The Global Genetic Testing Market
The global genetic testing market has been exponentially gaining widespread attention since the outbreak of the Covid-19 pandemic, noted DNALabs Canada Inc.
According to a report published by Brandessence Market Research and Consulting Pvt. Ltd. the global genetic testing market was valued at about $10.8 billion in 2020.
Going forward, the global genetic testing market is expected to reach $23.1 billion by 2027, at a compound annual growth rate of 11.5% during the forecast period.
Increasing incidence of blood cancer, genetic disorders, cardiovascular diseases, and increasing availability of new tests are some of the major factors driving the growth of the global genetic testing market.
Regionally, DNALabs Canada indicates that North America dominates the genetic testing market with the highest share due to increasing awareness among the population about advanced healthcare treatments.
Genetic testing
Presence of key players, established healthcare infrastructure, and availability of branded drugs are some of the key factors for the region’s large share.
According to Global Market Insights Inc, the genetic testing market size exceeded $14.8 billion in 2020 and is expected to grow at a compound annual growth rate of 11.6% from 2021 to 2027 and surpass $31.8 billion by the end of 2027.
It also projects physician adoption of genetic testing in clinical care, technological advancements, availability of new tests, growing application of genetic testing in oncology and genetic diseases in North America, consumer interest in personalized medicine in Europe, and increasing demand for direct-to-consumer genetic testing to be the key drivers of genetic testing market growth.
