India Genetic Testing Market: Horizon 2028 - Opportunities and Challenges Insights - TechSci Research - Press Releases

Introduction

In accordance with a recent report by TechSci Research titled "India Genetic Testing Market – By Region, Competition Forecast and Opportunities, 2018-2028," the genetic testing market in India displayed notable growth, reaching USD 60.78 million in 2022. Projections indicate that the market is set to expand at a Compound Annual Growth Rate (CAGR) of 6.94% over the forecast period, eventually achieving a valuation of USD 90.52 million by 2028. This report delves into the factors driving this growth and the various segments of the market, offering insights that can benefit a range of stakeholders.

Market Dynamics

Awareness and Genetic Disorders: The remarkable expansion of the India genetic testing market is primarily attributed to the increasing awareness among the population concerning various genetic disorders, particularly among expectant parents. Doctors commonly recommend genetic testing for couples planning to have children, and many couples voluntarily opt for such tests early in pregnancy.
Impact of COVID-19: The COVID-19 pandemic crisis has further heightened awareness about health in the population, particularly in metropolitan areas. This has led to a surge in the demand for genetic testing services in India.
Nutrigenomics: The rise in the popularity of concepts like nutrigenomics presents a promising avenue for the future growth of the genetic testing market in India. Nutrigenomics involves tailoring diet and nutrition plans based on an individual's genetic makeup.
Affordability Constraints: Despite the promising growth, the high cost of genetic tests remains a significant challenge, particularly in rural parts of the country. This factor has the potential to impede market growth to some extent.

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Segmentation

The India Genetic Testing market is segmented along several dimensions to provide a comprehensive understanding of its composition:

Types of Genetic Testing:

Cytogenetic: In 2022, cytogenetic testing dominated the market, representing 48.64% of the genetic testing market share. Cytogenetic tests, which involve the analysis of chromosomes from samples such as blood, bone marrow, or tissue, are widely favored for their simplicity and effectiveness.
Biochemical Testing: Following closely is biochemical testing, which assesses enzymes and proteins within the body, potentially identifying anomalies.
Molecular Testing

Applications:

Reproductive Health: In 2022, reproductive health held the highest market share at 37.43%. This can be attributed to the rising concerns about reproductive health and genetic issues in India.
Cancer Screening: Given the increasing incidence of various cancer types, especially breast cancer, lip and oral cavity cancer, cervix uteri, lung cancer, and colorectal cancer, cancer screening genetic tests are in demand.
Ancestry Testing: Ancestry testing is another significant application, allowing individuals to trace their genetic heritage.
Predictive and Pre-symptomatic Testing: These tests help individuals assess their genetic predispositions to certain diseases.
Others: A broad category encompassing various genetic testing applications.

What Will You Get in the Sample Report

The sample report offers a comprehensive understanding of the India Genetic Testing market, including:

Market Overview: A detailed introduction to the market, its size, growth prospects, and key driving factors.
Market Dynamics: Insights into the various factors affecting the market, such as awareness, the impact of COVID-19, and challenges like affordability constraints.
Segmentation: A breakdown of the market based on types of genetic testing (cytogenetic, biochemical) and applications (reproductive health, cancer screening, ancestry testing, predictive and pre-symptomatic testing, and others).
Competitive Landscape: An assessment of the market's competitive scenario, highlighting key players and their strategies.
Future Outlook: Projections for the market's growth over the forecast period.

Who Will Benefit from this Report

Various stakeholders can derive value from this report, including:

Investors: Gain insights into the growth potential of the India Genetic Testing market and make informed investment decisions.
Healthcare Providers: Understand the market dynamics and align services with emerging trends in genetic testing.
Researchers and Analysts: Utilize the data and trends to conduct further research and analysis in the field.
Government and Regulatory Authorities: Stay informed about the healthcare landscape and its evolving genetic testing market.
Pharmaceutical Companies: Identify potential partnerships and opportunities related to genetic testing and healthcare services.

In conclusion, the India Genetic Testing market presents promising opportunities for growth, driven by increasing awareness and the need for comprehensive healthcare services. While challenges related to affordability persist, this market is poised to expand, offering valuable prospects for various stakeholders.

The leading companies operating in the India Genetic Testing market are:

MedGenome Labs Limited
Strand Life Sciences Private Limited
Centogene India Private Limited
Eurofins Clinical Diagnostics Bangalore Private Limited
Mapmygenome India Limited
Clevergene Biocorp Private Limited
Virtus Nutrition Private Limited (The GeneBox)
LifeCell International Pvt. Ltd.
Genes2Me Pvt. Ltd.
GeneTech India Private Limited

India Genetic Testing market is highly fragmented with various regional and state level and city level players operating in the market. The market has gained traction after the COVID-19 pandemic crisis and people have started availing for different types of genetic tests. As a result of this the market is attracting various companies. For instance, Lupin Limited, the third largest pharmaceutical company in India, in terms of revenue, in May 2022 announced that the company intends to make focused investments in the coming weeks in the personalised diagnostics or genetic testing service, a part of its recently launched pathology lab business.

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“Indian Genetic Testing market will see a significant growth during the forecast period of 2018-2028.This rapid growth is anticipated by rapidly growing awareness about genetic testing and growing e-commerce which help patients to book test, online and the sample will be collected from patient’s home then reports will be evaluated and sent to the patients. ”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Genetic Testing Market By Type (Cytogenetic Testing, Biochemical Testing, Molecular Testing), By Application (Reproductive Cancer Screening, Ancestry Testing, Predictive and Pre-symptomatic Testing, Others), By Region, Competition, Forecast & Opportunities, 2018-2028”, has evaluated the future growth potential of India Genetic Testing market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Genetic Testing market.

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