United States Genetic Testing Market Forecast 2022-2028

United States Genetic Testing Market Forecast 2022-2028

KEY FINDINGS

The United States genetic testing market is set to record a CAGR of 10.61% during the forecast period, 2022-2028. The market growth is attributed to the growing prioritization on launching advanced genetic testing procedures by companies and the favorable reimbursement policies.

MARKET INSIGHTS

The United States is one of the largest biopharmaceuticals markets, constituting around a third of the global market. It is also a global leader in biopharmaceutical R&D. As per the Pharmaceutical Research and Manufacturers Association (PhRMA), the US market players conduct more than half of the global R&D in pharmaceuticals. In addition, they have the intellectual property rights on the newest medicines. Besides, the biopharmaceutical industry has a substantial impact on the US economy.

Further, the country houses several prominent testing and diagnostic companies. The research capabilities and high investments required for the medical field are abundant in the US. Also, genetic testing plays a central role in assessing disease vulnerabilities and chances. In this regard, the growth opportunities in the country are attributed to the rising number of cancer cases.

Moreover, the increased health awareness post-COVID-19 has led to people opting for more genetic tests. With regard to market players, the IPO activity in biotechnology has surged, with companies raising around $34.3 billion in 2020. Such aspects drive market growth in the US.

COMPETITIVE INSIGHTS

Some of the important companies in the market include PerkinElmer Inc, Illumina Inc, Myriad Genetics Inc, Bio-Rad Laboratories, Abbott Laboratories, etc.

Our report offerings include:
Explore key findings of the overall market
Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
Market Segmentation cater to a thorough assessment of key segments with their market estimations
Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments