According to the recent research report titled ‘GLOBAL Genetic Testing Market available with Market Study Report, global genetic testing market is anticipated to record a CAGR of 11.53% during 2019-2027.
 

Industry experts cite that global genetic testing market growth is driven by surging demand for personalized medicine and rising trend of early diagnosis of diseases. Growing cognizance regarding cancer and genetic testing in oncology is further enhancing the overall market outlook. Moreover, increasing number of patients seeking genetic counseling and testing are further adding impetus to market development.
 

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Despite the favorable business scenario, hefty costs coupled with social and ethical issues associated with genetic testing are negatively impacting the remuneration scope of the industry. Moreover, strict norms are restricting worldwide genetic testing industry expansion.
 

With respect to technology, the market is split into molecular testing, biochemical testing, and cytogenetic testing. Based on disease, the industry is bifurcated into special diseases, Huntington’s disease, thalassemia, Duchenne muscular dystrophy, sickle cell anemia, cystic fibrosis, cancer, Alzheimer’s disease, and others. 
 

Moving on, the type segmentation is categorized into pharmacogenomics, prenatal testing, predictive & presymptomatic testing, newborn screening, diagnostic testing, carrier testing, and others. Carrier testing and diagnostic testing are expected to record decent gains in the upcoming years.
 

Carrier testing is a form of genetic testing used to see whether an individual is a carrier for a specific autosomal recessive disorder. Diagnostic testing is used to detect a genetic illness or disease, the outcomes of which aid in the treatment and management of the disorder.
 

Considering the regional outlook, top contributors to global genetic testing market valuation are Latin America (Mexico, Brazil), North America (Canada, United States), Europe (Spain, Russia, United Kingdom, Italy, Germany, France), Asia Pacific (India, South Korea, Japan, China), and Middle East & Africa (South Africa, Saudi Arabia, Turkey, United Arab Emirates.)
 

Despite the involvement of major market players in North America who have invested significant sums in the growth of this sector in the area, the industry still faces some challenges, such as financial obstacles caused by increasing technology production costs.
 

Key contenders influencing global genetic testing market trends are Myriad Genetics Inc., Daan Diagnostics Ltd., HTG Molecular Diagnostics Inc., Thermo Fisher Scientific Inc., Genomictree Inc., Illumina Inc., Abbott Laboratories Inc., Bio-Rad Laboratories, Danaher Corporation (Cepheid), F. Hoffmann-La Roche Ltd., Genentech Inc., Integragen S.A., Laboratory Corporation of America Holdings, Luminex Corporation, Molecular MD Corp (Icon), Natera Inc., Oxford Biodynamics Ltd., Pacific Biosciences of California Inc., Perkinelmer Inc., Qiagen N.V., and Roche Diagnostics Corporation.