Genetic Testing Market Overview
The genetic testing market is expected to register a CAGR of nearly 10.81% during the forecast period (2022-2027). The rise in the prevalence of chronic diseases and the development of customized testing kits for niche therapeutic areas are aiding the rapid growth of the market. According to the World Health Organization Report in October 2021, by 2030, one out of every six people on the planet will be 60 years old or older. The number of people aged 60 and up is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of people aged 60 and up will have doubled (2.1 billion). Between 2020 and 2050, the number of people aged 80 and up is expected to triple, reaching 426 million. The growing geriatric population is more prone to chronic diseases, and thus, this surges the demand for preventive diagnostics, particularly genetic testing.
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Key Highlights of the Genetic Testing Market
Genetic Testing Market – Geographical Overview
North America dominates the market for genetic testing currently, owing to factors, like increasing demand for personalized genetic testing services in the region and the rise in the prevalence of chronic and genetic disorders. According to Globocon 2020, the new cancer cases diagnosed were 2,281,658 in the United States in 2020, with 612,390 deaths. Among all cancers, breast cancer had the highest incidence with 253,465 cases, followed by lung (227,875), prostate (209,512), and colon (101,809). The increasing product approvals by the US Food and Drug Administration (FDA) and subsequent launches, along with the high concentration of key players involved in research activities for the innovation of novel genetic testing products, are anticipated to drive the market growth in North America.
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Recent Developments in the Genetic Testing Market
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List of Key Players in the Genetic Testing Market
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Mordor Intelligence has segmented the Genetic Testing Market based on type, disease, technology, and geography:
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