Genetic Testing Services Market Forecast, Scope by 2031
The genetic testing services market size is projected to reach US$ 12.48 billion by 2031 from US$ 3.86 billion in 2023. The market is expected to register a CAGR of 15.8% during 2023–2031. Artificial intelligence-powered genetic testing is likely to bring new trends in the genetic testing services market in the coming years.
Genetic Testing Services Market Analysis
The factors driving the genetic testing services market include the introduction of reimbursement programs, growing demand for efficient treatment choices, and implementation of innovative technologies in research centers. Growing awareness of the advantages of genetic testing and the increase in consumer spending on healthcare are boosting the growth of the genetic testing services market. Increasing demand for genetic testing to diagnose chronic conditions has supported players in investing in the development of new services and expansion strategies. Moreover, the increase in the incidence of genetic disorders and cancer plays a vital role in the development of the genetic testing industry.
Genetic Testing Services Market Overview
Genetic testing is a medical and scientific procedure that involves the examination and analysis of a person's DNA to understand their genetic makeup and genetic information. The genetic testing services market in the UK is anticipated to grow substantially due to a rise in the prevalence of genetic disorders and cancer. For instance, as per Genetic Alliance UK 2021, rare diseases affect 3.5 million people in the country; that is 1 in 17 people. As per Gene People UK 2023, it is estimated that 1 in 25 children suffer from a genetic disorder, meaning that 30,000 babies and children are newly diagnosed yearly in the UK, and over 2.4 million children and adults are suffering from a genetic disorder.
In Germany, noninvasive prenatal testing became available as a publicly reimbursed test in 2022. In addition, significant advances are being made in genomics, paving the way for enhanced access to personalized medicine. The UK established the infrastructure to support greater access to genomic testing, including a national network of genomic laboratories and Genomic Medicine Centers that provide clinical services. In 2019, the government announced Early Disease Detection Research Project UK, which is a significant new initiative that focuses on the major chronic diseases of adult life, including all cancers, cardiovascular disease, and other such diseases.
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Genetic Testing Services Market: Strategic Insights
Market Size Value in US$ 3,425.23 million in 2022 Market Size Value by US$ 10,556.29 million by 2030 Growth rate CAGR of 15.1% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Genetic Testing Services Market: Strategic Insights
| Market Size Value in | US$ 3,425.23 million in 2022 |
| Market Size Value by | US$ 10,556.29 million by 2030 |
| Growth rate | CAGR of 15.1% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Genetic Testing Services Market Drivers and Opportunities
Rising Prevalence of Genetic Diseases Favors Market Growth
The prevalence of genetic diseases is rising across the world and impacting the health of people at a severe level. Genetic diseases show many symptoms that are uncommon and are mostly non-curable. According to The World Health Organization (WHO) 2021, 10 out of every 1,000 people are affected by single-gene diseases, signifying that 70 million and 80 million people worldwide are living with any one type of single-gene disease. As per the Global Genes, ~7,000 known rare diseases and disorders have been identified worldwide, and more are being discovered every year. In 2022, a report by MJH Life Sciences (US) estimated that 300,000 newborns worldwide are born with sickle cell disease every year, accounting for ∼5% of the global population. In June 2020, as per Novartis AG (Switzerland) report, ∼15,000 individuals were suffering from sickle cell disease in the UK, and 270 newborns are diagnosed with the condition every year. Thus, the rising prevalence of genetic diseases fuels the demand for genetic testing, which in turn drives genetic testing services market growth.
Untapped Emerging Markets in Developing Countries
Emerging countries such as China, India, Brazil, and Mexico offer significant growth opportunities to market players. The quality and availability of genetic services may differ between high-income countries and low- to middle-income countries. For instance, in the US, Australia, Canada, the UK, and other European countries, genetic services are well-advanced, established, and extensive. These services include newborn screening, carrier identification screening, and prenatal diagnosis. Yet, in many high-income countries, genetic services that are offered in multiple settings still need improved systems of assessment. Major market players are focusing on strategies and initiatives, such as agreements, collaborations, partnerships, and expansions, to improve their product availability, accessibility, and distribution networks in these countries, as it will help them address the growing need for early diagnosis and treatment.
The Chinese government identifies genomics as an important strategic field in its 14th Five-Year Plan (2016–2020) for the country's economic and social development. In 2016, the Chinese Academy of Sciences launched the Precision Medicine Initiative, a 14-year project worth US$ 9.2 billion to sequence more than 100 million human genomes by 2030. In December 2017, China's Ministry of Science and Technology collaborated with a human genome research project to document the genetic makeup of 100,000 people. Employing the genetic data of nine different minority groups, researchers desire to decode hereditary information within genes. Therefore, emerging markets in developing countries are expected to offer lucrative opportunities for the growth of the genetic testing services market during the forecast period.
Genetic Testing Services Market Report Segmentation Analysis
Key segments that contributed to the derivation of the genetic testing services market analysis are type, disease, and service provider.
- Based on type, the genetic testing services market is categorized into predictive testing, carrier testing, prenatal testing, newborn screening, diagnostic genetic testing, and others. The predictive testing segment held the largest share of the market in 2023 and is expected to register the highest CAGR in the market during 2023–2031.
- By disease, the genetic testing services market is segmented into cancer, cardiovascular diseases, metabolic diseases, and other diseases. The cancer segment held the largest share of the market in 2023 and is projected to register the highest CAGR in the market during 2023–2031.
- In terms of service provider, the genetic testing services market is segmented into hospital-based laboratories, diagnostic laboratories, and others. The hospital-based laboratories segment held the largest share of the market in 2023 and is anticipated to register the highest CAGR in the market during 2023–2031.
Genetic Testing Services Market Share Analysis by Geography
The geographic scope of the genetic testing services market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America held a significant share of the market in 2023. The growth of the market is driven by rising number of cancer patients, increasing government funding, and rising incidence of genetic diseases among the population in the US and Canada during recent years. As per the estimates of the US Government Accountability Office published in October 2021, ~25 to 30 million people suffer from rare diseases in the country; nearly 50% of patients with rare diseases are children. Rare diseases are often the result of a genetic mutation; it is estimated that 80% of rare diseases are genetic.
In addition, increasing focus on advanced method incorporation in healthcare, government, and private initiatives for the promotion of precision medicine, and massive funds from government and private bodies for genetic research are projected to accelerate the growth of the genetic testing services market in the region.
Genetic Testing Services Market Report Scope
Genetic Testing Services Market News and Recent Developments
The genetic testing services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the genetic testing services market are listed below:
- GeneDx enhanced its whole genome sequencing (WGS) offering, aiming to accelerate diagnoses and shorten the diagnostic odyssey for patients. These new features include faster turnaround time for rapid whole genome sequencing (rWGS), buccal samples, and repeat expansions. Combined with its industry-leading dataset and product enhancements, GeneDx improved the accessibility and effectiveness of whole genome sequencing for diagnostic purposes – eventually working to stop or reduce the progression of both common and rare diseases. (Source: GeneDx, Press Release, July 2024)
- Progenesis, a renowned global genetic testing brand headquartered in the US, entered the Indian market with the inauguration of its first Genetic Laboratory in New Delhi and an artificial intelligence (AI) & Bioinformatics Data Centre in Chennai. The brand collaborates with local healthcare providers, fertility clinics, and medical practitioners to expand its footprint and make advanced genetic testing solutions more accessible to a wider audience. (Source: Progenesis, Press Release, December 2023)
Genetic Testing Services Market Report Coverage and Deliverables
The “Genetic Testing Services Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Genetic testing services market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Genetic testing services market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Genetic testing services market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the genetic testing services market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service Type, Disease, Service Provider, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
North America dominated the genetic testing services market in 2023.
Laboratory Corporation of America Holdings; F. Hoffmann-La Roche Ltd; Illumina, Inc.; Quest Diagnostics Inc.; Exact Sciences Corp; NeoGenomics Inc.; Eurofins Scientific; Ambry Genetics; Centogene NV; 23andMe, Inc; Ancestry Genomics Inc.; Gene By Gene Ltd; SIVOTEC BioInformatics LLC; Progenesis; Fulgent Genetics, Inc.; Veritas Intercontinental; and GeneDx, LLC are among the key players operating in the genetic testing services market.
The global genetic testing services market is estimated to register a CAGR of 15.8% during the forecast period.
The estimated value of the genetic testing services market can reach US$ 12.48 billion by 2031.
The rising prevalence of genetic diseases and increasing awareness and acceptance of personalized medicines are the most influential factors responsible for the market growth.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Data Triangulation:
3.2.4 Country level data:
4. Genetic Testing Services Market Landscape
4.1 Overview
4.2 PEST Analysis
5. Genetic Testing Services Market – Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Rising Prevalence of Genetic Diseases
5.1.2 Increasing Awareness and Acceptance of Personalized Medicines
5.1.3 Growing Preference for Direct-To-Consumer (DTC) Genetic Testing
5.2 Market Restraints
5.2.1 Social and Ethical Implications of Genetic Testing
5.2.2 Affordability of Genetic Services
5.3 Market Opportunities
5.3.1 Untapped Emerging Markets in Developing Countries
5.4 Future Trends
5.4.1 Artificial Intelligence-Powered Genetic Testing
5.5 Impact Analysis:
6. Genetic Testing Services Market – Global Market Analysis
6.1 Genetic Testing Services Market Revenue (US$ Million), 2021–2031
6.2 Genetic Testing Services Market Forecast Analysis
7. Genetic Testing Services Market Analysis – by Type
7.1 Predictive Testing
7.1.1 Overview
7.1.2 Predictive Testing: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Carrier Testing
7.2.1 Overview
7.2.2 Carrier Testing: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Prenatal Testing
7.3.1 Overview
7.3.2 Prenatal Testing: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Newborn Screening
7.4.1 Overview
7.4.2 Newborn Screening: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
7.5 Diagnostic Genetic Testing
7.5.1 Overview
7.5.2 Diagnostic Genetic Testing: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
8. Genetic Testing Services Market Analysis – by Disease
8.1 Cancer
8.1.1 Overview
8.1.2 Cancer: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Cardiovascular Diseases
8.2.1 Overview
8.2.2 Cardiovascular Diseases: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Metabolic Diseases
8.3.1 Overview
8.3.2 Metabolic Diseases: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Other Diseases
8.4.1 Overview
8.4.2 Other Diseases: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
9. Genetic Testing Services Market Analysis – by Service Provider
9.1 Hospital-Based Laboratories
9.1.1 Overview
9.1.2 Hospital-Based Laboratories: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Diagnostic Laboratories
9.2.1 Overview
9.2.2 Diagnostic Laboratories: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Others
9.3.1 Overview
9.3.2 Others: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10. Genetic Testing Services Market – Geographical Analysis
10.1 Overview
10.2 North America
10.2.1 North America Genetic Testing Services Market Overview
10.2.2 North America: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.2.2.1 North America: Genetic Testing Services Market – Revenue and Forecast Analysis – by Type
10.2.2.2 North America: Genetic Testing Services Market – Revenue and Forecast Analysis – by Disease
10.2.2.3 North America: Genetic Testing Services Market – Revenue and Forecast Analysis – by Service Provider
10.2.3 North America: Genetic Testing Services Market – Revenue and Forecast Analysis – by Country
10.2.3.1 US
10.2.3.1.1 Overview
10.2.3.2 United States: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.2.3.2.1 United States: Genetic Testing Services Market Breakdown, by Type
10.2.3.2.2 United States: Genetic Testing Services Market Breakdown, by Disease
10.2.3.2.3 United States: Genetic Testing Services Market Breakdown, by Service Provider
10.2.3.3 Canada
10.2.3.3.1 Overview
10.2.3.4 Canada: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.2.3.4.1 Canada: Genetic Testing Services Market Breakdown, by Type
10.2.3.4.2 Canada: Genetic Testing Services Market Breakdown, by Disease
10.2.3.4.3 Canada: Genetic Testing Services Market Breakdown, by Service Provider
10.2.3.5 Mexico
10.2.3.5.1 Overview
10.2.3.6 Mexico: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.2.3.6.1 Mexico: Genetic Testing Services Market Breakdown, by Type
10.2.3.6.2 Mexico: Genetic Testing Services Market Breakdown, by Disease
10.2.3.6.3 Mexico: Genetic Testing Services Market Breakdown, by Service Provider
10.3 Europe
10.3.1 Europe Genetic Testing Services Market Overview
10.3.2 Europe: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.3.2.1 Europe: Genetic Testing Services Market – Revenue and Forecast Analysis – by Type
10.3.2.2 Europe: Genetic Testing Services Market – Revenue and Forecast Analysis – by Disease
10.3.2.3 Europe: Genetic Testing Services Market – Revenue and Forecast Analysis – by Service Provider
10.3.3 Europe: Genetic Testing Services Market – Revenue and Forecast Analysis – by Country
10.3.3.1 UK
10.3.3.1.1 Overview
10.3.3.2 United Kingdom: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3.2.1 United Kingdom: Genetic Testing Services Market Breakdown, by Type
10.3.3.2.2 United Kingdom: Genetic Testing Services Market Breakdown, by Disease
10.3.3.2.3 United Kingdom: Genetic Testing Services Market Breakdown, by Service Provider
10.3.3.3 Germany
10.3.3.3.1 Overview
10.3.3.4 Germany: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3.4.1 Germany: Genetic Testing Services Market Breakdown, by Type
10.3.3.4.2 Germany: Genetic Testing Services Market Breakdown, by Disease
10.3.3.4.3 Germany: Genetic Testing Services Market Breakdown, by Service Provider
10.3.3.5 France
10.3.3.5.1 Overview
10.3.3.6 France: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3.6.1 France: Genetic Testing Services Market Breakdown, by Type
10.3.3.6.2 France: Genetic Testing Services Market Breakdown, by Disease
10.3.3.6.3 France: Genetic Testing Services Market Breakdown, by Service Provider
10.3.3.7 Spain
10.3.3.7.1 Overview
10.3.3.8 Spain: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3.8.1 Spain: Genetic Testing Services Market Breakdown, by Type
10.3.3.8.2 Spain: Genetic Testing Services Market Breakdown, by Disease
10.3.3.8.3 Spain: Genetic Testing Services Market Breakdown, by Service Provider
10.3.3.9 Italy
10.3.3.9.1 Overview
10.3.3.10 Italy: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3.10.1 Italy: Genetic Testing Services Market Breakdown, by Type
10.3.3.10.2 Italy: Genetic Testing Services Market Breakdown, by Disease
10.3.3.10.3 Italy: Genetic Testing Services Market Breakdown, by Service Provider
10.3.3.11 Rest of Europe
10.3.3.11.1 Overview
10.3.3.12 Rest of Europe: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3.12.1 Rest of Europe: Genetic Testing Services Market Breakdown, by Type
10.3.3.12.2 Rest of Europe: Genetic Testing Services Market Breakdown, by Disease
10.3.3.12.3 Rest of Europe: Genetic Testing Services Market Breakdown, by Service Provider
10.4 Asia Pacific
10.4.1 Asia Pacific: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.4.1.1 Asia Pacific: Genetic Testing Services Market – Revenue and Forecast Analysis – by Type
10.4.1.2 Asia Pacific: Genetic Testing Services Market – Revenue and Forecast Analysis – by Disease
10.4.1.3 Asia Pacific: Genetic Testing Services Market – Revenue and Forecast Analysis – by Service Provider
10.4.2 Asia Pacific: Genetic Testing Services Market – Revenue and Forecast Analysis – by Country
10.4.2.1 China
10.4.2.1.1 Overview
10.4.2.2 China: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.4.2.2.1 China: Genetic Testing Services Market Breakdown, by Type
10.4.2.2.2 China: Genetic Testing Services Market Breakdown, by Disease
10.4.2.2.3 China: Genetic Testing Services Market Breakdown, by Service Provider
10.4.2.3 Japan
10.4.2.3.1 Overview
10.4.2.4 Japan: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.4.2.4.1 Japan: Genetic Testing Services Market Breakdown, by Type
10.4.2.4.2 Japan: Genetic Testing Services Market Breakdown, by Disease
10.4.2.4.3 Japan: Genetic Testing Services Market Breakdown, by Service Provider
10.4.2.5 India
10.4.2.5.1 Overview
10.4.2.6 India: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.4.2.6.1 India: Genetic Testing Services Market Breakdown, by Type
10.4.2.6.2 India: Genetic Testing Services Market Breakdown, by Disease
10.4.2.6.3 India: Genetic Testing Services Market Breakdown, by Service Provider
10.4.2.7 Australia
10.4.2.7.1 Overview
10.4.2.8 Australia: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.4.2.8.1 Australia: Genetic Testing Services Market Breakdown, by Type
10.4.2.8.2 Australia: Genetic Testing Services Market Breakdown, by Disease
10.4.2.8.3 Australia: Genetic Testing Services Market Breakdown, by Service Provider
10.4.2.9 South Korea
10.4.2.9.1 Overview
10.4.2.10 South Korea: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.4.2.10.1 South Korea: Genetic Testing Services Market Breakdown, by Type
10.4.2.10.2 South Korea: Genetic Testing Services Market Breakdown, by Disease
10.4.2.10.3 South Korea: Genetic Testing Services Market Breakdown, by Service Provider
10.4.2.11 Rest of Asia Pacific
10.4.2.11.1 Overview
10.4.2.12 Rest of APAC: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.4.2.12.1 Rest of APAC: Genetic Testing Services Market Breakdown, by Type
10.4.2.12.2 Rest of APAC: Genetic Testing Services Market Breakdown, by Disease
10.4.2.12.3 Rest of APAC: Genetic Testing Services Market Breakdown, by Service Provider
10.5 Middle East and Africa
10.5.1 Middle East and Africa Genetic Testing Services Market Overview
10.5.2 Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.5.2.1 Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast Analysis – by Type
10.5.2.2 Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast Analysis – by Disease
10.5.2.3 Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast Analysis – by Service Provider
10.5.3 Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast Analysis – by Country
10.5.3.1 Saudi Arabia
10.5.3.1.1 Overview
10.5.3.2 Saudi Arabia: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.5.3.2.1 Saudi Arabia: Genetic Testing Services Market Breakdown, by Type
10.5.3.2.2 Saudi Arabia: Genetic Testing Services Market Breakdown, by Disease
10.5.3.2.3 Saudi Arabia: Genetic Testing Services Market Breakdown, by Service Provider
10.5.3.3 South Africa
10.5.3.3.1 Overview
10.5.3.4 South Africa: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.5.3.4.1 South Africa: Genetic Testing Services Market Breakdown, by Type
10.5.3.4.2 South Africa: Genetic Testing Services Market Breakdown, by Disease
10.5.3.4.3 South Africa: Genetic Testing Services Market Breakdown, by Service Provider
10.5.3.5 UAE
10.5.3.5.1 Overview
10.5.3.6 United Arab Emirates: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.5.3.6.1 United Arab Emirates: Genetic Testing Services Market Breakdown, by Type
10.5.3.6.2 United Arab Emirates: Genetic Testing Services Market Breakdown, by Disease
10.5.3.6.3 United Arab Emirates: Genetic Testing Services Market Breakdown, by Service Provider
10.5.3.7 Rest of Middle East & Africa
10.5.3.7.1 Overview
10.5.3.8 Rest of Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.5.3.8.1 Rest of Middle East and Africa: Genetic Testing Services Market Breakdown, by Type
10.5.3.8.2 Rest of Middle East and Africa: Genetic Testing Services Market Breakdown, by Disease
10.5.3.8.3 Rest of Middle East and Africa: Genetic Testing Services Market Breakdown, by Service Provider
10.6 South and Central America
10.6.1 South and Central America Genetic Testing Services Market Overview
10.6.2 South and Central America: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.6.2.1 South and Central America: Genetic Testing Services Market – Revenue and Forecast Analysis – by Type
10.6.2.2 South and Central America: Genetic Testing Services Market – Revenue and Forecast Analysis – by Disease
10.6.2.3 South and Central America: Genetic Testing Services Market – Revenue and Forecast Analysis – by Service Provider
10.6.3 South and Central America: Genetic Testing Services Market – Revenue and Forecast Analysis – by Country
10.6.3.1 Brazil
10.6.3.1.1 Overview
10.6.3.2 Brazil: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.6.3.2.1 Brazil: Genetic Testing Services Market Breakdown, by Type
10.6.3.2.2 Brazil: Genetic Testing Services Market Breakdown, by Disease
10.6.3.2.3 Brazil: Genetic Testing Services Market Breakdown, by Service Provider
10.6.3.3 Argentina
10.6.3.3.1 Overview
10.6.3.4 Argentina: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.6.3.4.1 Argentina: Genetic Testing Services Market Breakdown, by Type
10.6.3.4.2 Argentina: Genetic Testing Services Market Breakdown, by Disease
10.6.3.4.3 Argentina: Genetic Testing Services Market Breakdown, by Service Provider
10.6.3.5 Rest of South & Central America
10.6.3.5.1 Overview
10.6.3.6 Rest of South and Central America: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
10.6.3.6.1 Rest of South and Central America: Genetic Testing Services Market Breakdown, by Type
10.6.3.6.2 Rest of South and Central America: Genetic Testing Services Market Breakdown, by Disease
10.6.3.6.3 Rest of South and Central America: Genetic Testing Services Market Breakdown, by Service Provider
11. Genetic Testing Services Market – Industry Landscape
11.1 Overview
11.2 Growth Strategies in Genetic Testing Services Market
11.3 Organic Growth Strategies
11.3.1 Overview
11.4 Inorganic Growth Strategies
11.4.1 Overview
12. Company Profiles
12.1 Eurofins Scientific SE
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Exact Sciences Corp
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Laboratory Corp of America Holdings
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4andMe Holding Co
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Ambry Genetics Corp
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Quest Diagnostics Inc
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Illumina Inc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 F. Hoffmann-La Roche Ltd
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 NeoGenomics Inc
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Centogene NV
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Ancestry Genomics Inc
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 Gene By Gene Ltd
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 SIVOTEC BioInformatics LLC
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Progenesis
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
12.15 Fulgent Genetics, Inc
12.15.1 Key Facts
12.15.2 Business Description
12.15.3 Products and Services
12.15.4 Financial Overview
12.15.5 SWOT Analysis
12.15.6 Key Developments
12.16 VERITAS INTERCONTINENTAL
12.16.1 Business Description
12.16.2 Products and Services
12.16.3 Financial Overview
12.16.4 SWOT Analysis
12.16.5 Key Developments
12.17 GeneDx, LLC
12.17.1 Key Facts
12.17.2 Business Description
12.17.3 Products and Services
12.17.4 Financial Overview
12.17.5 SWOT Analysis
12.17.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
List of Tables
Table 1. Genetic Testing Services Market Segmentation
Table 2. Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Table 3. North America: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 4. North America: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 5. North America: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 6. United States: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 7. United States: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 8. United States: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 9. Canada: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 10. Canada: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 11. Canada: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 12. Mexico: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 13. Mexico: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 14. Mexico: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 15. Europe: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 16. Europe: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 17. Europe: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 18. United Kingdom: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 19. United Kingdom: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 20. United Kingdom: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 21. Germany: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 22. Germany: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 23. Germany: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 24. France: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 25. France: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 26. France: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 27. Spain: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 28. Spain: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 29. Spain: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 30. Italy: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 31. Italy: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 32. Italy: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 33. Rest of Europe: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 34. Rest of Europe: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 35. Rest of Europe: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 36. Asia Pacific: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 37. Asia Pacific: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 38. Asia Pacific: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 39. China: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 40. China: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 41. China: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 42. Japan: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 43. Japan: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 44. Japan: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 45. India: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 46. India: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 47. India: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 48. Australia: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 49. Australia: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 50. Australia: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 51. South Korea: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 52. South Korea: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 53. South Korea: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 54. Rest of APAC: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 55. Rest of APAC: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 56. Rest of APAC: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 57. Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 58. Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 59. Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 60. Saudi Arabia: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 61. Saudi Arabia: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 62. Saudi Arabia: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 63. South Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 64. South Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 65. South Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 66. United Arab Emirates: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 67. United Arab Emirates: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 68. United Arab Emirates: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 69. Rest of Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 70. Rest of Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 71. Rest of Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 72. South and Central America: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 73. South and Central America: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 74. South and Central America: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 75. Brazil: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 76. Brazil: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 77. Brazil: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 78. Argentina: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 79. Argentina: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Disease
Table 80. Argentina: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 81. Rest of South and Central America: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 82. Rest of South and Central America: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million) – by Disease
Table 83. Rest of South and Central America: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million) – by Service Provider
Table 84. Recent Organic Growth Strategies in Genetic Testing Services Market
Table 85. Recent Inorganic Growth Strategies in the Genetic Testing Services Market
Table 86. Glossary of Terms, Genetic Testing Services Market
List of Figures
Figure 1. Genetic Testing Services Market Segmentation, by Geography
Figure 2. PEST Analysis
Figure 3. Genetic Testing Services Market - Key Industry Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Genetic Testing Services Market Revenue (US$ Million), 2021–2031
Figure 6. Genetic Testing Services Market Share (%) – by Type (2023 and 2031)
Figure 7. Predictive Testing: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Carrier Testing: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Prenatal Testing: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Newborn Screening: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Diagnostic Genetic Testing: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Others: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Genetic Testing Services Market Share (%) – by Disease (2023 and 2031)
Figure 14. Cancer: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Cardiovascular Diseases: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Metabolic Diseases: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Other Diseases: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Genetic Testing Services Market Share (%) – by Service Provider (2023 and 2031)
Figure 19. Hospital-Based Laboratories: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Diagnostic Laboratories: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Others: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Genetic Testing Services Market Breakdown by Region, 2023 and 2031 (%)
Figure 23. North America: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 24. North America: Genetic Testing Services Market, by Key Country – Revenue (2022) (US$ Million)
Figure 25. North America: Genetic Testing Services Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 26. United States: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 27. Canada: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 28. Mexico: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 29. Europe: Genetic Testing Services Market, by Key Country – Revenue (2022) (US$ Million)
Figure 30. Europe: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 31. Europe: Genetic Testing Services Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 32. United Kingdom: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 33. Germany: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 34. France: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 35. Spain: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 36. Italy: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 37. Rest of Europe: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 38. Asia Pacific Genetic Testing Services Market, by Key Country – Revenue, 2022 (US$ Million)
Figure 39. Asia Pacific: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 40. Asia Pacific: Genetic Testing Services Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 41. China: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 42. Japan: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 43. India: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 44. Australia: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 45. South Korea: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 46. Rest of APAC: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 47. Middle East & Africa Genetic Testing Services Market, by Key Country – Revenue, 2022 (US$ Million)
Figure 48. Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 49. Middle East and Africa: Genetic Testing Services Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 50. Saudi Arabia: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 51. South Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 52. United Arab Emirates: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 53. Rest of Middle East and Africa: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 54. South & Central America Genetic Testing Services Market, by Key Country – Revenue, 2022 (US$ Million)
Figure 55. South and Central America: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 56. South and Central America: Genetic Testing Services Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 57. Brazil: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 58. Argentina: Genetic Testing Services Market – Revenue and Forecast to 2031(US$ Million)
Figure 59. Rest of South and Central America: Genetic Testing Services Market – Revenue and Forecast to 2031 (US$ Million)
Figure 60. Growth Strategies in Genetic Testing Services Market
The List of Companies - Genetic Testing Services Market
- Laboratory Corporation of America Holdings
- F. Hoffmann-La Roche Ltd
- Illumina, Inc.
- Quest Diagnostics Incorporated
- Exact Sciences Corp (Genomic Health)
- NeoGenomics Laboratories, Inc.
- Eurofins Scientific
- Ambry Genetics
- Centogene AG
- 23andMe, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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