The global genetic analysis market is projected to grow significantly in the coming years, driven by factors such as increasing demand for personalized medicine, advancements in technology, and growing applications of genetic analysis in research and development. This article provides an overview of the trends and forecast for the global genetic analysis market.
According to a report by Grand View Research, the global genetic analysis market is expected to reach USD 27.6 billion by 2026, growing at a CAGR of 16.2% from 2019 to 2026. This growth is primarily driven by the increasing prevalence of genetic disorders, rising demand for personalized medicine, and growing applications of genetic analysis in research and development.
The market is segmented based on product, technique, application, and end-user. Based on product, the market is segmented into instruments, consumables, and services. The consumables segment is expected to hold the largest share of the market during the forecast period, owing to the increasing demand for genetic testing kits and reagents.
Based on technique, the market is segmented into polymerase chain reaction (PCR), next-generation sequencing (NGS), microarray, and others. The NGS segment is expected to hold the largest share of the market during the forecast period, owing to the increasing use of NGS in research and development and its ability to provide more comprehensive genetic information.
Based on application, the market is segmented into diagnostics, drug discovery and development, research and development, and others. The diagnostics segment is expected to hold the largest share of the market during the forecast period, owing to the increasing demand for genetic testing for the diagnosis of genetic disorders and cancer.
Based on end-user, the market is segmented into hospitals and clinics, diagnostic laboratories, academic and research institutes, and others. The diagnostic laboratories segment is expected to hold the largest share of the market during the forecast period, owing to the increasing demand for genetic testing and analysis services.
Geographically, North America is expected to hold the largest share of the global genetic analysis market during the forecast period, owing to the presence of key players in the region and the increasing demand for personalized medicine. Europe is expected to be the second-largest market, followed by the Asia Pacific region.
The key players operating in the global genetic analysis market include Illumina, Inc., Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Qiagen N.V., F. Hoffmann-La Roche AG, BGI Group, Eurofins Scientific, Danaher Corporation, PerkinElmer, Inc., and GE Healthcare.
The market is highly competitive, with the key players focusing on product innovation, collaborations, and mergers and acquisitions to strengthen their market position. For instance, in October 2020, Illumina, Inc. announced the acquisition of Grail, a leader in the field of early cancer detection, for USD 8 billion, which is expected to expand the company’s offerings in the field of genetic analysis.
In conclusion, the global genetic analysis market is expected to experience significant growth in the coming years, driven by increasing demand for personalized medicine, advancements in technology, and growing applications of genetic analysis in research and development. The market is highly competitive, with key players focusing on product innovation and strategic collaborations to strengthen their market position. With the increasing prevalence of genetic disorders and the growing demand for genetic testing and analysis services, the genetic analysis market is expected to continue to grow in the coming years.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.
