China Genetic Testing Market is Set for Strong Growth, To Reach US$ 4.90 Billion by 2024by IVO Smith Business Analyst
Genetic tests identify the changes occurring in the genes, proteins or chromosomes of an individual. They help in determining the chances of a person passing on a genetic disorder to the next generation as well as their vulnerability to a suspected genetic disease. The genetic testing market in China has witnessed rapid development since the establishment of the first genomics company in 1999. The demand for genetic testing services in the country is being driven by factors like aging population, expanding middle class and investments in the healthcare sector. The industry has also attracted international investors owing to rising demand for non-invasive prenatal testing and growing research in the fields of reproductive and oncology health.
According to the latest report by IMARC Group, titled “China Genetic Testing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 1.82 Billion in 2018.
In an effort to expand its domestic biotechnology sector, the Chinese Government has taken steps in the favor of genetic science development. It identified genomics as a strategic field for the country’s social and economic development in its 14th Five-Year Plan. The Government also plans to document the genetic makeup of people from nine different minority groups, in an attempt to decode hereditary information within their genes.
Apart from this, the market for direct-to-consumer DNA testing has also experienced massive growth driven by rising priority of personal health and wellness among consumers. This trend has further been supported by technological advancements which have reduced the cost of DNA sequencing services. However, there is a lack of specifically-designed educational programs for training medical genetic professionals in China. Despite this hindrance, the China genetic testing market value is expected to reach US$ 4.90 Billion by 2024, at a projected CAGR of 16.6% during 2019-2024.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/china-genetic-testing-market
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Created on May 24th 2019 05:42. Viewed 515 times.