Fior Markets launched a study titled “Global Genetic Testing Services Market by Test Type (Prenatal Testing, Newborn Screening, Predictive and Presymptomatic Testing), Application, Service Provider, Region” and Global Forecast 2018-2025.
The global genetic testing services market is expected to grow from USD 34,500.13 Million in 2017 to USD 67,100.07 Million by 2025 at a CAGR of 8.72% during the forecast period from 2018-2025. Rising cases of genetic diseases and to study multiple genes to manage individual health condition adoption of personalized medicines are propelling the growth of the market.
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The predictive & presymptomatic testing is dominating the segment and was valued around USD 12178.5 million in 2017
Test type segment includes prenatal testing, newborn screening, predictive and presymptomatic testing, pharmacogenomic testing. The predictive & presymptomatic testing is dominating the segment and was valued around USD 12178.5 million in 2017. Detection of diseases at early stage minimizes the severity of diseases leading to reduced mortality rate. Increasing prevalence of chronic diseases around the world is expected to augment the segment growth over the forecast period.
The oncology segment dominated the application segment and is expected to register the highest CAGR of 10.07% in the forecast period
Application segment is divided into segments such as oncology, infectious diseases and autoimmune diseases. The oncology segment dominated the application segment and is expected to register the highest CAGR of 10.07% in the forecast period. Timely diagnosis save lives and reduce the number of deaths. According to, The Institute for Health Metrics and Evaluation (IHME), around 8.9 million cancer deaths were recorded in 2016 caused by inheriting genetic mutation. Rising prevalence of various types of cancer such as prostate cancer, breast cancer and lung cancer coupled with increasing awareness pertaining to early detection of cancer are expected to stimulate the growth of the market.
The hospital-based laboratories segment is dominating the genetic testing services market and held the largest market share of 38.21% in 2017
Service provider segment is classified into hospital-based laboratories, diagnostic laboratories and specialty clinics. The hospital-based laboratories segment is dominating the genetic testing services market and held the largest market share of 38.21% in 2017. Advanced infrastructure and increasing number of hospitals in developing economies are driving the growth of the market.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region dominated the global genetic testing services market and was valued around USD 15,180 million in 2017. Regulatory support for direct-to-consumer genetic testing and increasing healthcare expenditure in the region is expected to drive the market growth in the coming years.
Some of the eminent industry players operating in the market include Laboratory Corporation of America Holdings, Genomic Health, Inc., NeoGenomics Laboratories, Inc., Quest Diagnostics Incorporated, Eurofins Scientific, Ambry Genetics, Hoffmann-La Roche Ltd, Illumina, Inc., CENTOGENE AG, 23andMe, Sequenom, GeneDx, Abbott, Cepheid Inc., and others.
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