Genetic Testing Services Market Size, Share, Trends, Growth, Consumption, Revenue, Company Analysis and Forecast 2020-2027

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Vision Research Reports, the global Genetic Testing Services market size surpassed at US$ 41.5 Bn in 2019 and is projected to expand at a CAGR of 7.5% from 2020 to 2027.

The global Genetic Testing Services market size is expected to reach at US$ 78 billion by 2027, high incidence & prevalence of chronic diseases such as autoimmune, oncology, infectious and others are propelling the growth of global genetic testing services market. Moreover, increased diagnosis rate of the rare diseases and its growing incidence is estimated to boost the market of the genetic testing services market.

Overview

  • Genetic Testing is a medical test also known as DNA testing which determine changes in the chromosomes, genes, and proteins. This testing can suspect or rule out the suspected genetic conditions which determine any genetic disorder or diseases in the patients.
  • Various genetic testing available in the market are molecular genetic tests, chromosome genetic tests, and biochemical genetic tests. These tests study the single genes, whole chromosomes, and identify the abnormalities or activity level of the proteins.
  • Genetic testing would help in diagnosing diseases, severity of the disease, diagnosis  or identifying the changes in the genes, inherited risk of developing the diseases, and also enables the patient and physicians for establishing  the optimum treatment.

New Born Screening Segment to Dominate Global Genetic Testing Services Market

  • In terms of test type, the global genetic testing services market has been segmented into prenatal testing, newborn screening, predictive & presymptomatic testing, pharmacogenomic testing, and others.
  •  New Born Screening segment likely to grow at highest growth care during forecast period. Rise in neonatal diseases, and increasing pediatric patients suffering from diseases are propelling factor for the segment growth in coming years.
  • Predictive and Presymptomatic Testing is another segment likely to held major market share in genetic testing services market. Genetic mutation leading to the development of various chronic diseases boosting the need of genetic testing services market during forecast period.

Oncology Segment Hold a Major Share of Global Genetic Testing Services Market

  • In terms of application, the global genetic testing services market has been classified into oncology, infectious diseases, autoimmune diseases and others. Oncology segment dominated the market in 2018 and it would continue its dominance during the forecast period.
  • Attributable factors driving the segment growth ascribed to the rising incidences of breast cancer, colorectal cancer, lung cancer and other types across globe. Moreover, early diagnosis of the cancer through genetic testing is another driving factor for the segment growth in coming years. Predictive test of breast cancer is another propelling factor for the segment growth during forecast period.

Hospitals based laboratories Segment to Dominate Global Genetic Testing Services Market

  • Based on service providers, the global genetic testing services market has been segmented into hospitals based laboratories, diagnostic laboratories, speciality clinics, and others. Hospitals based laboratories segment accounted for major share of the market. Rising incidence of diseases, increasing hospital stays, and growing geriatric population are few major factors expected to boost the segment during the forecast period. Moreover, long-term care of patients suffering from chronic diseases required expertise and standard diagnosis process likely to accelerate the hospital based laboratories segment during forecast period.
  • Speciality clinics to grow at rapid growth care during forecast period, owing to increasing investments and extensive R&D activities and wide outsourcing of a few specialty tests are factors fueling the speciality clinics segment.

North America to Dominate Global Genetic Testing Services Market

  • In terms of region, the global genetic testing services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global genetic testing services market in 2019, followed by Europe.
  • North America accounted for major share of the global genetic testing services market in 2019. Technological advancements, presence of key players, launching of novel products, demand of diagnostics for cancer detection, rising prevalence and incidences of autoimmune, infectious diseases in the region are attributable factors for the market growth of the region.
  • The Genetic Testing Services market in Asia Pacific is anticipated to expand at a highest growth rate from 2020 to 2027. Increasing patient burden suffering from chronic diseases, and recent merger & acquisitions amongst key players offering genetic testing and services are estimated to propel the market in the Asia-Pacific region during forecast period.

Competitive Landscape

  • The global genetic testing services market is consolidated in terms of number of players. Key players in the global Genetic Testing Services market include Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Genomic Health, Inc., NeoGenomics Laboratories, Inc, Eurofins Scientific,  Ambry Genetics, Illumina, Inc, 23andMe, Inc., Exact Sciences, Natera, Invitae, Veracyte, and other prominent players.

Market Segmentation:

By Test Type

    • Prenatal Testing
    • New Born Screening
    • Predictive and Presymptomatic Testing
    • Pharmacogenomic Testing
    • Others

By Application

    • Oncology
    • Infectious Diseases
    • Autoimmune Disease
    • Others

By Service Providers

    • Hospital based laboratories
    • Diagnostic laboratories
    • Specialty Clinics
    • Others

By Region

    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

Scope of Report

VRR’s report on the global genetic testing services market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2027. The report provides revenue of the global genetic testing services market for the period 2016–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global genetic testing services market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ Test Type  literature, annual reports, press releases, and relevant documents to understand the global genetic testing services market.

Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global genetic testing services market.

The report includes an elaborate executive summary, along with a snapshot of the growth behaviorof various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global genetic testing services market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global genetic testing services market.

The report delves into the competitive landscape of the global genetic testing services market. Key players operating in the global genetic testing services market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global genetic testing services market that have been profiled in this report.

Key Questions Answered in Global Genetic Testing Services Market Report

  • What is the scope of growth for Test Type  companies in the global genetic testing services market?
  • What will be the Y-o-Y growth of the global genetic testing services market between 2019 and 2027?
  • What is the influence of changing trends in technologies on the global genetic testing services market?
  • Will North America continue to be the most profitable market for genetic testing services providers?
  • Which factors are anticipated to hamper the growth of the global genetic testing services market during the forecast period?
  • Which are the leading companies in the global genetic testing services market?

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global genetic testing services market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary research sources referred to by analysts during the Test Type ion of the global genetic testing services market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, Test Type  portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the Test Type ion of VRR’s study on the genetic testing services market as primary methods.

These primary research respondents have provided exclusive information during interviews, which serves as a validation from the genetic testing services market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global genetic testing services market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global genetic testing services market more reliably and accurately.


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