DUBLIN--(BUSINESS WIRE)--The "Global Genetic Testing Market Research and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The global genetic testing market is growing at a significant CAGR during the forecast period. The genetic disorder can be occurred by a change in one gene (monogenic disorder), by changes in multiple genes by a combination of environmental factors, and gene mutations, or by the destruction of chromosomes. Genetic testing is a medical test that is used for the identification of mutations in genes or chromosomes.

The key benefit of genetic testing is the chance to know the risk for a certain disease that possibly can be prevented, identify the disease or a type of disease, identify the cause of a disease, to determine options for a disease. The disease that can be identified by genetic testing includes, breast and ovarian cancer, Age-Related Macular Degeneration (AMD), bipolar disorder, Parkinson's disease, celiac disease, and psoriasis.

The global genetic testing market is projected to considerably grow in the upcoming year due to the prevalence of genetic disorders, cancer, and chronic disease. Moreover, continuous advancement by the medical companies in the genetic diagnostic field is also augmenting the market growth.

These companies are finding new and better tests for the accurate diagnosis of the most prevalent as well as rare diseases. Besides, the increase in awareness between people about health and the increased mortality rate due to genetic diseases across the globe is also a major factor increasing the need for demand for genetic testing.

Moreover, The adoption of (DTC) direct-to-consumer genetic testing kits in countries such as the US, China, and Japan, is increasing rapidly. With growing technological acceptances, awareness programs, and a drop in costs, the market for DTC-GT kits is likely to witness a significant boost over the forecast period. However, the lack of diagnostic infrastructure in emerging economies is a challenging factor for market growth.

Regional Outlooks

North America is estimated to contribute a significant share in the global genetic testing market due to the high awareness among the people about advanced treatment for healthcare, well-developed healthcare infrastructure, presence of key players, and availability of drugs.

Moreover, an increase in government initiatives for the enhancement of healthcare facilities and funding in research in the region is also a major factor for the significant market share of the region. In the US under the US CDC EGAPP, inventiveness has been taken by the government such as the Evaluation of Genomic Applications in Practice and Prevention which is also motivating the market growth.

One of the key goals of the initiative is to timely, offer objectively, and credible information that is linked to available scientific evidence. These statistics will allow healthcare workers and payers, customers, policymakers, and others to differentiate genetic tests that are safe and useful.

Asia-Pacific will have considerable growth in the global Genetic Testing Market

In Asia Pacific, the market is increasing due to government initiatives in research and the increasing prevalence of chronic diseases. Apart from cancer, genetic testing processes have also come in easy reach for the diagnosis of inherited cardiovascular diseases such as cardiac amyloidosis, Brugada syndrome, and familial dilated cardiomyopathy. As the region has a high incidence of cardiovascular diseases, significant scope for genetic testing can be witnessed in the region during the forecast period.

Market Players Outlook

The report covers the analysis of various players operating in the global genetic testing market. Some of the major players covered in the report include Abbott Laboratories, Myriad Genetics, Inc., F. Hoffmann-La Roche Ltd., Illumina, Inc., and Thermo Fisher Scientific, Inc. To survive in the market, these players adopt different marketing strategies such as mergers and acquisitions, product launches, and geographical expansion.

The Report Covers

Market Segmentation

Global Genetic Testing Market by Technology

Global Genetic Testing Market by Type

Global Genetic Testing Market by Disease

Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/fvmuud

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Global Genetic Testing Market Research Report 2022 Featuring Major Players - Abbott Laboratories, Myriad Genetics, F. Hoffmann-La Roche, Illumina, and...