Genetic Testing Market is estimated to be US$ US$ 32,061.14 million by 2030 with a CAGR of 8.9% duri

Nisha Shaha18 May, 2022Health

The global genetic testing market accounted for US$ 13,707.14 million in 2020 and is estimated to be US$ 32,061.14 million by 2030 and is anticipated to register a CAGR of 8.9%.The rise in the incidence of genetic disorders & cancer and growth in awareness & acceptance of personalized medicines are the major factor driving the growth of the global genetic testing market. Also, increasing the application of genetic testing and advancements in genetic testing techniques in oncology are projected to boost the target market growth over the forecast period. According to the data published by NCBI, in August 2017, there were about 75,000 genetic tests available in the market, these include an approximate of 10,000 unique tests. Also, there has been an addition of more than 14,000 tests in the market since March 2014. Nevertheless, untapped emerging markets in developing countries are estimated to provide lucrative growth opportunities for global market players. Therefore, these factors are a