the global Genetic Testing Services market was valued at US$ 41.2 Bn in 2018 and is projected to expand at a CAGR of 7.3% from 2019 to 2027.
Overview
Genetic Testing is a medical test also known as DNA testing which determine changes in the chromosomes, genes, and proteins. This testing can suspect or rule out the suspected genetic conditions which determine any genetic disorder or diseases in the patients.
Various genetic testing available in the market are molecular genetic tests, chromosome genetic tests, and biochemical genetic tests. These tests study the single genes, whole chromosomes, and identify the abnormalities or activity level of the proteins.
Genetic testing would help in diagnosing diseases, severity of the disease, diagnosis or identifying the changes in the genes, inherited risk of developing the diseases, and also enables the patient and physicians for establishing the optimum treatment.
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New Born Screening Segment to Dominate Global Genetic Testing Services Market
In terms of test type, the global genetic testing services market has been segmented into prenatal testing, newborn screening, predictive & presymptomatic testing, pharmacogenomic testing, and others.
New Born Screening segment likely to grow at highest growth care during forecast period. Rise in neonatal diseases, and increasing pediatric patients suffering from diseases are propelling factor for the segment growth in coming years.
Predictive and Presymptomatic Testing is another segment likely to held major market share in genetic testing services market. Genetic mutation leading to the development of various chronic diseases boosting the need of genetic testing services market during forecast period.
Oncology Segment Hold a Major Share of Global Genetic Testing Services Market
In terms of application, the global genetic testing services market has been classified into oncology, infectious diseases, autoimmune diseases and others. Oncology segment dominated the market in 2018 and it would continue its dominance during the forecast period.
Attributable factors driving the segment growth ascribed to the rising incidences of breast cancer, colorectal cancer, lung cancer and other types across globe. Moreover, early diagnosis of the cancer through genetic testing is another driving factor for the segment growth in coming years. Predictive test of breast cancer is another propelling factor for the segment growth during forecast period.
Competitive Landscape
The global genetic testing services market is consolidated in terms of number of players. Key players in the global Genetic Testing Services market include Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Genomic Health, Inc., NeoGenomics Laboratories, Inc, Eurofins Scientific, Ambry Genetics, Illumina, Inc, 23andMe, Inc., Exact Sciences, Natera, Invitae, Veracyte, and other prominent players.
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