NEW YORK, Oct. 08, 2018 (GLOBE NEWSWIRE) -- The global genetic testing market is expected to grow significantly from USD 8,531.4 million in 2017 to USD 19,112.4 million in 2024, at a CAGR of 12.2% from 2018 to 2024. The growth in the market is attributed to the increasing demand for personalized medicine, and growing incidence of genetic disorders. Moreover, increasing research and development activities, growing awareness among people, and rising government initiatives are further propelling the market growth. However, high cost of genetic tests may hamper the market growth to some extent.
Key findings from the report:
High growth potential for genetic testing market in developing economies
Genetic testing is used to identify mutations or changes in genes, chromosomes, and proteins. Genetic tests are applied in the analyses of multiple genes to determine risk of various diseases, such as cancer and diabetes in early stage, which may eliminate the need for additional unnecessary clinical investigations. Moreover, there is a growing demand for genetic testing in developing countries due to increasing number of genetic disorders, and non-communicable chronic diseases such as cancer, diabetes, stroke and cardiac diseases. These non-communicable chronic diseases have subgroups with significant genetic risk components. Additionally, advancements in genetic technologies are rapidly changing the health care services in the developed and developing countries.
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Genetic Testing Market – Regional insight
Geographically, North America held the largest share of the market in 2017. The growth in the region is attributed to the growing research and development activities in genetic testing, increasing investments and the presence of major market players in the region. The growth of the genetic testing market in Europe is primarily due to advances in genomic technology, and growing awareness among people about the benefits of genetic testing. Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the high prevalence of infectious diseases, and large pool of patients. The growth of genetic testing market in the Middle East and Africa is primarily due to high incidence of various genetic disorders, and increasing number of chronic diseases.
This report segments global genetic testing market based on testing type, technology, application, service provider, end-user and region.
Testing Type
Technology
Application
Service Provider
By Region
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