9 June 2016 - - The global genetic testing market is expected to reach USD 8.1bn by 2022 growing at 9.8% CAGR during 2016-2022, according to a report from Dublin-based Research and Markets.

With advancement in DNA analysis, the scope of genetic testing widens up in different areas, mainly in pharmacogenomics, predictive testing, and prenatal testing and so on. The early detection of genetic disorder reduces mortality rates. Genetic testing also enhances the early detection of breast cancer.

The global genetic testing market is segmented into type, application and regional outlook. In type market is divided into carrier testing, diagnostic testing, newborn screening and prenatal testing diagnostic testing is majorly used in the area to identify problematic chromosomes, genes and other proteins.

In application market is segmented into cancer genetic testing, prenatal genetic testing, pharmacogenomics, and predisposition testing.

Cancer genetic testing is having the largest market share in this segment.

In regional outlook market is divided into North America, Asia pacific, Europe and rest of the world.

The US is a leader in genetic testing market, the major reason in growth of this region is due to technological advancement in the field of genetic engineering, increasing prevalence of genetic diseases and high quality of infrastructure.

Asia Pacific is the fastest growing market due to increase in number of ageing population, increase in problematic diseases, and advancement in medical field. China is the fastest growing country in this region.

The rest of the world is also growing in this market, major countries like Dubai and South Africa. Europe is also sharing the market due to ageing population and increased disposal income of the people.

Major players like Roche Diagnostics Ltd., Pacific Bioscience Of California, Inc., Oxford Biodynamics, Myriad Genetics, Inc., Luminex Corp., Laboratory Corp. of America Holdings, Qiagen N.V etc. are using merger and acquisition, new products developments to expand.