Genetic Testing Services Market to Grow at Over 7% CAGR through 2025, Finds a New Study

ALBANY, USA, 2018-Jun-01 — /EPR Network/ —The global genetic testing services market is likely to grow at over 7% during the assessment period, and reach a valuation of over US$ 64 Bn by the end of 2025. Growing adoption of genetic testing by physicians and healthcare providers around the globe is a key factor driving the adoption, according to a new research study added to the comprehensive repository of Market Research Reports Search Engine (MRRSE).

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According to the business intelligence study, genetic testing is being increasingly used in prenatal care. The key types of genetic testing mechanisms employed by physicians and end-users include molecular, chromosomal, and biochemical method. In addition to these factors, genetic testing is also used to identify the risk factors for newborns and forensics.

The growth of the market is also likely to be influenced by a range of macroeconomic factors, including growing emphasis on providing quality care and services to the population. Governments around the globe are boosting their spending on healthcare services, as years of economic reforms have led to substantial spending. The growing emphasis on healthcare is likely to augur well for the prospects of the genetic testing services market.

The research study offers in-depth analysis and insights on the basis of key segments, including test type, service provider, geography, and application. On the basis of test type, the key segments include prenatal testing, predictive and newborn screening, pharmacogenomics testing, and others. Growing emphasis on early detection of diseases is emerging as a key factor for the growth of the market.

On the basis of service provider, the key segments in the market include hospital based laboratories, specialty clinics, diagnostic laboratories, and others. According to the study, hospital-based laboratories account for the highest share in the market. Familiarity of users, combined with increase in the total number of hospitals is likely to provide an impetus to growth during the assessment period.

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The key application segments in the genetic testing services market include oncology, autoimmune diseases, infectious diseases, and others. Among these, oncology disease is likely to account for high revenue share of the market. Rising prevalence of cancer and other diseases is likely to fuel the oncology segment during the assessment period.

North America continues to be one of the leading markets for genetic testing services market. The market in North America remains concentrated in the US, whereas Canada accounts for a miniscule percentage of total revenues. In addition to North America, Europe is the other leading market for genetic testing services.

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