Latest News- Genetic Testing Market: Equipment is expected to lead the Product segment during 2025-2029

The Genetic Testing Market is being driven by Rising prevalence of genetic diseases and disorders

The Genetic Testing Market is expected to grow at a CAGR of 15.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 11058.8 million. The Human Genome Project's completion and the emergence of next-generation sequencing (NGS) technologies have revolutionized the genetic testing market. These advancements have granted market players access to a comprehensive database of human genomes, facilitating the exploration of genetic functionalities and structures. NGS technology has significantly advanced genetic research by enabling large-scale human genome sequencing, allowing for the detection of intermediate to large-size mutations and gene variants responsible for various diseases and disorders. Moreover, NGS has drastically reduced the cost of sequencing, genomic analysis, and database management, instigating a transformative impact on the global genetic testing industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Equipment
  • Consumables
• Technology
  • Molecular testing
  • Cytogenetic testing
  • Biochemical testing
• Application
  • Cancer diagnosis
  • Genetic disease diagnosis
  • Cardiovascular disease diagnosis
  • Others
• End-user
  • Hospitals and clinics
  • Diagnostic laboratories and centres
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Asia
    • China
    • India
    • Japan
    • South Korea
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising prevalence of genetic diseases and disorders
• Rising approval of advanced genetic testing products
• Increasing affordability due to reduction in cost of genetic testing

However, the market also witnesses some limitations, which are as follows:

• Varying regulations on genetic testing and research globally
• Issues related to product recalls
• Lack of trained genetic professionals

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Market Scope in Genetic Testing Market Research Report

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Research Analysis Overview

The Genetic Testing Market encompasses various techniques such as Targeted Sequencing, SNP Arrays, Chromosomal Microarray Analysis, Haplotype Analysis, and others. These technologies are used in Population Genetics, Biomarker Discovery, Drug Development, Clinical Trials, Genetic Epidemiology, and Population Genomics. Genetic Diversity, Genome Editing, Gene Knockouts, and Gene Silencing are also part of this market. Applications include Synthetic Biology, Methylation Profiling, Microbiome Analysis, Mitochondrial DNA Testing, Forensic Genetics, Animal Genetics, Plant Genetics, Agricultural Biotechnology, and Genetic Improvement. Personalized Healthcare, Digital Health, Artificial Intelligence (AI), Machine Learning, Big Data, and Cloud Computing are driving the market's growth. Data Privacy Regulations, Genetic Discrimination, Ethical Guidelines, Patient Advocacy, Consumer Awareness, Genetic Counseling Services, Genetic Testing Panels, Multi-Gene Testing, Cancer Gene Panels, Cardiovascular Gene Panels, and Neurological Gene Panels are significant considerations in this field.

Market Research Overview

The global life sciences tools and services market encompasses organizations involved in the research and development (R&D) of a range of product categories, including capital equipment, instruments, accessories, and consumables. These products are utilized in the pharmaceutical and biotechnology industries, as well as in laboratory diagnosis of various diseases. The market size is determined by the combined revenue generated by manufacturers of these tools and services. Factors driving market growth include the increasing global population aging, resulting in a larger demographic requiring healthcare solutions, leading to a surge in demand for genomic testing applications such as genome sequencing, DNA testing, carrier screening, prenatal testing, newborn screening, and predictive testing.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/