The global genetic testing market size has the potential to grow by USD 4.86 billion during 2020-2024. The market’s growth momentum will accelerate throughout the forecast period.

Thegenetictesting market is expected to grow at a CAGR of 12.01% during theforecast period. Major vendors in the global genetic testing market include AbbottLaboratories, Agilent Technologies Inc., bioMérieux SA, Bio-Rad Laboratories Inc., F. Hoffmann-LaRoche Ltd., Illumina Inc., Myriad Genetics Inc., QIAGEN NV, Quest DiagnosticsInc., and Thermo Fisher Scientific Inc., among others. 

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Vendors are focusing on the newproduct launches to strengthen their position in the market. For instance, AbbottLaboratories, in May 2019, the company announced to receiveprequalification approval from WHO for the world’s first point-of-care viralload test m-PIMA HIV-1/2 VL. Agilent Technologies Inc., in October2019, the company announced the launch of a new micro gas chromatograph,Agilent 990 Micro GC system, which is used in monitoring the calorificvaluation and odorant level and safe distribution of natural gas. 


Similarly, bioMérieux SA, in November2018, the company launched the BIOFIRE FILMARRAY Pneumonia Panel afterreceiving clearance from the US FDA and the Conformité Européene Mark. Bio-RadLaboratories Inc., in April 2019, the company received the US FDAapproval for BioPlex 2200 Lyme Total Assay for its use in thediagnosis of Lyme disease. Hence, the increasing number of new productlaunches is expected to augment the growth of the global genetic testing marketduring the forecast period. 


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