Genetic Testing Market 2019 to Paramount Growth of USD 10,033.4 million at a CAGR of 9.8% | Market Structure with Vital Players by 2023

This report studies the Global Genetic Testing Market status and outlook of Global Market 2019. The report begins with the overview of Industry Chain structure, and describes industry environment, then analyses market size and...

Genetic Testing refers to a type of medical test that helps identifying the sequence variations that play a causal role in confirming a genetic condition or help determine chances of developing a human disease. These tests can reveal changes such as positive or negative for a gene mutation that may cause a disease or a disorder. The test results help people to make informed decisions about managing their healthcare and support timely intervention to the clinical translation of disease onset.

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For instance; negative results can eliminate the need for unnecessary check-ups and screening tests in some cases. Whereas, positive results can direct a person toward available prevention, monitoring, and treatment options. These tests can also help people make decisions about having children. Genetic screening in New-born can identify genetic disorders early in life so treatment can be started as early as possible.

Owing to such phenomenally useful advantages the

genetic testing10,033.4 MN by 2023, registering a CAGR over 9.8% throughout the forecast period (2017-2023). In 2017, the market had garnered the valuation of USD 4,683 MN.

Over the past few years, there have been some phenomenal advances occurred in the field of genetic testing which have fuelled the funding & investments in R&D activities contributing to increase the size of the market. For example, integration of artificial intelligence (AI) into medical diagnostic technology, which has made the process of obtaining an individual’s entire genome fast and cost-effective.

Resultantly, genetic testing is gaining popularity witnessing exploding rise in the personalized genetic testing and the number of direct to consumer (DTC) genetic testing companies.  Additional factors helping to substantiate the growth of the market include the growing prevalence of genetic disorders such as Autism, Familial Hypercholesterolemia, and Homozygous Familial Hypercholesterolemia among others.

Although the physical risks associated with most genetic tests are negligible, developing resistant mutations to a particular therapy increases the cost of the treatment increasing the need for repetitive testing. Especially in patients with an anaplastic lymphoma kinase (ALK) mutation the chances of repeat genetic testing is more.

Also, Genetic testing can provide only limited information about an inherited condition. The test often can't determine if a person will show symptoms of a disorder, how severe the symptoms will be, or whether the disorder will progress over time. Another major limitation is the lack of treatment strategies for many genetic disorders once they are diagnosed.

Genetic Testing Market - Segmentation

For ease of understanding, the MRFR analysis has been segmented into five key dynamics: -

By Type                     : Prescribed Genetic Testing and DTC Genetic Testing

By Method              : Molecular Genetic Test/ DNA Test, Chromosomal Genetic Test, and Biochemical Genetic Test among others.

By Type of Test      : Diagnostic Test, Predictive Test, and Family DNA Test among others.

By Indication          : Cancer Testing, Neurogenetic Disorder Testing, Autoimmune Disorder Testing, and Muscular Dystrophies among others.

By Regions              : North America, Asia Pacific, Europe, and the Rest-of-the-World.

Global Genetic Testing Market – Geographical Analysis

The North America region heading with the presence of well-established players and their investments accounts for the largest as in 46.3% of the share in the global genetic testing market.  Significantly growing market in the US backed by the high expenditure on the health care accounts for the major contributor to the regional market. Continuing with the same growth trends, North America is likely to retain its dominance throughout the review period.

The genetic testing market in the European region accounts for the second-largest market, globally. The market is predominantly driven by the well-spread awareness about the genetic testing and the rapid adoption of new technologies. Simultaneously, factors such as the higher per capita income and strong penetration of healthcare are fostering the genetic testing market in the region. Robust markets in countries like Germany and France drives the regional market at a large scale. With the continuous innovation the European genetic testing market is expected to reach USD 2,553.10 MN by 2023.

The Asia Pacific genetic testing market is emerging as a profitable market, globally.  Highly populous countries like China, India, and Japan are providing a large impetus to the growth of the regional market, offering more opportunities to the market players. Moreover, factors such as the advances in the medical fields and increasing number of geriatric populations the genetic testing market in the APAC region is projected to register10.1% CAGR during the forecast period.

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Genetic Testing Market - Competitive Landscape

Fiercely competitive, the genetic testing market appears to be fragmented with many well-established players forming a competitive landscape. Strategic initiatives such as mergers & acquisitions, partnerships, innovations, and brand reinforcement remain the popular trends for the key players in the market. Increasing government initiatives aiming at enhancing genetic testing capabilities are anticipated to present the market with high growth potential, increasing R&D activities, funds allotments for R&D, and programs launches.

Major Players:

Key players leading the global genetic testing market include Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), Illumina Inc. (US), PerkinElmer Inc. (US), Myriad Genetics (US), Quest Diagnostics (US), and QIAGEN N.V. (Germany) among others.

Industry/Innovations/Related News:

April 11, 2019 ----– The Familial Hypercholesterolemia (FH) Foundation, a patient-centered nonprofit organization dedicated to research announced its partnership with Invitae Corporation (the US), a genetic information company and Genome Medical, Inc. (the US), a genetic expert company to drive the unique program, it has launched - the FIND HoFH (homozygous familial hypercholesterolemia).

HoFH is more severe than FH and can cause heart disease, heart attacks, and aortic valve disease in kids and adults. Individuals identified as needing HoFH evaluation will receive confirmatory genetic testing from Invitae and genetic counselling from the tele-genetics firm Genome Medical.

The mission of FH foundation is to raise awareness and save lives by increasing the rate of early diagnosis and encouraging proactive treatment. And, Invitae processes DNA-containing samples, analyzes information related to patient-specific genetic variation. Genome Medical provides access to genome centered knowledge and consultations for patients and physicians. 

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