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Genetic Testing Market by Product, Application, and Geography - Forecast and Analysis 2021-2025

  • Published: Apr 2021
  • Pages: 120
  • SKU: IRTNTR40152
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The genetic testing market has the potential to grow by USD 5.39 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 12%.

This genetic testing market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (equipment and consumables), application (predictive and diagnostic testing and pharmacogenomic testing), and geography (North America, Europe, Asia, and ROW). The genetic testing market report also offers information on several market vendors, including Abbott Laboratories, Agilent Technologies Inc., bioMerieux SA, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd., Illumina Inc., Myriad Genetics Inc., QIAGEN NV, Quest Diagnostics Inc., and Thermo Fisher Scientific Inc. among others.

What will the Genetic Testing Market Size be in 2021?

Genetic-Testing-Market-Market-Size-2020-2025

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Genetic Testing Market: Key Drivers and Trends

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The rising prevalence of genetic diseases and disorders is notably driving the genetic testing market growth, although factors such as varying regulations on genetic testing and research globally may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the genetic testing industry get your FREE report sample now.

  • The rising prevalence of genetic disorders such as Alzheimer’s disease, Down syndrome, cystic fibrosis, and inherited cancers and the advent of diagnostic technologies have increased the use of gene testing in laboratories and hospitals.
  • Vendors are capitalizing on the requirement and are offering innovative products, which must comply with stringent standards.
  • Regulatory authorities are consistently working on simplifying and resolving complex regulatory issues. As a result, product approvals and certifications have increased, aiding vendors in making sales.
  • The increasing availability of authorized tests in the genetic testing market is helping optimize the balance between consumer demand and commercial sovereignty substantially, in addition to safeguarding public health safety. 
  • The growing adoption of pharmacogenetic testing in reducing adverse drug events is one of the significant genetic testing market trends.
  • The rising approval of new drug molecules and demand for targeted therapies and personalized medicines have increased the adoption of pharmacogenomic testing by pharmaceutical companies.
  • Pharmacogenomic testing is helping pharmaceutical companies in determining genetic variabilities of drug efficacy and safety during pre and post-commercial stages.
  • Many pharmaceutical companies are focusing on personalized drug development, which involves the genetic makeup of the patient, increasing the use of pharmacogenetic testing.

This genetic testing market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Genetic Testing Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Abbott Laboratories
  • Agilent Technologies Inc.
  • bioMerieux SA
  • Bio-Rad Laboratories Inc.
  • F. Hoffmann-La Roche Ltd.
  • Illumina Inc.
  • Myriad Genetics Inc.
  • QIAGEN NV
  • Quest Diagnostics Inc.
  • Thermo Fisher Scientific Inc.

 

The genetic testing market is fragmented and the vendors are deploying growth strategies such as strategic collaborations with other private vendors and end-users for the development of their products to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the genetic testing market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Genetic Testing Market?

Genetic-Testing-Market-Market-Share-by-Region-2020-2025

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40% of the market’s growth will originate from North America during the forecast period. The US is a key market for genetic testing in North America. However, market growth in this region will be slower than the growth of the market in Asia.

Growing concerns on early disease diagnosis, a significant rise in commercial approvals for advanced genetic testing products, and the increasing use of pharmacogenomic testing will facilitate the genetic testing market growth in North America over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Product Segments in the Genetic Testing Market?

Genetic-Testing-Market-Market-Share-by-Product-2020-2025

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The genetic testing market share growth by the equipment segment will be significant during the forecast period. Genetic testing equipment comprises analyzers, PCR systems, and next-generation sequencers. The growing demand for early disease diagnosis, along with the availability of advanced genetic testing equipment, is expected to fuel the revenue growth of the equipment segment during the forecast period.

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the genetic testing market size.

 

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What are the Key Factors Covered in this Genetic Testing Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive genetic testing market growth during the next five years
  • Precise estimation of the genetic testing market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the genetic testing industry across North America, Europe, Asia, and ROW
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of genetic testing market vendors

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Genetic Testing Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 12%

Market growth 2021-2025

$ 5.39 billion

Market structure

Fragmented

YoY growth (%)

11.50

Regional analysis

North America, Europe, Asia, and ROW

Performing market contribution

North America at 40%

Key consumer countries

US, Germany, UK, Japan, and France

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Abbott Laboratories, Agilent Technologies Inc., bioMerieux SA, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd., Illumina Inc., Myriad Genetics Inc., QIAGEN NV, Quest Diagnostics Inc., and Thermo Fisher Scientific Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Equipment - Market size and forecast 2020-2025
    • Consumables - Market size and forecast 2020-2025
    • Market opportunity by Product

    Segmentation by Application

    • Predictive and diagnostic testing
    • Pharmacogenomic testing

    Customer Landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • Asia - Market size and forecast 2020-2025
      • ROW - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Abbott Laboratories
      • Agilent Technologies Inc.
      • bioMerieux SA
      • Bio-Rad Laboratories Inc.
      • F. Hoffmann-La Roche Ltd.
      • Illumina Inc.
      • Myriad Genetics Inc.
      • QIAGEN NV
      • Quest Diagnostics Inc.
      • Thermo Fisher Scientific Inc.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      Genetic Testing market growth will increase by $5390.35 million during 2020-2025.
      The genetic testing market is expected to grow at a CAGR of 12.00% during 2020-2025.
      Technavio has segmented the genetic testing market by product (Equipment and Consumables) and geographic (North America, Europe, Asia, and ROW).
      Abbott Laboratories, Agilent Technologies Inc., bioMerieux SA, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd., Illumina Inc., Myriad Genetics Inc., QIAGEN NV, Quest Diagnostics Inc., Thermo Fisher Scientific Inc. are a few of the key vendors in the genetic testing market.
      North America will register the highest growth rate of 39.57% among the other regions. Therefore, the genetic testing market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the genetic testing market growth are:
      • Rising prevalence of genetic diseases and disorders
      • Advancements in next-generation sequencing
      The genetic testing market vendors should focus on grabbing business opportunities from the equipment segment as it accounted for the largest market share in the base year.
      • What are the key global market and the regional market share?
      • What are the revenue-generating key market segments?
      • What are the key factors driving and challenging this market’s growth?
      • Who are the key market vendors and their growth strategies?
      • What are the latest trends influencing the growth of this market?
      • What are the variables influencing the market growth in the primary regions?
      • What are the factors influencing the growth of the parent market?
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