Market Research Report
China Genetic Testing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
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|China Genetic Testing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: June 10, 2019||Content info: 103 Pages||
China Genetic Testing Market reached a value of US$ 1.82 Billion in 2018. Genetic testing, also known as DNA testing, provides the determination of bloodlines and the genetic diagnosis of vulnerabilities to diseases that can be inherited. It determines changes in chromosomes, genes, or proteins. The results obtained from a genetic test can confirm or rule out a suspected genetic disorder or help identify a person's chance of developing or passing on a genetic disorder. Genetic testing is becoming popular in China. It may benefit many different interest groups, such as individuals and families with a history of genetic disorder, pregnant women, employers, and health or life insurance. This market is currently driven by a number of factors such as rising awareness regarding the benefits of genetic testing, availability of direct to consumer tests and increasing incidences of genetic disorders.
Over the past few years, there has been a significant rise in the awareness levels regarding the benefits of genetic testing in China. Genetic testing provides various technologies that help in the early detection of various chronic diseases and ensures its treatment and prevention. Moreover, a rise in the availability of Direct to consumer tests (DTC) which has increased the convenience and accessibility of such tests is also creating a positive impact in the growth of the market. Moreover, In October, 2015, China announced that the iconic one-child policy had finally been replaced by a universal two-child policy. This is expected to increase the number of babies born each year and create a positive impact on the demand of the new born genetic testing segment. Other major factors that are expected to drive this market include growing middle class, aging population, and expanding healthcare system. Looking forward, the market is expected to reach a value of US$ 4.90 Billion by 2024, exhibiting a CAGR of 16.64% during 2019-2024.