The global Genetic Testing market size is expected to reach USD 7.24 billion in 2028 and register a CAGR of 19.6% over the forecast period, according to the latest report by Reports and Data. Key factors such as rising adoption of genetic testing and increasing disorders due to genetic mutation are augmenting demand for Genetic Testings and fueling global market revenue growth.

Genetic Testing tests help in analyzing multiple genes for cancer-related alterations at the same time and comprise two specific genes – BRAC1 and BRAC2 – that are in charge of generating proteins that suppress tumors and prevent growth of tumor cells and also help in repairing damaged DNA. Rising prevalence of genetic diseases caused by genetic mutations, rapidly increasing number of cancer cases, advancements in NGS technology, and growing adoption of Genetic Testings – particularly in developed economies – are some other factors fueling global market growth. In addition, major players are investing in research and development activities with rising focus on developing more enhanced products. In addition, government funding and support for population sequencing is another key factor expected to boost global market growth going ahead.

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However, stringent regulations imposed on pharmaceutical companies, low awareness regarding advantages of using Genetic Testings in some developing countries, and rising concerns regarding safety of genetic data are some factors expected to limit growth of the Genetic Testing market over the forecast period.

Some key highlights from the report::

• Among the product & services segments, the test kits segment is projected to account for significantly large revenue share during the forecast period due to increasing demand for Genetic Testing kits, especially in research and diagnostics centers, owing to rising prevalence of various infectious diseases and genetic disorders in countries around the globe.
• Among the technique segments, the hybridization-based approach segment revenue is expected to expand at a fast CAGR between 2021 and 2028 due to growing adoption of this technique due to its use for genotyping and sequencing rare variants.
• Among the application segments, the cancer risk assessment segment is expected to account for substantial revenue growth throughout the forecast period owing to increasing prevalence of cancer and growing demand for Genetic Testings in genomic research and diagnostics sectors.
• Asia Pacific market is expected to register robust double-digit revenue CAGR of 18.7% over the forecast period owing to factors such as large patient pool, rapidly increasing number of cancer cases, and increasing healthcare expenditure in countries in the region.
• Europe is projected to account for robust revenue share during the forecast owing to increasing prevalence of cancer, launch of enhanced Genetic Testings, and high funding for research and development activities in countries in the region.

  Competitive Landscape:

The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product & service portfolio. The Genetic Testing market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.

Leading companies operating in the market are:

Agilent Technologies Inc. (US), Thermo Fisher Scientific (US), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen (Germany), Illumina Inc. (US), BGI Genomics (China), Integrated DNA Technologies, Inc. (US), GENEWIZ (US), Novogene Corporation (US), Personalis, Inc. (US), GATC Biotech AG (Germany), ArcherDx, Inc. (US), GeneDx (Switzerland), and CENTOGENE AG (Germany).

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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:

  Genetic Testing Market Segmentation:

Type Outlook:

• Test Kits
• Testing Services

Application Outlook:

• Cancer Risk Assessment
  • Syndrome-specific
  • High-penetrance
  • High and Moderate-penetrance
  • Comprehensive Cancer Risk
• Diagnosis of Congenital Diseases
• Pharmacogenetics
• Other Applications

Design Outlook:

• Predesigned Genetic Testing
• Customized Genetic Testing

Regional Outlook:

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Latin America (Brazil, Rest of LATAM)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)

Some essential purposes of the Genetic Testing market research report:

• Vital Developments: Custom investigation provides critical improvements to the Genetic Testing market, including R&D, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.
• Market Characteristics: The report contains Genetic Testing market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.
• Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Genetic Testing market by methods. Systematic tools and methodologies, for example, Porter’s Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Genetic Testing market.
• Convincingly, the Genetic Testing report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Genetic Testing market.

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