diagnostic segment is readjusted to a revised 8.2% CAGR for the next 7-year period. Globally, prenatal testing market is expected to rise due to the increasing risk of chromosomal abnormalities associated with increasing maternal age. One of the key growth drivers for new born and prenatal genetic testing is increased awareness about different chromosomal and genetic disorders. Development of healthcare technologies like HTS and next generation sequencing has helped detection of a number of abnormalities at early stages. Diagnostic genetic testing detects the presence of a certain genetic disease, like Huntington's disease or cystic fibrosis through the detection of specific gene alteration.
The U.S. Market is Estimated at $4.7 Billion in 2021, While China is Forecast to Reach $1.2 Billion by 2026
The Genetic Testing market in the U.S. is estimated at US$4.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.2 Billion by the year 2026 trailing a CAGR of 10.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.2% and 8.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.4% CAGR. The US is the largest market for genetic testing worldwide. Insurance coverage for all types of genetic testing has increased, and this combined with the factor of significant reductions in genetic testing costs, is expected to result in stronger growth for the market in the years ahead. The market is also witnessing strong regulatory support especially for DTC-genetic testing. Growth in the Europe market is being driven by increasing healthcare expenditure and growing autoimmune diseases prevalence. Asia-Pacific region is expected to witness robust growth due to increasing disposable incomes, and expanding healthcare availability.
Predictive & Presymptomatic Segment to Reach $3 Billion by 2026
Predictive diagnostics is rapidly assuming importance owing to the increasing awareness and growth in preventive medicine. Development in predictive diagnostics is also a result of the growing interest in personalized medicine. Breast cancer diagnosis is one of the key end-use markets targeted by developers of predictive diagnostics. Presymptomatic tests determine the susceptibility of an individual in future, irrespective of his/her existing health condition. In the global Predictive & Presymptomatic segment, USA, Canada, Japan, China and Europe will drive the 9.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.5 Billion in the year 2020 will reach a projected size of US$2.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$169.2 Million by the year 2026. More
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