Hyderabad, India -- (SBWire) -- 02/12/2018 --According to a new market research report " Genetic Testing Market by Type (Carrier Testing, Diagnostic Testing, Prenatal Testing and Neonatal Testing), by Application (Cancer Testing, Pharmacogenomics testing, Prenatal testing and Predisposition testing), and by Region – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2016– 2022)", published by MarketDataForecast™, the market is expected to reach USD 70.85 Million by 2022 from USD 41.08 Million in 2016, at a CAGR of 9.51%. Increasing geriatric population and rising awareness about the potential benefits of genetic testing are expanding the scope of the genetic testing market. Growing awareness about personalized medicine is also assisting in the growth of maret
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Cancer genetic testing is projected to account for the biggest market share in 2016
On the basis of application, the Global genetic testing market is segmented into Cancer Testing, Pharmacogenomics testing, Prenatal testing and Predisposition testing. The cancer genetic testing segment is estimated to lead the global Genetic Market in the forecast period. The market for screening the new-borns and calculating the probability of occurrence of diseases is expected to expand.
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The Prenatal segment is expected to dominate the market till 2022
By the type of tests, the market is segmented into Carrier Testing, Diagnostic Testing, Prenatal Testing and Neonatal Testing. In particular, genetic testing to screen the new-borns for possible future diseases is expected to expand hugely in the period forecast till 2020. Diagnostic testing to determine if a patient is a carrier is also projected to have a large growth rate.
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North America is expected to contribute to the largest share of the market
On the basis of geography, the global market is studied as different regions namely North America, Latin America, Europe, Asia-Pacific, Middle-East & Africa. In the whole world, the US possesses the largest market for genetic testing. The increasing awareness about the prevalence of genetic diseases is expected to contribute a lot to the growth of the market.
Leading competitor companies in the global genetic testing market are, Abbott Laboratories, Roche Molecular Diagnostics Inc., Abbott Molecular Inc., AutoGenomics Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc. and Applied Biosystems Inc.,
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