Global Genetic Testing Market 2020-2024 | Evolving Opportunities with Abbott Laboratories and Agilent Technologies Inc. | Technavio

LONDON–()–The genetic testing market is poised to grow by USD 4.86 billion during 2020-2024, progressing at a CAGR of over 12% during the forecast period. Request free sample pages

Read the 120-page report with TOC on “Genetic Testing Market Analysis Report by Product (Equipment and Consumables), End-user (Clinical diagnostics laboratories, Hospitals, and Biopharmaceutical companies and research centers), Application (Predictive and diagnostic testing, Prenatal, newborn, and preimplantation testing, Pharmacogenomic testing, and Forensic, relationship, and ancestry testing), Geography (Asia, Europe, North America, and ROW), and the Segment Forecasts, 2020-2024”.

The market is driven by the rising approval of advanced genetic testing products. In addition, the growing adoption of pharmacogenetic testing in reducing adverse drug events is anticipated to boost the growth of the genetic testing market.

Factors such as increasing commercial applications of genetic screening in human health management and the emergence of whole-genome sequencing have enabled vendors to offer a wide range of innovative products. However, complexities and variations in regulatory standards have been a challenge for their entry into the market. Hence, regulatory authorities are focusing on simplifying such complexities, which has eased the entry of genetic testing products in the market. In addition, vendors are improving the safety of their products with the incorporation of advanced technologies such as pharmacogenomics and companion diagnostics, which has further eased the compliance with regulations and the entry of products in the market. These factors are fueling the growth of the global genetic testing market.

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Major Five Genetic Testing Companies:

Abbott Laboratories

Abbott Laboratories operates its business across segments such as Established Pharmaceuticals, Nutritionals, Diagnostics, Cardiovascular and Neuromodulation, and Other. Some of the key offerings of the company include Chromosome enumeration probes, FISH accessories, Postnatal, and Prenatal.

Agilent Technologies Inc.

Agilent Technologies Inc. operates the business across segments such as Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab. Some of the key offerings of the company include Next-Generation sequencing, FISH Probes, PCR, CRISPR/Cas9, and Oligonucleotide Libraries.

bioMérieux SA

bioMérieux SA operates its business in the In-vitro diagnostics segment. The company offering covers instruments/devices and kits used for extraction, amplification, and detection under its molecular diagnostics product category. Some of the major products include Argene, NucliSENS easyMag, NucliSENS easyQ, DiversiLab, and Filmarray.

Bio-Rad Laboratories Inc.

Bio-Rad Laboratories Inc. operates its business in the Life Science and Clinical Diagnostics segments. The company offers a wide range of genetic solutions under its Genomics product category. Some of the key offerings of the company include PCR Systems, lncRNA RT-qPCR Workflow, PCR Reagents Consumables & Accessories, Nucleic Acid Sample Preparation, Nucleic Acid Electrophoresis & Blotting, and In Vitro Diagnostics (IVD)-based genetic testing products.

F. Hoffmann-La Roche Ltd.

F. Hoffmann-La Roche Ltd. operates the business across Pharmaceuticals and Diagnostics segments. The company offers a wide range of diagnostic testing systems and assays, gene sequencing assays, kits, reagents, and systems. Some of the key offerings of the company include COBAS TaqMan System, cobas 4800 System, cobas HIV-1, COBAS AmpliPrep, NAVIFY Mutation Profiler, AVENIO NGS Oncology Assays, AVENIO Tumor Tissue Analysis Kits, HEAT-Seq Oncology Panel, and others.

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Genetic Testing Market Product Outlook (Revenue, USD Billion, 2020-2024)

  • Equipment
  • Consumables

Genetic Testing Market End-user Outlook (Revenue, USD Billion, 2020-2024)

  • Clinical diagnostics laboratories
  • Hospitals
  • Biopharmaceutical companies and research centers

Genetic Testing Market Application Outlook (Revenue, USD Billion, 2020-2024)

  • Predictive and diagnostic testing
  • Prenatal, newborn, and preimplantation testing
  • Pharmacogenomic testing
  • Forensic, relationship, and ancestry testing

Genetic Testing Market Regional Outlook (Revenue, USD Billion, 2020-2024)

  • Asia
  • Europe
  • North America
  • ROW

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Related Reports on Health Care Include:

Global Direct-to-consumer Genetic Testing Market – Global direct-to-consumer genetic testing market by distribution channel (direct sales and retail sales), service (diagnostic screening; prenatal, newborn screening, and pre-implantation diagnosis; and relationship testing), and geography (Asia, Europe, North America, and ROW).

Global Preimplantation Genetic Diagnosis (PGD) Market – Global preimplantation genetic diagnosis (PGD) market by geography (Asia, Europe, North America, and ROW) and end-users (fertility clinics and maternity centers, hospitals and diagnostic laboratories, and research institutes).

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