Genetic tests are explained as medical devices available in the form of kits and panels which are used for the testing genetic diseases in humans. Additionally, the testing is performed by collecting blood samples from patients. These samples are then run-on laboratory machines by the use of test kits. Furthermore, there are various types of tests used for testing of genetic disorders. In another words, the genetic testing is a simple process in which DNA is extracted and put under the examination. Through the process, the changes in the structure of chromosomes are analysed and it made simpler to predict the kind of diseases. 

MARKET DYNAMICS- GENETIC TESTING MARKET

The genetic testing market is anticipated to grow at CAGR of 10.34% during forecast period of 2021 to 2027. The genetic testing is also applicable in identification of level of susceptibility that a person has contracted. The dynamic factors such as increasing importance on early diseases detection and prevention is propelling growth of genetic testing market. The rising applications of genetic testing in oncology is also boosting growth of genetic testing market. The rising demand for personalized medicines is also refuelling growth of genetic testing market. However, high cost of genetic testing is hindering growth of genetic testing market. 

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COVID-19 IMPACT ON GENETIC TESTING MARKET

The exclusive COVID-19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the genetic testing market. In addition, complete analysis of changes on genetic testing expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on Global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The COVID-19 has almost affected every market is healthcare industries positively or negatively. The genetic testing market is got hampered in somewhat manner as the COVID-10 is declared as global pandemic by World Health Organization and in various countries there is complete shutdown and guidelines regarding the social distancing are applied for prevention against the COVID-19 pandemic. Additionally, clinics are operating at limited capacities and reduced face to face genetic counselling for preventing against the COVID-19 viruses. Thus, the COVID-19 pandemic have the negative impact on the genetic testing market. 

GENETIC TESTING MARKET- SEGMENTAL OVERVIEW

The genetic testing market is segmented by type, technology, application and geography. 

GENETIC TESTING MARKET BY TYPE

The genetic testing market is comprised of various types of testing such as predictive presymptomatic testing, carrier testing, prenatal new born testing, diagnostic testing, pharmacogenomic testing and others. In which prenatal new born testing is estimated to dominate the market in 2020. The rising awareness regarding healthcare is propelling growth of genetic testing market. The rising mortality rate by genetic disease is also boosting growth of genetic testing market. 

GENETIC TESTING MARKET BY TECHNOLOGY

The genetic testing market is comprised of various technologies such as cytogenetic testing, biochemical testing and molecular testing. In which molecular testing is likely to dominate the market in 2020. The rising use of molecular testing is propelling growth of genetic testing market. The molecular testing is widely used as it can analyze the losses and gains in the DNA which are not detectable with common chromosome analysis. 

GENETIC TESTING MARKET BY APPLICATION

The genetic testing market have their extensive applications in the diagnosis of alzheimer’s disease, cancer, cystic fibrosis, sickle cell anaemia, duchenne muscular dystrophy, thalassemia, huntington’s disease, rare diseases and other. In which cancer diagnosis is expected to dominate the market in 2020. The rising incidences of cancer worldwide is propelling growth of genetic testing market. The growing awareness along the world population regarding the preventive diagnosis and personalized medicines is also boosting growth of genetic testing market.

GENETIC TESTING MARKET BY GEOGRAPHY 

The genetic testing market is studied for key countries of regions such as North America, Europe, Asia Pacific and Rest of the World. In which North America is anticipated to dominate the market in 2020. The rising product approvals by U.S. FDA is propelling growth of genetic testing market. The rising research and development activities is also boosting growth of genetic testing market. The growing prevalence of chronic and genetic disorders is also driving growth of genetic testing market. 

KEY PLAYERS IN GENETIC TESTING MARKET

The major key player covered in the report are 23 Me Inc., Abbott Laboratories, Myriad Genetics Inc., Danaher Corporation, Illumina Inc., Luminex Corporation, Biorad Laboratories Inc., Perkinelmer Inc., Quest Diagnostics Incorporated, F. Hoffmann-La Roche Ltd, Eurofins Scientific and Qiagen Nv among others. 

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