Genetic Testing Market to Stand Tall with a Striking 22% CAGR through 2031

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Genetic Testing Market to Stand Tall with a Striking 22% CAGR through 2031

Genetic Testing Market to Stand Tall with a Striking 22% CAGR through 2031
Skyquest Technology
Genetic Testing Market Size, Share, Growth Analysis, By Product(Consumables, Equipment, Software and Services), By Technology(Next-generation Sequencing, Polymerase Chain Reaction, Fluorescence in Situ Hybridization, Chemiluminescence Immunoassay), By Testing Type(Predictive Testing and Presymptomatic Testing, Carrier Testing, Prenatal and Newborn Testing, Preimplantation Testing), By Region – Industry Forecast 2024-2031

Genetic Testing Market size was valued at USD 6.08 billion in 2022 and is poised to grow from USD 7.42 billion in 2023 to USD 36.40 billion by 2031, growing at a CAGR of 22% in the forecast period (2024-2031). 

The Global Genetic Testing Market holds potential advantages due to improvements in genomics and genetics. This is ultimately transforming the medical practice, impacting substantial growth of genetic testing in the healthcare sector. As the accessibility to genetic testing is increasing, the improvements in sequencing technologies along with reducing costs are driving the market.

Genetic testing plays a crucial part in identifying the risk of developing specific illnesses, screening, and at times medical treatment as well. Different kinds of genetic testing are performed for diverse reasons. In diagnostic testing, if a patient has symptoms of an illness that could be due to genetic changes or mutated genes, genetic testing can help show that he/she has the doubted illness. Pre-symptomatic & predictive testing, if the patient’s family history has a genetic condition, getting this testing might tell the patient if he/she might get it in the future. In carrier testing, if the patient’s family has a history of cystic fibrosis or anemia, it is better to have the testing done before planning for a child. In Pharmacogenetics, if the patient has a certain disease or condition, this genetic testing will help know which dosage or medicines will be highly beneficial. For prenatal testing, a pregnant lady can early detect signs of irregularities in the baby’s genes.

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Shift Towards Genotyping and Genetic Testing to Enhance Personalized Treatments in the Market

Currently, innovations in genetics study have remarkably contributed to and improved the emerging domain of personalized treatment. Moreover, it has majorly advanced the risk factor examination of diseases and early detection of disease, informed lifestyle changes to lessen risks backed the reproductive health and genetic counseling information, and also guided the existing research efforts and clinical trials. Personalized medicine emphasizes patient-centered care with improvements in artificial intelligence, genetic pathology registries, and bioinformatics, thereby majorly enhancing health. With more and more healthcare professionals accepting that medicines are not multipurpose or not adaptable for all, they are inclined towards genetic testing and genotyping to better understand the health of the patient and which treatments are suitable for them. In clinical practice, experts can compare the genetic information of patients to the datasets of variants to know if the patient is susceptible to any illness. Genetic testing can also offer insights into pharmacogenetics. This will allow doctors to determine the ideal treatment depending on the patient’s genetic differences.

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  • In September 2023, Deep Genomics introduced the highly improved Artificial Intelligence Foundation Model for RNA (Ribonucleic Acid) Candidate Therapeutics and Disease Mechanisms. As mentioned in the manuscript, the BigRNA correctly projects the tissue-based regulatory mechanisms of the RNA expression and also the binding sites of microRNAs and proteins.
  • Agena Bioscience, a provider of genetic testing solutions announced an association with Manchester University to expand access and awareness to pharmacogenomics educational resources in November 2021. Manchester University institution offers innovative PGx educational programs within laboratory and healthcare sciences.
  • In May 2022, Myriad Genetics improved its technique of genetic testing to offer women the information they want to remain healthy. The company has been in genetic testing for women with breast cancer for the past 30 years. Lately, it developed an extensive platform that incorporates extra epidemiological risk factors and ancestry genetic markers into conventional testing methods. The goal is to offer patients more sense of the danger of the development of breast cancer.

 

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Direct-to-consumer genetic tests are gaining popularity and governments are actively planning to gather and use genetic data in research and clinical settings. Hence, the quantity of genetic data at disposal will speedily increase. Genetic testing will become more and more useful in the years to come and will play a crucial role in several aspects of healthcare and medicine.

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