Genetic Testing Market to Generate USD 40.9 Billion by 2032, 10.2% (CAGR ) Annual Growth Predicted D

Genetic Testing Market to Generate USD 40.9 Billion by 2032, 10.2% (CAGR ) Annual Growth Predicted D – PharmiWeb.com

Posted: May 14, 2024 at 2:44 am

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Genetic Testing Market Overview

According to the report, the global genetic testing market was valued for$15.5 Billionin 2022 and is estimated to reach$40.9 Billionby 2032, exhibiting a CAGR of 10.2% from 2023 to 2032.

CAGR: 10.2% Current Market Size: USD 40.9 Billion Forecast Growing Region: APAC Largest Market: North America Projection Time: 2023- 2032 Base Year: 2023

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Genetic Testing Market Drivers

The increasing prevalence of genetic disorders like Down syndrome, sickle cell disease, phenylketonuria, and others, along with the rising adoption of genetic testing for cancer diagnosis, is expected to drive market growth. However, the high costs associated with genetic tests may impede market expansion. Conversely, the market is expected to witness growth due to the significant presence of manufacturers producing genetic testing devices and growing public awareness about the benefits of genetic testing during the forecast period.

The molecular testing segment to maintain its leadership status throughout the forecast period.

In 2022, the molecular testing segment dominated the global genetic testing market, capturing over half of the revenue, and is expected to remain at the forefront throughout the forecast period. This is primarily due to the widespread adoption of molecular testing for diagnosing genetic diseases. Conversely, the cytogenetic testing segment is forecasted to achieve a notable compound annual growth rate (CAGR) of 10.8% from 2023 to 2032.

North Americato maintain its dominance by 2032.

In 2022, North America led the global genetic testing market in revenue, capturing over two-fifths of the total revenue. This is attributed to the significant presence of genetic testing device manufacturers in the region and the increasing prevalence of chronic diseases such as cancer that require genetic testing.

However, the Asia-Pacific region is anticipated to experience the fastest compound annual growth rate (CAGR) of 10.9% from 2023 to 2032, likely becoming the dominant market during the forecast period. This growth can be attributed to the rising population affected by cancer and the growing awareness of genetic testing in the region.

Leading Market Players:

Recent Developments in the Genetic Testing Market

In November 2022, Myriad Genetics, Inc., a leader in genetic testing and precision medicine, announced that it has acquired Gateway Genomics, LLC, a personal genomics company and developer of consumer genetic tests including the No. 1 selling SneakPeek Early Gender DNA Test. SneakPeek reveals a babys gender at six weeks into pregnancy, the only at-home test to do so with 99% accuracy and the earliest method available.

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