The genetic analysis market size is estimated to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing prevalence of life-threatening diseases.
Genetic analysis is the study of RNA and DNA or the structure of genes for various analytical studies. It is an important tool in the sector of drug discovery, diagnostics, and biomedical research. Genetic analysis is helpful in examining errors in the functioning of the body and the occurrence of diseases. This helps the researchers to catch the diseases at the genetic level. It has also intense importance in marking a person’s identity and hence have an important application in the field of judiciary sciences.
The genome testing sector has observed various developments which is expected to influence the market at a high rate. The hereditary genetic testing have become a hotfoot developing technology in the genetic analysis services market considering findings of research activities and advancements in technology.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing prevalence of life-threatening diseases is expected to fuel the market.
- Technological advancements in the field of genomics are expected to boost the market in the coming years.
- Growing awareness among people about genetic analysis is expected to accelerate the market during the forecast period.
- Rising healthcare expenditure by government and increasing R&D activities are expected to create lucrative opportunities for the market players.
Scope of Genetic Analysis Market Report
The report on the genetic analysis services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Genetic Analysis Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Drug Discovery, Biomarkers, and Diagnostics), Technology (Database Pertaining To Genomics, Whole-genome Sequencing, and Genetic Disease Forecasting)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Life Technologies; Roche Diagnostics Corporation; Bio-Rad Laboratories; Agilent Technologies; Wipro Ge Healthcare Private Limited; 23andMe, Inc.; Illumina, Inc.; Qiagen, N.V.; Affymetric, Inc.;
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Genetic Analysis Market Segment Insights
The biomarkers segment is expected to grow at a rapid pace
Based on applications, the global genetic analysis services market is segregated into drug discovery, biomarkers, and diagnostics. The biomarkers segment accounts for a key share of the market due to increasing adoption by medical practitioners; however, the diagnostics segment is anticipated to expand at a rapid pace during the forecast period owing to various developments in the field.
The genetic disease forecasting segment is projected to expand at a considerable CAGR
On the basis of technology, the market is fragmented into database pertaining to genomics, whole-genome sequencing, and genetic disease forecasting. The genetic disease forecasting segment accounts for a key share of the market owing to advancement in technology. On the other hand, the whole-genome sequencing segment is anticipated to expand at a rapid pace during the forecast period due to large number of participation by key market players.
North America is anticipated to dominate the market
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America accounts for a key share of the market owing to rising healthcare infrastructure, increased healthcare investments, and easy availability of equipment. The market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to improving healthcare facilities, and an upsurge in research and development activities.
Segments
The global genetic analysis services market has been segmented on the basis of
Applications
- Drug Discovery
- Biomarkers
- Diagnostics
Technology
- Database Pertaining To Genomics
- Whole-genome Sequencing
- Genetic Disease Forecasting
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Life Technologies
- Roche Diagnostics Corporation
- Bio-Rad Laboratories
- Agilent Technologies
- Wipro Ge Healthcare Private Limited
- 23andMe, Inc.
- Illumina, Inc.
- Qiagen, N.V.
- Affymetric, Inc.
Competitive Landscape
Key players competing in the genetic analysis services market include Life Technologies; Roche Diagnostics Corporation; Bio-Rad Laboratories; Agilent Technologies; Wipro Ge Healthcare Private Limited; 23andMe, Inc.; Illumina, Inc.; Qiagen, N.V.; Affymetric, Inc..
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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