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Genetic Testing Market 2020 Regional Growth Drivers, Opportunities, Trends, and Forecasts to 2026

Author : Ronak Bora | Published Date : 2020-09-04 

Genetic Testing Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Genetic testing market size is likely to be driven by mounting need for early diagnosis of fatal diseases. The process of genetic testing is majorly used as a predictive tool in diagnostics, pharmacogenomics, and prenatal screening. The demand for direct-to-consumer genetic testing is rapidly increasing. Genetic testing aids in projecting the risk of diseases by identifying carriers and establish diagnosis.

It may also aid an individual in identifying his or her ancestral origins and predisposition to certain illnesses which may be running in the bloodline. Genetic testing aids individuals to prepare or prevent onset of these diseases.

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Rising incidence of chronic diseases and genetic disorders across the globe will be a major growth inducing factor for genetic testing development. Moreover, increasing awareness among people regarding their health and illnesses will drive the industry growth. Genetic testing market size is forecast to surpass USD 28.5 billion by 2026.

Genetic testing to determine the probability of a patient contracted with a rare disease, genetic disorder or even cancer and helps in planning the treatment. A rising burden of inherited diseases and cancer is fueling the demand for genetic testing over the past years. As per American Cancer Society estimates, over 13 million people will die from cancer by the end of 2030. The testing aids in formulation of the most effective treatment for various deadly diseases.

Robust application of genetic testing in genomic disorders and cancer will stimulate industry developments. In 2019, cancer testing segment held around 52% of the market share and is expected to showcase a strong growth in the coming years. The notable growth rate will be attributable to the advancements in testing for diagnosis and development of cost effective drugs for improved patient outcomes.

Nutrigenomic testing is gaining widespread popularity as consumers are getting more conscious of their diets and eating habits. Nutrigenomic testing establishes how genetic variations change the individual reaction to nutrients and can further assist with optimum nutritional planning.

In 2019, nutrigenomic testing accounted for USD 408.9 million of the total genetic testing market share and is poised to exhibit significant growth over the coming years. Rising incidence of obesity owing to sedentary lifestyle and increased consumption of junk food will favor business landscape. Moreover, increasing awareness pertaining to customized diet plans will also complement market growth.

Growing geriatric population base across Europe will boost the adoption of genetic testing in the region. In 2019, Europe genetic testing market share recorded substantial revenues and is forecast to witness  a growth rate of 13% over through 2026.

Presence of established industry players in the region will also support technology adoption. Moreover, favorable government initiatives to support genetic testing and ensure accurate and reliable diagnosis of diseases to save future resources and lives will complement the industry growth. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/genetic-testing-market

Partial Chapter of the Table of Content 

Chapter 4.    Genetic Testing Market, By Test Type

4.1. Key segment trends

4.2. Predictive testing

4.2.1. Market size, by region, 2015 – 2026 (USD Million)

4.3. Carrier testing

4.3.1. Market size, by region, 2015 – 2026 (USD Million)

4.4. Prenatal and newborn testing

4.4.1. Market size, by region, 2015 – 2026 (USD Million)

4.5. Diagnostic testing

4.5.1. Market size, by region, 2015 – 2026 (USD Million)

4.6. Pharmacogenomic testing

4.6.1. Market size, by region, 2015 – 2026 (USD Million)

4.7. Nutrigenomic testing

4.7.1. Market size, by region, 2015 – 2026 (USD Million)

4.8. Others

4.8.1. Market size, by region, 2015 – 2026 (USD Million)

Chapter 5.    Genetic Testing Market, By Application

5.1. Key segment trends

5.2. Cancer

5.2.1. Market size, by region, 2015 – 2026 (USD Million)

5.3. Genetic diseases

5.3.1. Market size, by region, 2015 – 2026 (USD Million)

5.4. Cardiovascular diseases

5.4.1. Market size, by region, 2015 – 2026 (USD Million)

5.5. Others

5.5.1. Market size, by region, 2015 – 2026 (USD Million)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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