Genetic testing services encompasses a broad range of laboratory tests performed to analyze DNA, RNA, chromosomes, proteins, and certain metabolites using biochemical, cytogenetic, or molecular methods or a combination of these methods.
According to new market research titled Genetic Testing Service Market to 2027 – Global Analysis and Forecasts by Component, Deployment, and Size. The global genetic testing service market is expected to reach US$ 22,701.8 Mn in 2027 from US$ 9,546.2 Mn in 2019. The market is projected to grow with a CAGR of 11.7% from 2020-2027.
The global Genetic Testing Service market, based on disease, has been segmented into cancer, metabolic disease, and cardiovascular disease among others. In 2019, the cancer based segment held the largest share of the market.
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Genetic testing has been growing at an exceptional rate; a large panel of tests are now offered to screen a number of genetic diseases. Treatments are available for a number of rare genetic diseases, and the process is gaining importance in scenarios, such as carrier testing, newborn screening, predictive, and pre-symptomatic testing, among others.
European countries have undertaken a number of initiatives to increase awareness among people about the benefits of genetic testing. For instance, EuroGentest is a project funded by the European Commission to harmonize the process of genetic testing, from sampling to counseling, across Europe. The ultimate goal is to ensure that all aspects of genetic testing are of high quality, thereby providing accurate and reliable results for the benefit of the patients.
Moreover, The number of manufacturers providing direct-to-consumer genetic testing is increasing, along with various health conditions and traits covered by these tests, For instance, In April 2017, the U.S. Food and Drug Administration (FDA) gave genetics company 23andMe the consent to sell DNA tests assessing the user’s level of risk for ten health conditions, including Parkinson’s disease and late-onset Alzheimer’s disease. Furthermore, Korean patients with cancer and dementia will be permitted to have genetic tests without going to hospitals by using direct-to-consumer (DTC) devices, which test using their saliva.
Cancer based segment is expected to register the significant growth during the forecast period due to the rising prevalence of cancer worldwide as about 10% to 20% of all cancers are related to gene mutations that are inherited or passed down through the family.
The Genetic Testing Service market majorly consists of players such as Laboratory Corporation of America Holdings, F. Hoffmann-La Roche Ltd., Illumina, Inc., Quest Diagnostics Incorporated, Exact Sciences Corporation, NeoGenomics Laboratories, Inc., Eurofins Scientific, Ambry Genetics, Centogene AG, and 23andMe, Inc. Several companies in the market are concentrating on inorganic strategies, such as partnership for enhancing their position in the market. For instance, in January, 2020, Illumina Inc. has announced partnership with Roche. The partnership was carried out to increase patient access to transformative genomic testing technology, accurately.
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