Genetic Testing Market 2021 Global Industry Growth, Trends, and Demands Research Report

 
Ongoing advances in the genetic testing industry are helping healthcare researchers gain better understanding of some of the most complex disorders, including genetic diseases and a variety of cancers. Genetic testing is fast becoming a powerful tool for translating developments in genetics and genomics into public health benefits.
The popularity of genetic testing has surged rapidly in recent years thanks to growing consumer interest in personalized medicines. Government and health authorities worldwide are setting up a favorable regulatory framework to create awareness regarding genetic testing and promote its adoption.
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In April 2021, San Francisco, California based medical genetics company Invitae Corporation announced availability of sponsored genetic tests for people based in the U.S., Canada, Brazil, and Australia. These tests are designed for patients who are at increased risk of numerous neurodegenerative problems, including early-onset Alzheimer's disease (AD), Parkinson's disease (PD), and amyotrophic lateral sclerosis (ALS).
Powered by continuous technological advances, the genetic testing market size is estimated to be worth over US$31.8 billion by 2027. The global genetic testing market includes established companies such as Abbott Laboratories, Ambry Genetics, Blueprint Genetics, Bio-Helix Co., Danaher Corporation, 23andMe, Inc., Ltd., and BGI, among others.
Predictive testing, pharmacogenomic testing, nutrigenomic testing, diagnostic testing, carrier testing, and prenatal and new-born testing are among the different types of genetic tests. The demand for carrier tests is likely to grow at a CAGR of around 10.5% up to 2027.
Also known as carrier screening, a carrier test helps detect a defective gene for a certain genetic disease that a child may carry. It is commonly done before or during pregnancy to check if a baby is carrying a genetic disorder. Carrier screening can also provide reliable information regarding an parents’ reproductive risk and predicting their chances of having a child without any genetic disorder.
Cardiovascular diseases (CVDs) are among the major causes of death worldwide. In fact, nearly 85% of deaths are caused by a heart attack or stroke. Considerable improvements can be made to the lives of patients suffering from CVDs by screening them at an early stage, resulting in higher probability of survival and reduced treatment expenditure.
The genetic testing industry share from cardiovascular disease segment reached US$1.4 billion 2020 and is expected to grow substantially in the forthcoming years. Genetic testing for inherited cardiovascular diseases can help identify the exact cause of the disease and improve the chances of survival.
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Asia Pacific accounted for approximately 13.5% revenue share of the genetic testing industry in 2020 and will witness notable growth in the future, with increasing occurrence of CVDs, genetic disorders, and different types of cancers. The region is home to a majority of the world population, including a massive number of elderly individuals.
Respective governments are undertaking new initiatives and programs to provide better healthcare to patients. Government and public health organizations are also rolling out awareness programs to create awareness regarding the benefits and importance of genetic testing in early detection of different diseases.
Partial Chapter of the Table of Content: 
Chapter 2   Executive Summary
2.1    Genetic testing industry 360° synopsis, 2016 – 2027
2.1.1    Business trends
2.1.2    Test type trends
2.1.3    Application trends
2.1.4    Regional trends
Chapter 3   Genetic Testing Industry Insights
3.1    Industry segmentation
3.2    Industry landscape, 2016 – 2027
3.3    Industry impact forces
3.3.1    Growth drivers
3.3.1.1    Physician adoption of genetic tests into clinical care
3.3.1.2    Technological advancements and availability of new tests
3.3.1.3    Growing application of genetic testing in oncology and genetic diseases in North America
3.3.1.4    Consumer interest in personalized medicines in Europe
3.3.1.5    Growing demand for direct-to-consumer genetic testing
3.3.2    Industry pitfalls and challenges
3.3.2.1    High costs of genetic testing
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