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Genomic Testing Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Global Genomic Testing Market: By Offering (System and Software, Reagents & Consumables, Services); Testing Type (Sequencing Solution, Others); Technology (Proteomics, Pharmacogenomics, Stem Cell Therapy, Cloning); Indication (Cancer, Asthma, Diabetes, Hearth Diseases, Agricultural Production, Others); End-User (Hospitals & Clinics, Research Centers & Academic Institutions, Pharmaceutical & Biotechnology Companies, Others) ; and Region—Industry Dynamics, Market Size, Opportunity and Forecast till 2031

  • Published Date: 13-Apr-2023  |   Format: pdfpowerpointexcel  |  Report ID: AA0423400  | Delivery: 2 to 4 Hours
INFOGRAPHIC:
Genomic Testing Market

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REPORT SCOPE

Report AttributeDetails
Market Size Value in 2022US$ 13.7 Billion
Expected Revenue in 2031US$ 30.08 Billion
Historic Data2018-2021
Base Year2022
Forecast Period2023-2031
UnitValue (USD Bn)
CAGR9.54%
Segments coveredBy Offering, By Testing Type, By Technology, By Indication, By Application, By End-User, By Region
Key Companies                                                                                 Agilent Technologies, Inc., BGI Group, Bio-Rad Laboratories, Danaher Corporation, Eurofins Genomics, F. Hoffmann-La Roche, Illumina, Inc., QIAGEN, Singular Genomics Systems, Inc., Thermo Fisher Scientific, Inc., Other Prominent players
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FREQUENTLY ASKED QUESTIONS

The Genomic Testing Market was valued at US$ 13.7 Billion in 2022.

The Genomic Testing market is expected to grow at a CAGR of 9.54% during the forecast period.

The increasing prevalence of cancer, escalating application of NGS in cancer research, and the growing geriatric population are driving the Genomic Testing Market.

Stringent regulatory requirements for genomic testing are expected to hamper market growth both in the present and future.

The rise in awareness and acceptance of personalized medicine is a current trend in the Genomic Testing market.

Many technologies are used, such as Proteomics, Pharmacogenomics, Stem Cell Therapy, and Cloning. Advancements in Genomic testing have quickly produced clinical applications for human health that have significant effects on both individual and societal levels. The genetic factors underlying a variety of disorders are now better understood thanks to these new technologies. Additionally, these advancements shorten the time it takes to make a diagnosis, offering the families and caregivers of affected people effective treatment options. This reduces the need for extensive informal care, thereby increasing family productivity, which in turn has a positive effect on government finances through higher tax collections.

The Genomic Testing Market is segmented by Offering, Testing Type, Technology, Indication, Application, and End User.

In 2022, North America dominated the Genomic Testing market due to the rising frequency of chronic and genetic problems, as well as the growing demand for individualized genetic testing services. During the forecast period, it is projected that Asia Pacific will lead the genomic testing market due to the fast-growing adoption of modern genomics technologies, the large patient pool, the rising frequency of numerous chronic diseases, and the decreasing cost of genetic testing in the region.

Key players in the Genomic Testing market include Agilent Technologies, Inc., BGI Group, Bio-Rad Laboratories, Danaher Corporation, Eurofins Genomics, F. Hoffmann-La Roche, Illumina, Inc., QIAGEN, Singular Genomics Systems, Inc., Thermo Fisher Scientific, Inc., among others.

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