COVID-19 Impact Analysis on Genetic Testing Industry - Insights on Strategies of Key Players

The prevalence of diseases, including chronic and genetic diseases, is rising at a swift pace. According to the World Health Organization, a genetic disorder named sickle cell anemia is primarily common among people who had ancestors in India, South America, Central America, Sub-Saharan Africa, Mediterranean countries (including Greece, Turkey, and Italy), Cuba, and Saudi Arabia. In addition to this, the high prevalence of chronic diseases, such as cancer, is also affecting millions of people all around the world. There are still several genetic and chronic diseases for which no cure has been developed yet.

Because of this, the research & development activities in the healthcare industry are on a rise. Furthermore, the adoption of genetic testing in the industry is increasing as well, since it can reveal changes in genes which may cause disease. Genetic testing involves the examination of DNA, which is the chemical database carrying instructions of the body. While advancements still need to be made in the domain, genetic testing has the potential to provide necessary information for treatments, diagnoses, and prevention of illnesses. Therefore, the surging incidence of genetic diseases and cancer is expected to result in the growth of the genetic testing market in the years to come.

Geographically North America has been the largest genetic testing market, which can be attributed to the availability of technologically advanced products, increased government funding, and presence of a large number of academic and research institutes in the region. Other than this, the demand for genetic testing in the Asia-Pacific region is also expected to grow considerably in the near future. This is because of the increasing awareness about the advantages of predictive testing, and rising adoption of advanced technology for clinical applications.

This Study Covers

• Historical and the present size of the genetic testing market
• Future potential of the market through its forecast for the period 2020-2030
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Recent strategic developments by the major players in the genetic testing market

Read more: https://www.psmarketresearch.com/market-analysis/genetic-testing-market