PUNE, India, Oct. 7, 2022 (GLOBE NEWSWIRE) — The US genetic testing market Company size is expected to reach $10.29 billion by 2027 and show an impressive CAGR of 13.0% between 2020 and 2027. This data is published by Fortune Business Insights in its latest report. The report further notes that the market was worth $4.11 billion in 2019. Factors such as the rising prevalence of chronic diseases and increasing awareness of the effectiveness of genetic testing in the United States will contribute to the growth of the market during the forecast period.
The key drivers of the US genetic testing market are a growing awareness of the benefits of genetic testing, an increasing availability of genetic testing services, and an increasing number of people using genetic testing services. Increasing awareness of the benefits of genetic testing is being driven by an increasing number of reports and studies that have demonstrated the importance of genetic testing in predicting health risks and identifying potential medical conditions. The availability of genetic testing services in the US is being driven by the increasing number of genetic testing laboratories opening in the US. The number of genetic testing laboratories has increased from just 10 in 2009 to over 200 in 2016. The increase in the number of genetic testing laboratories is also being driven by the increasing popularity of genetic testing among individuals and families.
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KEY INDUSTRY DEVELOPMENTS:
April 2021 – Invitae Corporation announced that its sponsored genetic testing is available for patients in the United States, Canada, Australia and Brazil region who are at risk of developing some common adult neurodegenerative diseases. The availability of this program is free and helps at-risk individuals with difficult-to-diagnose medical conditions
