Overview
The Genetic Testing Market will register growth at a CAGR of 10.30%. The market for genetic testing is set to reach USD 30.10 Billion by 2027. As per Global Marketanalysts, the global market is anticipated to witness growth owing to the factors such as the rising prevalence of genetic disorders as well as the rising awareness about the benefits of genetic testing. However, the Global Marketwill face challenges and restraints due to lack of expertise and the lack of medical solutions for all the diseases diagnosed during the forecast period 2020 to 2027.
The increasing prevalence of genetic disorders in the Global Market is set to play a key role in determining the growth potential during 2020 to 2027 years. Analysts have also studied the Global Market to understand potential threats and challenges the Global Market companies could face. Although the Global Market is poised to grow at a fast pace across method, applications, and type segments, factors such as the shortage of trained technicians could slow down the Global market's growth worldwide.
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Market Segmentation
The Global Market has been segmented into method, applications, and type. Based on the segment which is method, the market is categorized on the basis of biochemical genetic tests, chromosomal genetic tests, and molecular genetic tests/DNA tests. The global market for genetic testing is further segmented based on applications into reproductive health (carrier screening, newborn screening, and prenatal screening), cancer screening (breast cancer, colon cancer, hereditary cancer, and ovarian cancer), ancestry, pre-symptomatic testing, predictive, and others. Furthermore, the market, on the basis of type is segmented into prescribed genetic testing and direct-to-consumer genetic testing.
The global Market research report covers all the aspects of the Global Market based on the segmental analysis of these method, applications, and type segments. Analysts have also studied the global genetic testing market's regional markets spread across many continents and countries. The method, applications, and type segments along with their sub-segments have been analyzed and companies functioning in the Global Market across these segments are profiled and analyzed based on input and feedback from Global Market based decision makers as well as primary and secondary sources. The Global Market research report presents analysis based information for companies functioning in the genetic testing market.
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Regional Overview
The lack of solutions for all the diseases diagnosed may hinder the Global Market growth. The market research report suggests that companies in the Global Market could be supported by the increasing need to find a cure to cancer as well as demand for effective testing during the forecast period. The Global Market is set to register growth at a high CAGR owing to these key factors. The Genetic Testing Market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global Genetic Testing Market research report reveals that APAC, North America, and Europe regional genetic testing markets will dominate the global market for genetic testing during the forecast period 2019 to 2024. As per Global Market analysts, the market is set to witness tremendous growth across molecular genetic test/DNA test and reproductive health segments in North America which covers Global markets across the United States, Canada, Mexico and several other regional markets. Companies active in the Global Market are also analyzed and studied in the Global Market research report.
The Global Market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the Global Market research report covers the Asia-Pacific region covering genetic testing markets from India, China, Japan, Australia, and others. The Global Market is also spread across the rest of the world. The Global Market report covers all such regions including the Middle East, Africa, Brazil, and others.
Competitive Landscape
Genetic testing has seen increased demand over the years, due to the rapid expansion of the biotechnology and integration of AI in testing procedures. Companies functioning in the global Global Market are also being challenged due to the lack of funded research in prognosis and shortage of skilled professionals. Mergers and acquisitions by Global Market companies are anticipated to help the market during the forecast period 2020 to 2027. the report highlights key areas companies need to focus on. The report suggests that the Global Market will see a healthy growth in the long run till 2027. Based on SWOT analysis and genetic testing market’s analysis based on Porters’ Five Force Model presented in the Global Market report. Mergers and acquisitions by Global Market companies are anticipated to help the market during the forecast period 2020 to 2027.
Industry News
Invitae announced on Monday that it would pay $50 million for Clear Genetics, a software developer that facilitates the distribution of genetics services at scale. Invitae will pay $25 million in cash and $25 million in shares of Clear Genetics common stock under the terms of the strategic partnership. The purchase price can be changed after closure depending on Clear Genetics' working capital and other considerations, and a part of the purchase price may be kept back to cover indemnification obligations. Clear Genetics shareholders would be able to vote on the company's stock.
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