Global genetic testing market is growing with an attractive CAGR 13.17% over the forecast period(2018-2024). the reduction in the genetic testing prices has increased the number of individual undergoing genetic test since it has a scope beyond the medical field because of its ability to provide the ancestral history about an individual. Along with this, the rising awareness and demand for personalized medicine coupled with government and private initiatives in the field of genetic testing will also boost the market growth during the forecast period. However, concerns regarding the confidentiality and misleading advice along with the difficulty in interpreting the result has limited the market growth.
Geographically, North America holds the largest share in the global genetic testing market owing to technological advancements, the rising prevalence of genetic diseases and high quality of infrastructure to support the genetic testing industry in the region. However, emerging economies hold good potential for the growth of genetic testing market due to factors such as rising patient pool, more government funding supporting the investment in the industry and growing awareness regarding the technology. APAC region will witness the fastest market growth owing to the rising aging population, rising purchasing power, and technological advancements in the region.
Genetic Testing Market By Type
By type, the genetic testing market has been segmented as prenatal testing, newborn screening, diagnostic testing, carrier testing and predictive and presymptomatic testing. Diagnostic testing held a major market share in 2018 on account of rising demand for diagnostic testing for quick and accurate detection of the genetic anomalies. In addition, rising awareness among the people will further add to the growing demand for diagnostic testing. The demand for prenatal screening will grow at an impressive rate owing to the technological advancement and development of new and upgraded non-invasive screening methods.
The global genetic testing market for diagnostic testing is projected to grow at a CAGR of XX% during the forecast period to reach a total market size of US$XX.XX billion in 2024 from US$XX.XX billion in 2018. Diagnostic testing is used for identifying or ruling out a specific genetic and chromosomal condition. The number of individuals diagnosed for cancer is increasing globally primarily because of the growing adult population and the risk of cancer increasing with age. The inherited mutation is estimated to be the cause of approximately 5% to 10% of the all the cancers. In the United States, an estimated 1,685,210 new cancer cases were diagnosed in 2016 according to the National Cancer Institute, U.S Department of Health and Human Services. Similarly, according to the World Health Organization, approximately 3.7 million new cancer cases are reported every year in Europe.
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