Pune, India -- (SBWire) -- 12/16/2019 --The Infinium Global Research analyzes the "Genetic Testing Market (Type - Diagnostic Testing, Presymptomatic and Predictive Testing, Carrier Testing, Pharmacogenomics, Prenatal Testing, New Born Screening, and Preimplantation Testing; Technology - PCR, DNA Sequencing, Cytogenetics, Microarrays, and Gene Expression Profiling; Application - Chronic Diseases, Neurodegenerative Diseases, Cancer, Genetic Disorders, and Autoimmune Disorders): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025." The global genetic testing market is projected to grow at a CAGR of 11.5% over the forecast period of 2019-2025.
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Tests include analyzing multiple genes to control the risk of developing specific diseases or disorders. Genetic testing is an examining of human DNA that reveals changes in human genes that may cause illness or disease. It is broadly used for the detection of diseases related to genotype, phenotype or mutation. Genetic testing helps to identify the changes in the structure of chromosomes.
Personalized Medicines Escalating the Genetic Testing Market During the Forecast Period
Increasing applications of genetic testing for early detection and prevention of genetic diseases is the major growth factor of the genetic testing market. Additionally, the rising prevalence of diseases such as cancer, increasing awareness, and discoveries in testing, availability of highly sensitive and efficient tests for early diagnosis of diseases are driving the growth of the market.
Moreover, increasing consumer demand for personalized medicines will drive the genetic testing market during the forecasted period. Genetic testing may increase anxiety and stress for some individuals and results of tests may uncertain which leads to restraining the growth of the market. Moreover, developing economies such as India is anticipated to provide an effective opportunity for genetic testing market players.
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Diagnostic Segments Holds the Largest Share Over the Forecast Period
The genetic testing market is segmented on the basis of type, applications, and technology. On the basis of type the market is segmented into diagnostic testing, presymptomatic and predictive testing, carrier testing, pharmacogenomics, prenatal testing, newborn screening, and preimplantation testing. The diagnostic segment holds a large market share of the global genetic testing market due to increasing awareness of health due to genetic diseases across the world.
The application segment includes chronic diseases, neurodegenerative diseases, cancer, genetic disorders, and autoimmune disorders. The chronic diseases segment holds a large market due to the increasing prevalence of chronic diseases worldwide. On the basis of technology, the market is categorized into PCR, DNA sequencing, cytogenetics, microarrays, and gene expression profiling.
North America is Expected to Dominate the Market During the Forecast Period
Globally, the North America market dominated the world genetic testing market followed by Europe and Asia-Pacific. Rising occurrence of genetic diseases such as cancer, cardiac disease, neurofibromatosis, cystic fibrosis, Turner syndrome, and spinal muscular atrophy boost the market growth in North America. Furthermore, the Asia Pacific market is expected to grow at the highest CAGR over the forecast period. Due to the rising focus of players on developing markets and improvements in healthcare infrastructure.
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Genetic Testing Market: Competitive Analysis
Some of the industry participants of the global genetic testing market are Thermo Fisher Scientific, Qiagen, Bio-Rad, BD Biosciences, Roche Diagnostics, Agilent Technologies, and Macrogen among others.
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=> Comprehensive analysis of global as well as regional markets of the genetic testing.
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=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
