According to the analysis conducted by Market Research Future (MRFR), the Global Genetic Testing Market is projected to thrive at a CAGR of 11.50% and is expected to acquire a market value of USD 22,834.19 Million by 2024.
Genetic testing is used in prenatal screening, diagnostics, and as a predictive tool. The testing market is predicted to propel due to the on-going development in the field to produce useful testing kits. Overall, the market is likely to experience significant expansion due to its growing requirement, rising acquisitions, and partnerships among key players.
The outbreak of COVID-19 has severely impacted the market. The worldwide lockdown to follow social distancing resulted in various challenges in the genetic testing market. COVID-19 resulted in the shutdown of testing labs and clinics, which has restricted face-to-face genetic counseling that is likely to impact the market negatively.
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Market Dynamics
The growing demand for genetic testing in oncology and the rising adoption of genetic tests into clinical care is predicted to propel the global genetic testing market during the projection tenure. The surging need for personalized medicine is another salient cause that can augment the genetic testing market size.
However, concerns regarding the standardization of genetic testing-based diagnostics and strict rules implemented for product approvals are expected to obstruct the market growth during the assessment period.
Drivers
Rising Prevalence of Genetic Disorders
The rising awareness about the benefits of genetic testing and the increasing prevalence of genetic disorders are primary drivers for the growth of the market. The increasing need to find a cure to cancer is expected to create a demand for effective testing that can augment the global cancer testing market. Additionally, the rapid expansion of the biotechnology sector are expected to propel the market significantly in the assessment period.
Opportunities
Integration of AI in Testing Procedures
The integration of AI and other smart technologies in genetic testing is expected to offer various market expansion opportunities during the forecast period. Besides, the innovation in product design and strong distribution partnerships are other factors that can provide lucrative chances to grow the trade.
Restraints
Lack of Expertise to Hinder the Market Growth
Despite the presence of various lucrative opportunities that can grow the market, the shortage of trained technicians is a significant factor that can hinder the market in emerging economies.
Challenges
Lack of Medical Solutions for all the Diseases Diagnosed
The biggest challenge for the genetics market is the lack of solutions for all the diseases diagnosed. However, funded research in prognosis post the detection can counter the challenge mentioned above.
Cumulative Growth Analysis
The market is expected to expand rapidly during the forecast period due to the rising awareness of genetic disorders. The industry is anticipated to witness various opportunities for expansion in the coming period.
Market Segmentation
By Type
Prescribed Genetic Testing Segment to Hold Maximum Market Share
Based on type, the global genetic testing market has been segmented into direct to consumer genetic testing and prescribed genetic testing. Among all genetic testing market segments, the prescribed genetic testing market is anticipated to expand at the highest CAGR while acquiring the USD 21653.91 million market value by 2024.
By Method
Molecular Genetic Test/DNA Tests to Hold the Maximum Market Share
Based on the method, the global market has been segmented into chromosomal genetic tests, molecular genetic tests/ DNA tests, and biochemical, genetic tests. Among all, the molecular genetic/DNA tests is expected to lead the global market while thriving at a CAGR of 11.78% during the forecast period.
By Application
Reproductive Health Segment to Acquire the Largest Market Share
Based on application, the global market has been segmented into cancer screening, reproductive health, ancestry, predictive and pre-symptomatic testing, and others. Among all, the reproductive health segment is expected to dominate the market.
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