The Global Genetic Testing Market is Projected to Grow at a High CAGR of 9.9% During the Forecast Period of 2016 to 2024
The global genetic testing market is estimated to exceed $9.8 billion by the year 2024, owing to increasing advancement in technology and increasing awareness. Also, the ability of genetic tests to determine breast cancer and genetic disorders at an early stage will help the market growth of DNA testing market.
Demand for early detection and cancer detection demand boosting the market growth.
Increasing awareness about benefits of early detection and prevention is a factor that will lead to the market growth of genetic testing. There is an expanding demand for DNA tests in pharmacogenomics and cancer genetic testing. These stated factors will lead to the healthy growth rate of the DNA testing market. However, genetic testing market size expansion will be affected by stringent federal regulations concerning DNA prototyping, high investments involved in R&D and hazy reimbursement status.
The global genetic testing market is segmented on the basis of type, application and geography. Highest market share is for diagnostic genetic testing market followed by newborn screening.
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North America dominates the global market.
According to the genetic testing market country outlook, currently, North America holds a dominant market share of in the global market. This growth of the North American genetic testing market is majorly due to the presence of major players in the market, higher disposable income, good health care infrastructure and increasing awareness about latest technologies. Asia Pacific genetic testing market is projected to report high growth rate during the forecast years. Good growth is expected due to favorable government policies which are spending more on Commercialization and R&D of the technologically advanced products and the existence of larger target population due to more cases of chronic diseases.