Genetic Testing Market Growth 2021-2027, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider Genetic Testing Market and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Genetic Testing Market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get a complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region
The genetic testing market accounted for $ 12,682 million in 2020, and is expected to reach $ 21,260 million by 2027, registering a CAGR of 10.1% from 2021 to 2027.
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The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
Genetic testing is the study of DNA that identifies gene mutation associated with a variety of genetic disorders. There are various types of genetic testing and several methods such as cytogenetic testing, biochemical testing, molecular testing, and chromosome analysis used to determine changes in a person’s chromosomes, genes, or proteins. The results of a genetic tests confirm or diagnose a suspected genetic condition or help determine a person’s chance of developing or passing on a genetic disorder.
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Genetic testing plays a vital role in determining the risk of developing certain diseases as well as screening and sometimes medical treatment. Different types of genetic testing are done for different reasons such as presymptomatic and predictive testing, carrier testing, prenatal testing, and newborn screening.
The global genetic testing market is expected to register substantial growth in the future, owing to rise in incidences of genetic disorders and cancer and rise in awareness & acceptance of personalized medicines. For instance, Genetic testing has been widely used in pharmacogenomics, also referred as drug-gene testing.
In addition, advancements in genetic testing techniques are expected to boost the market growth during the forecast period. However, standardization concerns of genetic testing-based diagnostics and stringent regulatory requirements for product approvals are anticipated to hamper the market growth during the forecast period. Conversely, untapped emerging markets in developing countries are expected to provide remunerative opportunities for the market players. For instance, Healthcare systems in developing countries such as Brazil, India, and China have experienced significant increase in investments in healthcare and infrastructure which leads to surge in demand for genetic testing in the region.
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The major players in the genetic testing market are Abbott Laboratories, Bio-Rad Laboratories, Inc. (RainDance Technologies, Inc.), Myriad Genetics, Inc. (Myriad RBM, Inc.), Danaher Corporation (Cepheid), F. Hoffmann-La Roche Ltd., Eurofins Scientific, Illumina, Inc., Qiagen N.V., Thermo Fisher Scientific, Inc., and CSL Ltd.
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Key Market Segments
o Predictive & Presymptomatic Testing
o Carrier Testing
o Prenatal & Newborn Testing
o Diagnostic Testing
o Pharmacogenomic Testing
o Cytogenetic Testing
o Biochemical Testing
o Molecular Testing
o Cancer diagnosis
o Genetic Disease Diagnosis
o Cardiovascular Disease Diagnosis
o North America
? Rest of Europe
? South Korea
? Rest of Asia-Pacific
? Saudi Arabia
? South Africa
? Rest of LAMEA
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This market report shows the projected market size for the pain management devices market at the end of the forecast period. The report also examines the historical and current market sizes.
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