The global genetic analysis market size is expected to reach USD 45.10 billion by 2032, according to a new study by Polaris Market Research. The report “Genetic Analysis Market Share, Size, Trends, Industry Analysis Report, By Type (Predictive Genetic Testing, Carrier Testing, Prenatal and Newborn Testing, Disease Diagnostic Testing, Pharmacogenomic Testing, and Others); By Application; By Technology; By End-Use; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
A growing number of testing services are being developed across many countries to analyze various types of genes that might increase or decrease the risk of diseases, including cancer and diabetes, as these tests have the potential to prevent people from common ailments and enhance the health of individuals, are major factors driving the global market growth. Furthermore, growing applications of genetic testing or analyzing services in oncology, decreasing cost of sequencing procedures, and high proliferation of innovations in the emerging genetic counseling field are likely to create lucrative growth opportunities.
For instance, in December 2022, HSE introduced the National Strategy for Accelerating Genetic and Genomic Medicine in Ireland. This strategy has been developed in collaboration with the Department of Health to enhance patient and family-centered genetics, which will be nationally coordinated.
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There has been a significant shift from the “SNP BeadArray” chips to innovative NGS-based services due to the increasing affordability of the sequencing chemical & reagents. Costs associated with these advanced technologies have fallen drastically over the last few years to make them available for many patients. For example, Illumina has announced its intent to drive the cost of NGS down to USD 100 per genome and will continue to work towards this goal.
Genetic Analysis Market Report Highlights
Polaris Market Research has segmented the Genetic Analysis market report based on type, application, technology, end-use, and region:
Genetic Analysis, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Genetic Analysis, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Genetic Analysis, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Genetic Analysis, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)
Genetic Analysis, Regional Outlook (Revenue - USD Billion, 2019 - 2032)