LONDON, April 21, 2023 /PRNewswire/ -- The Global Genetic Analysis Market is poised to amass a valuation of USD 22.31 billion by 2028 from USD 12.57 billion in 2021, registering a CAGR of 8.5% over the forecast duration of 2022-2029.
Genetic analysis is defined as the overall research and study procedures conducted in the field of molecular biology and genetics. The basic genetic studies enable researchers to identify the cause of numerous genetic disorders and somatic diseases like cancer. This in turn helps them to formulate effective treatment therapeutics for such ailments.
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Global Genetic Analysis Market Outlook (2022-2029)
The growing prevalence of genetic disorders, extensive R&D activities in the field, along with integration of advanced technologies in the genetic analysis vertical are primarily augmenting the outlook of this business vertical.
Furthermore, surge in the geriatric population base, rising pervasiveness of chronic ailments like cancer, and favourable medical reimbursement scenario across various nations are creating lucrative opportunities for this marketplace to prosper.
Alongside, rising health cognizance of the masses, increasing rates of genetic research-based drug approvals, and escalating demand for personalized medicines are adding traction to the development of this industry sphere.
Also, elevating demand for early disease diagnosis and treatment are aiding the expansion of the Global Genetic Analysis Market.
On the contrary, high costs and stringent ethical standards associated with genetic testing the hindering the remuneration scope of this business sphere.
Competitive Hierarchy
The prominent players influencing the ongoing trends of the Global Genetic Analysis Market are Thermo Fisher Scientific Inc., 23andMe Inc., Rosetta Genomics Ltd., Myriad Genetics Inc., Illumina Inc., Laboratory Corporation of America Holdings, Eurofins Scientific SE, Quest Diagnostics Incorporated, Natera Inc., Foundation Medicine Inc., PerkinElmer Inc., OPKO Health Inc., and Invitae Corporation.
These companies are trying to build their position as global leaders. For that, they are adopting robust business centric strategies and are participating in activities such as mergers & acquisitions, R&D investments, product launches, collaborations, and partnerships, among others.
Segmental Outlook
By Test:
- Carrier Testing
- Predictive Genetic Testing
- Disease Diagnostic Testing
- Prenatal and Newborn Testing
- Pharmacogenomic Testing
By Product:
- Reagents & Kits
- Instruments
- Software
By Technology:
- Next-generation Sequencing (NGS)
- Real-Time PCR System
By Application:
- Genetic Diseases
- Cancer
- Rare Diseases
- Cardiovascular Diseases
- Infectious Diseases
By End-Use:
- Research & Development Laboratories
- Hospitals
- Diagnostic Centers
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Region-Wise Outlook
Which is the leading region in the Global Genetic Analysis Market?
North America is slated to lead the market in terms of volume share in the ensuing years. This is ascribed to the growing prevalence of cancer, presence of notable players, along with escalating demand for personalized medicines.
How is Europe faring in this industry vertical?
Europe is anticipated to amass substantial gains over 2022-2028. This is credited to the increasing R&D activities in the field, elevating demand for early disease diagnosis and treatment, technological innovations in the field, along with rising instances of genetic disorder.
Category-Wise Insight
Which is the fastest growing test segment in this marketplace?
The carrier testing segment is anticipated to witness the fastest growth over the stipulated timeline. Through this test it can be determined if a person is carrying any recessive genetic disorder. It also identifies if a couple is likely to conceive a child with genetic disorder.
Which is the most dominant technology segment in this industry?
The Next Generation Sequencing (NGS) technology segment has emerged as one of the most dominant technology segments in this marketplace. This is attributable to the capability of this technology to test numerous cancer-related genes at the same time.
Which is the leading application segment in this business vertical?
The cancer segment is presently leading the market in terms of revenue share owing to the rising prevalence of this disease across the globe.
Which is the top performing end use segment in this market?
The diagnostic centers segment is one of the top performing end use segments. This is attributable to the escalating demand for early and efficient disease diagnosis and the presence of adequate testing infrastructure across these centers.
Comparing the historical outlook and ongoing trends of this market
This market vertical has been accruing significant revenue over the forecast duration. The positive influence of numerous growth drivers is enhancing the profitability prospects of this industry.
The outbreak of the COVID-19 pandemic created ample development opportunities for this business sphere. Increasing rates of severe infections pushed the concerned organizations to boost up their research activities to find potential cures for the diseases. Medical researchers also shifted their focus onto determining of Coronavirus has any impact on our genetic makeup and if it can be cured through genetic therapies. In fact, certain studies have discovered that there are some genetic variants which indicate the severity of the virus. These factors are stimulating the dynamics of this business sphere.
With growing prevalence of genetic and somatic diseases, people have become highly consciousness about their health. They are ready to adopt any measure to prevent the occurrence of such diseases. This has accelerated the demand for early diagnosis of diseases. If any ailment is diagnosed at an early stage then it can be treated before it is too late. Apart from that, if it is determined that a person is at a risk of contracting a particular diseases even before the symptom arrives, accurate preventive measures can be taken. Through genetic testing it is possible to determine if anybody is high susceptible to a particular genetic or somatic disorder. Even prenatal and new-born genetic testing can be done in order to check if an infant or yet to be born baby is vulnerable to any genetic disorder. This in turn is adding momentum to the overall development of this industry vertical.
On Special Requirement Genetic Analysis Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
Major Developments
In December 2022, LifeCell inked a collaboration deal with HaystackAnalytics. The duo developed and launched a genetic test for tuberculosis named Omega TB (OTB).
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