genetic testing market share

Rising incidence of hereditary diseases is primarily driving the genetic testing market growth. According to the World Health Organization, sickle cell anemia is a genetic disease whose ancestry is associated with people living in several countries such as South America, India, Sub-Saharan Africa, Central America, Saudi Arabia, Cuba, Italy, Turkey, and Greece. In addition, the widespread application of genetic testing in oncology and other indigenous diseases is also fueling the genetic testing market demand.

Genetic diagnosis based on examining specific changes in chromosomes, proteins, and genes helps to estimate an individual's chance of developing cancer. Growing demand for personalized medicine coupled with various government initiatives to raise awareness of genetic testing procedures is having a positive impact on the overall Genetic Testing Market outlook.

Recent advances in genetic testing such as direct to consumer genetic testing (DTC) that allows self-test at home is expected to further augment the genetic testing market size during 2020-2026. There has been a growing preference for direct to consumer genetic testing as these DTC kits are easily available through online and offline sales channels and importantly they eliminate the involvement of health professionals.

Request a sample report from https://www.reporthive.com/request_sample/2159582

These tests offer a proper understanding of an individual's genomics, and thus allows them to make significant changes to their diet patterns and lifestyle, thus serving a precautionary measure for reducing the probability of developing a chronic disease. The way predictive testing at home allows patients to take early steps and preventive measures to avoid further complications, it is expected to stimulate the genetic testing market trends in the coming years.

Genetic testing market by type is segmented into different types of genetic testing procedures including pharmacogenomic testing, predictive and presymptomatic testing, diagnostic testing, carrier testing, neonatal screening, and prenatal testing. Of these, the diagnostic test type accounts for the majority of the genetic testing market share and is expected to continue to dominate the market throughout the forecast period. This is due to the rising health awareness among people around the world complemented by the increased incidence of genetic diseases. Pharmacogenomics test type is expected to the highest growth rate in the near future, due to widespread adoption in drug discovery and ongoing developments at pharmaceutical companies.

Geographically, North America accounts for the largest share of the genetic testing market from the past, due to the presence of a vast number of academic and research institutions. Besides, the easy availability of technologically advanced products and increased government financing toward developing such research establishments will further favor regional growth during the forecast period.

Author Name : Report Hive Research