Newark, NJ, Feb. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, theglobal genetic testing services market is expected to grow from USD 34.5 Billion in 2017 to USD 67.1 Billion by 2025 at a CAGR of 8.72% during the forecast period 2018-2025. Rising prevalence of genetic diseases, awareness among population, growing adoption of genetic testing services, and demand of genetic testing in developed countries, growing demand for personalized medicine, growing government initiatives and increased R&D activities in the genetic testing market are the factors that is driving genetic testing services market.

Genetic testing is used in the analysis of the changes in chromosomes, proteins, or genes caused by any suspected genetic condition or disease. It is also used in the diagnosis of cancer and plan the treatment. Several genetic tests are used such as new-born screening, prenatal testing, pre-implantation testing, carrier testing, etc. Numerous methods such as chromosomal method, molecular method and biochemical method are used for genetic testing. It is performed for the identification of risk factors, to screen the new-borns, and also in forensics. According to the report by WHO, sickle cell anaemia is one of the most common genetic disorders among people whose ancestors come from Sub-Saharan Africa, South America, Cuba, Central America, Saudi Arabia, India, and Mediterranean countries. Genetic tests in combination with other genomic technologies predict risk of an individual to a disease and also increase the opportunities for players in pharmaceutical industry to grow. For instance, and provides genetic makeup tests to the consumers. Company also recommends genetic counsellors based on results to help the consumers about the better testing of genes, and the inherited diseases.

Advancements in genetic testing technologies, rising cases of genetic diseases and growing awareness are driving the testing market. In addition, emerging markets hold great potential for growth of due to growing awareness and increase in patients in these regions. High cost and lack of experienced professionals are some of the factors restraining the growth of the market. However, Shift from clinical science to bioinformatics is also leading to high rate of adoption of genetic testing technology, which in turn is augmenting the growth of the market in coming years.

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Key players operating in the global genetic testing services market include Laboratory Corporation of America Holdings, Genomic Health, Inc., NeoGenomics Laboratories, Inc., Quest Diagnostics, Eurofins Scientific, Ambry Genetics, Hoffmann-La Roche Ltd, Illumina, Inc., CENTOGENE AG, 23andMe, Sequenom, GeneDx, Abbott, Cepheid Inc., ELITech Group, Verinata Health, Inc and others. Top players of the market are making efforts in R&D to increase their footprint in the market.

The predictive & presymptomatic testing is dominating the segment and was valued around USD 12.17 billion in 2017

The test type segment includes prenatal testing, newborn screening, predictive and presymptomatic testing, pharmacogenomic testing. The predictive & presymptomatic testing is dominating the segment and was valued around USD 12.17 billion in 2017. Detection of diseases at early stage minimizes the severity of diseases leading to reduced mortality rate. Increasing prevalence of chronic diseases around the world is expected to augment the segment growth over the forecast period.

The oncology segment dominated the application segment and is expected to register the highest CAGR of 10.07% in the forecast period

The application segment is divided into segments such as oncology, infectious diseases and autoimmune diseases. The oncology segment dominated the application segment and is expected to register the highest CAGR of 10.07% in the forecast period. Timely diagnosis save lives and reduce the number of deaths. According to, The Institute for Health Metrics and Evaluation (IHME), around 8.9 million cancer deaths were recorded in 2016 caused by inheriting genetic mutation. Rising prevalence of various types of cancer such as prostate cancer, breast cancer and lung cancer coupled with increasing awareness pertaining to early detection of cancer are expected to stimulate the growth of the market.

The hospital-based laboratories segment is dominating the genetic testing services market and held the largest market share of 38.21% in 2017

The service provider segment is classified into hospital-based laboratories, diagnostic laboratories and specialty clinics. The hospital-based laboratories segment is dominating the genetic testing services market and held the largest market share of 38.21% in 2017. Advanced infrastructure and increasing number of hospitals in developing economies are driving the growth of the market.

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Regional Segment Analysis of the Genetic Testing Services Market

The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global genetic testing services market with the largest share and was valued around USD 15.180 Billion in 2017 where as Asia Pacific region is the fastest growing region in the market. North America region is dominating the market due to developed infrastructure, increase in health care investments and presence of large number of academic and research institutes are key factors leading to the growth of the market. Asia Pacific is anticipated to register highest growth in the forecast period. Increase in the prevalence of infectious disease, increasing awareness about the advantages of predictive testing, and rise in the adoption of advanced technology for clinical applications are some of the major factors offering growth opportunities to the genetic testing services market.

About the report:

The global genetic testing services market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porters five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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Global Genetic Testing Services Market is Expected to Reach USD 67.1 Billion by 2025 : Fior Markets - GlobeNewswire

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