Genetic Testing Services Market: Snapshot
The global genetic testing services market is expanding with the increasing incidence of cancer and rare as well as autoimmune diseases. The global genetic testing services market was valued at US$ 33,500.0 Mn in 2016 and is projected to register a compounded annual growth rate (CAGR) of over 7.6% from 2017 to 2025, to reach value of US$ 64,131.0 Mn by 2025. The global market is witnessing relatively high growth, owing to increase in awareness among people, adoption of genetic testing by physicians and patients, and rise in the prevalence of chronic diseases across the globe.
Genetic test is a type of medical test which analyzes the changes in chromosomes, proteins, or genes, which may be caused by any suspected genetic condition or disease. Genetic testing is also performed on tumors to diagnose cancer and plan the treatment. Several genetic tests are used currently. The key types of genetic testing are newborn screening, prenatal testing, pre-implantation testing, carrier testing, etc. Several methods such as molecular method, chromosomal method, and biochemical method can be used for genetic testing. Genetic testing is employed to identify the risk factors, to screen the newborns, and also in forensics.
Geographically, North America dominates the global genetic testing services market, followed by Europe. Developed countries such the U.K., the U.S., and Germany witness more awareness about genetic testing. Furthermore, developed infrastructure, increase in health care investments, and robust R&D activities in these countries are driving the market in these countries. The market in the Asia Pacific region is expanding rapidly. Developed countries in the region such as Australia and Japan are offering growth opportunities to the genetic testing services market. India and China are potential markets for genetic services, due to increase in the prevalence of infectious diseases in these countries.
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Some of the key players operating in the global genetic testing services market are Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Genomic Health, Inc., NeoGenomics Laboratories, Inc., Eurofins Scientific, Ambry Genetics, Hoffmann-La Roche Ltd, Illumina, Inc., CENTOGENE AG, and 23andMe, Inc.