Genetic Testing Market by Product, End-user, Application, and Geography - Forecast and Analysis 2020-2024
Global Genetic Testing Market: About this market
Technavio’s genetic testing market analysis considers sales from both equipment and consumable products. Our study also finds the sales of genetic testing in Asia, Europe, North America, and ROW. In 2019, the equipment segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing workload for performing high-throughput tests in clinical diagnostic facilities will play a significant role in the equipment segment to maintain its market position. Also, our global genetic testing market report looks at factors such as rising prevalence of genetic diseases and disorders, rising approval of advanced genetic testing products, and increasing affordability due to reduction in cost of genetic testing. However, varying regulations on genetic testing and research globally, issues related to product recalls, and lack of trained genetic professionals may hamper the growth of the genetic testing industry over the forecast period.
Global Genetic Testing Market: Overview
Rising approval of advanced genetic testing products
Commercial applications of genetic screening in human health management and the advent of whole genome sequencing have allowed vendors to offer a variety of innovative products in the global genetic testing market. The use of advanced technologies such as pharmacogenomics and companion diagnostics has helped vendors in assuring the safety of their products. Furthermore, the deployment of rapid and simplified technologies in genetic testing offers several benefits including the reduction in turnaround time, optimum resource use, and accuracy in genetic diagnosis. Thus, the rising approval of advanced genetic testing products will lead to the expansion of the global genetic testing market at a CAGR of over 12% during the forecast period.
Growing adoption of pharmacogenetic testing in reducing adverse drug events
The growing approval of new drug molecules and the rising demand for targeted therapies and personalized medicines have increased the adoption of pharmacogenomic testing by pharmaceutical companies. Pharmacogenomic testing combines the principles of pharmacology and genomics to study the response of an individual to any specific drug. The study of drug-specific responses allows pharmaceutical companies to prevent adverse drug incidence and ensure drug safety and performance during pre and post commercial stages. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global genetic testing market during the forecast period 2020-2024, click here.
With the presence of several major players, the global genetic testing market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading genetic testing manufacturers, that include Abbott Laboratories, Agilent Technologies Inc., bioMérieux 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.
Also, the genetic testing market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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