According to the latest research by SkyQuest Technology, the US genetic testing market was valued at USD 4.38 billion in 2021. It is expected to reach USD 10.29 billion by 2028, with a CAGR of 13% during the forecast period of 2022 – 2028. The research provides up-to-date US genetic testing market analysis of the current market landscape, latest trends, drivers, and overall market environment.
The pandemic's impacts have been unprecedented and shocking, and the demand for genetic testing has suffered as a result. This market's demand and growth will return to their pre-pandemic levels after the pandemic is over, which will account for the rise in CAGR. Diagnostics employed in modern healthcare are less technologically sophisticated than genetic testing, which ensures the accuracy and dependability of the test results. In addition, as testing application areas grow throughout the healthcare sector, a large rise in usage is anticipated. Currently, it covers both chronic ailments like cardiovascular problems and inherited disorders like cancer.
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Read Market Research Report, “US Genetic Testing Market By Technique (Pcr, Dna Sequencing, Microarrays, Others), Application (Cardiology, Oncology, Pharmacogenomics, Cognitive Dysfunction, Pathogenomics, Others), and Region —Forecast and Analysis 2022-2028” by SkyQuest.
The development of novel testing kits as a result of technological advancements and the increased prevalence of genetic and chronic diseases are the two main factors driving the market for genetic testing. The demand for genetic testing is being fueled by consumers' increasing awareness of the availability of advanced diagnostic procedures. Additionally, an increasing geriatric population is anticipated to fuel market expansion in the near future. The United Nations estimates that there were 382 million individuals worldwide who were 60 years of age or older in 2017 and expects that figure to increase to 2.1 billion by 2050. Older adults are more likely to develop a variety of chronic conditions, which may increase the demand for genetic testing. The primary drivers of the growth of the genetic testing market are rising disposable income, rising healthcare spending by consumers, technological advancements, and the accessibility of genetic testing services.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about genetic testing Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.
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What does this Report Deliver?
- Market Estimation for 20+ Countries
- Genetic Testing Market demand by Region, Sub-Region, and Country
- Customization on Segments, Regions, and Company Profiles
- 100+ tables, 150+ Figures
- US, Regional, and Country-specific Genetic Testing Market Trends
- Comprehensive Mapping of US Genetic Testing Industry Parameters
- Attractive Investment Proposition in the US Genetic Testing Industry
- Competitive Strategies Adopted by US Genetic Testing Market Key Players
- Market growth rate till 2028
- Pricing Analysis and US Genetic Testing Market Sales
- Parent market analysis
- Product portfolio benchmarking
Top Players in the Global US Genetic Testing Market
- Invitae Corporation (US)
- Ambry Genetics (US)
- BioReference Laboratories, Inc. (US)
- Progenity, Inc. (US)
- Quest Diagnostics Incorporated (US)
- Myriad Genetics, Inc. (US)
- Fulgent Genetics (US)
- Burning Rock Biotech Limited (China)
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