Global Genetic Testing Market
The Genetic Testing Market is anticipated to experience a compound annual growth rate of 10.45% over the forecast period. This is because of the ongoing technological modernisations and the intensified emphasis of government to monitor and generate knowledge regarding the genetic tests.
Genetic Testing Market Dynamics
Some prominent forces complementing the growth of the global genetic testing market include the accelerating incidences of genetic diseases and cancer as well as the surging demand for genetic testing for oncology diseases. As per the genetic testing market analysis, the aggregate number of novel cancer cases per year is projected to reach 29.5 million with 16.4 million deaths, by the end of 2040. Additionally, several advantages proffered by genetic testing include its capability to decrease the cancer risk through lifestyle changes, offer information to support in reaching informed decisions, provide transparency with a better accuracy. Thus, all these advantages will complement the genetic testing market growth.
In parallel, the ongoing technological innovations and intensification in research and development activities of the genetic testing will compel the market size. Further, the increasing inclination among individuals towards customized medicines and the surge in the serious diseases are projected to bolster the market growth. However, the inflated cost and rigorous managerial norms concerned with the adoption of drugs are restraining the genetic testing market size.
Technology Segment Drivers
As per the technology, the molecular testing segment is anticipated to witness a substantial growth in the global genetic testing market over the coming years. This is due to the growing espousal of this technology for several sorts of genetic tests, such as diagnostic and carrier testing among others. In addition, as per the global genetic testing market forecast, the genetic testing technology proffers exceptional benefits which include the capability to allow physicians in order to interpret the infections at a premature stage, choose the treatments, and reduce further transmission, is propelling the market growth.
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