Genetic Testing Market Outlook
Genetic Testing Market is expected to grow at a high CAGR in the forecast period 2024-2031
Genetic testing involves analyzing genes, chromosomes, or proteins to detect variations. The outcomes of these tests can either confirm or exclude suspected genetic conditions, and assess an individual's risk of developing or passing on a genetic disorder. The demand for genetic testing has grown significantly due to its critical role in early disease detection and the treatment of genetic disorders.
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Genetic Testing Market trendes
The global genetic testing market is experiencing growth driven by several factors, including the rising demand for personalized medicine, expanded applications of genetic tests in oncology, and increasing awareness of prognosis and predictive screening. Governments worldwide are intensifying efforts to regulate and promote awareness about genetic tests, accelerating their adoption globally. Significant R&D investments and the strong market presence of major players have erected formidable barriers to entry for new competitors. For instance, in August 2020, Ricoh Company Ltd and DNA Chip Research Inc. launched the RICOH St
andard DNA Series EGFR mutation Type001, enhancing blood-based genetic testing for lung cancer diagnosis. Moreover, the uptake of direct-to-consumer genetic testing kits in countries like the United States, China, and Japan is surging. As technology adoption rises, awareness initiatives expand, and costs decrease, the direct-to-consumer genetic testing kits market is poised for substantial growth in the foreseeable future.
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Genetic Testing Market Segmentation
By Type :Carrier Testing, Diagnostic Testing, Forensic Testing, New-born Screening, Others), By Sample Blood, Hair, Saliva, Others
By Technology :Biochemical Genetic Testing, Chromosomal Genetic Testing, Others
By Disease :Alzheimer's Disease, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Huntington's Disease, Rare Diseases, Other.
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Market Major Players
Abbott Laboratories, BioRad Laboratories Inc., F Hoffmann-La Roche, Illumina Inc., Myriad Genetics Inc, Danaher Corporation Luminex Corporation, BioRad Laboratories Inc., PerkinElmer Inc, and Quest Diagnostics Incorporated, among others
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