Market Research Report
Genetic Testing Market Size By Test Type, By Application, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Genetic Testing Market Size By Test Type, By Application, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: March 5, 2021
Global Market Insights Inc.
Content info: 200 Pages
Delivery time: 2-3 business days
The genetic testing market is projected to record momentous gains over the forthcoming timeframe due to rising incidences of chronic disorders, increasing use of predictive genetic testing, and growing product application in genetic diseases, cancer, and cardiovascular diseases among others. Genetic testing is referred as a type of medical test that identifies changes in genes, chromosomes, or proteins.
It is very useful in numerous areas of medicine and could change the medical care the individual or his/her family receives. For instance, genetic testing could provide a diagnosis for a genetic condition like Fragile X syndrome or information regarding risk of developing cancer. These tests are usually performed on sample of skin, hair, amniotic fluid, blood or any other tissue.
With respect to type, the market for genetic testing is classified into nutrigenomic testing, pharmacogenomic testing, diagnostic testing, prenatal and newborn testing, carrier testing, predictive testing, and others. Predictive testing accounted for an overall market share of 5% in 2020 and is estimated to follow a strong growth trend over the coming years. Predictive genetic testing searches for genetic mutations or changes, that are related to disease.
These types of tests are new and are expanding class of medical tests, usually different in fundamental ways from standard medical diagnostic tests. Predictive genetic tests are done way before the individual shows any specific signs of a disease. These types of tests are also useful to individuals who might have a family history of a treatable genetic disorder.
In terms of application, the overall genetic testing market is categorized into cardiovascular disease, genetic disease, cancer, and others. In 2020, cancer segment accounted for more than $7.5 billion market value and will show similar growth over the coming years. Genetic testing helps to estimate the chances of developing cancer throughout an individual's lifetime.
Panel genetic tests for instance can be grouped into genes that are all linked with the risk of developing certain types of cancer such as colon cancer or breast cancer. From a regional frame of reference, in 2020, Latin America genetic testing market held around 5.5% of the overall market share and is anticipated to see tremendous growth over the coming years.
The growth is majorly ascribed to the rising incidences of chronic disorders across several countries of Latin America. For instance, in Brazil, the chronic noncommunicable diseases constitute a major health issue in large magnitude, accounting for nearly 72% causes of death, with 16.3% deaths because of cancer.