- The rising awareness about the importance of early testing for the detection of rare genetic diseases may bring profitable growth opportunities for the genetic testing services market during 2019-2027
- The genetic testing services market is estimated to record a CAGR of 7.3 percent between 2019 and 2027
ALBANY, N.Y., May 10, 2021 /PRNewswire/ -- The genetic testing services market is expected to gain a considerable share across the forecast period of 2019-2027 on the back of the rising use across various applications such as obstetrics, oncology, ancestry, and others. Individuals are being made aware of the importance of early disease diagnosis, which is boosting the growth prospects of the genetic testing services market. Early diagnosis helps in minimizing the severity of the disease and leads to reduced mortality, which proves beneficial for the patients.
Genetic testing services comprise a wide range of laboratory tests undertaken to identify the chromosomes, DNA, proteins, RNA, cytogenic, biochemical, or molecular methods. The advantages related to genetic testing will bring immense growth opportunities during the forecast period.
The analysts at Transparency Market Research (TMR), after a systematic and thorough analysis of each growth factor estimate that the global genetic testing services market will expand at a CAGR of 7.3 percent across the forecast period of 2019-2027. The global genetic testing services market was valued at US$ 41.2 bn in 2018 and is prognosticated to reach US$ 78.3 bn by 2027, the end year of the assessment period.
The penetration of information technology at a rapid rate across the healthcare sector will serve as a vital growth propeller for the genetic testing services market. The heightening influence of technology will bring extensive growth to the genetic testing services market. Furthermore, the need for novel detection techniques in genomics will invite significant growth opportunities. The COVID-19 pandemic has raised the demand for testing exponentially, which will prove to be fruitful for the growth of the genetic testing services market.
Promotion of Early Cancer Testing to Multiply the Growth of the Genetic Testing Services Market
The government bodies of numerous countries are designing initiatives and programs to encourage the early diagnosis of cancer among their citizens. According to the World Health Organization (WHO), cancer is the second leading cause of death in the world. Nearly 70 percent of deaths are caused due to cancer in low and middle-income countries. Early diagnosis is the key to prevent deaths related to cancer. All these factors lead to an increase in the demand for genetic testing services.
The novel coronavirus pandemic has wreaked havoc around the world with great transmission levels and massive fatality rate. Testing, tracing, and tracking are the most important tools for controlling the spread of the virus. The genetic testing services market is witnessing tremendous growth during the pandemic due to the escalating demand for RT-PCR testing. RT-PCR technique is regarded as the gold standard for the COVID-19 and hence, based on this aspect, the genetic testing services market will gain considerable momentum during the assessment period.
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision."