Genetic Testing Market: Top 4 vital trends influencing the industry growth curve through 2027
Genetic Testing Market size is expected to witness a lucrative growth in the coming years owing to the physician adoption of genetic tests into clinical care
Delaware , United States – August 5, 2021 /MarketersMedia/ —
The genetic testing market is predicted to hit USD 31.8 billion by the end of 2027. Genetic testing is used for diagnosing diseases like cancer, cardiovascular disease and other genetic diseases. The growing availability of various genetic tests across the world has bolstered the expansion of market. Also, technological advancements and increasing consumer interest in personal care medicines have boosted the industry.
However, the recent COVID-19 pandemic impacted the market trends. With growing number of cases, strict lockdown was imposed across the world. This caused reduction in number of test procedures, creating an impetus on the industry outlook.
Below mentioned are a few key trends influencing genetic testing market forecast:
Growing demand for direct-to-consumer (DTC) genetic tests
DTC tests offer access to genetic insights of customers without the inclusion of any healthcare provider or a health insurance firm in the process. These tests allow customers to analyze a genetic tendency to different diseases like cancer, Alzheimer’s, diabetes, etc. Also, some DTC tests are utilized for predicting potential allergies, risks of cardiovascular and other disorders and responses to medications.
In addition, DTC genetic testing is used for promoting knowledge related to genetic disease through the identification of ancestral origins and its exploration for undertaking precautionary healthcare measures.
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Increasing importance of carrier testing
Carrier testing helps in detecting defective genes in relation to a certain genetic disorder that a child might potentially carry. These tests are prominently performed before or during pregnancy to find whether a baby has any genetic disorders. These tests also provide life-lasting insights pertaining to the reproductive risks of a person along with analyzing the chances of whether the child might have any genetic ailments.
These factors are major contributors to the proliferation of the segment, considering it is predicted to register a growth rate of over 10.5% during the projected timeframe.
Soaring number of cardiovascular patients
Inherited heart conditions can be identified using genetic testing of an entire family tree. Being the leading cause of mortality worldwide, the demand for such genetic tests will surely surge. This can also help cardiovascular disease patients to gain timely treatment with early diagnosis of the disease which also increases their chance of survival. This, and other such factors will aid in the proliferation of the genetic testing segment.
Asia Pacific to emerge as a strong avenue
Rapid urbanization and industrialization have led to unhealthy food choices, sedentary lifestyles, lack of exercise among the population of Asia Pacific. This has resulted in the growing number of patients diagnosed with cardiovascular diseases, obesity, diabetes, etc. Therefore, to curb this number, healthcare organizations have adopted genetic testing to diagnose these diseases at earlier stages and prevent their future generations from having them.
In addition, technological advancements in genetic testing coupled with key regional players collaborating with global heavyweights has helped the segment to proliferate at a rapid pace in the region. This is one of the key reasons that Asia Pacific genetic testing market registered a growth rate of over 13.5% in 2020 and is projected to showcase excellent growth numbers over the coming years.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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