Genetic Testing Market: Global Industry Analysis and Forecast (2022-2029)

Genetic Testing Market is anticipated to reach US$ 39.73 Bn. by 2029 from US$ 16.51 Bn. in 2021 at a CAGR of 11.6% during a forecast period.

Genomic data is crucial to a precision medicine approach to healthcare; it is feasible to decode DNA into its basic sequences to view its functional information as data, allowing researchers, bioinformaticians, and physicians to decode the properties of a person's DNA. The genetic testing industry is growing driven by increased consumer knowledge, evolving culture of consumer empowerment, and a need for highly individualized services. Companies that provide these services, however, are increasingly concerned about data privacy and scientific validity.

A rare disease, defined as a disorder affecting less than one in every 2,000 individuals, affects around 300 million people globally. While genetic factors underlie 80% of such illnesses, effective genetic testing and diagnosis remain a hurdle. Sequencing, a crucial driver of precision medicine, is becoming more cost-effective. The cost of reading the full human genome has reduced by an order of magnitude, from $10,000 in 2011 to around $1,000 in 2021, because of a variety of technical, scientific, and frontline operational breakthroughs.

read more..