Genetic Testing Market worth $xx million by 2027
The report "Genetic Testing Market by Product (Consumables, Equipment, Software & Services), Technology (NGS, PCR, FISH), Testing Type (Predictive & Presymptomatic, Carrier, Prenatal & Newborn, Preimplantation), Methods (Molecular, Genetic, Biochemical), End User (Hospitals, Clinical Labs) - Global Forecast to 2027", size is projected to reach USD xx million by 2027 from USD xx million in 2022, at a CAGR of xx% during the forecast period.
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Market is driven by factors such as global prevalence of genetic diseases, their increasing diagnosis and research On the other hand, high cost of the genetic test is expected to limit market growth to a certain extent in the coming years.
“The consumables accounted for the largest market share in the Genetic Testing market, product, during the forecast period”
The Genetic Testing market is segmented consumables, equipment, software and services. In 2021, the consumable dominated the market owing to the high usage of the consumables to perform the genetic tests.
“Next generation sequencing segment accounted for the largest market share”
Based on the technology, the Genetic Testing Market is segmented into Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Fluorescence in Situ Hybridization (FISH), Chemiluminescence Immunoassay (CLIA), and Other Technologies. In 2021, NGS segment dominated the market owing to its high efficacy and speed of genetic screening and sequencing.
“APAC region accounted for the highest CAGR”
The global Genetic Testing market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. According to the regional analysis, the Asia-Pacific region is likely to retain a significant market share in 2021 and the future. The Asia-Pacific genetic testing market is being propelled by an increase in the number of genetic disorders, an increase in the pre-natal genetic screening, cancer screening and personalized medicines. The major players operating in this market are Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific (US), and DiaSorin S.p.A (Italy).
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