Articles

China Genetic Testing Market is Set for Strong Growth, To Reach US$ 4.90 Billion by 2024

by 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.

Market Trends:

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

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US: IMARC Group
309 2nd St, Brooklyn, NY 11215, USA
Website: www.imarcgroup.com
Email: sales@imarcgroup.com
USA: +1-631-791-1145, UK: +44-702-409-7331
Follow us on twitter: @imarcglobal
Linkedin: https://www.linkedin.com/company/imarc-group


About IVO Smith Innovator   Business Analyst

14 connections, 1 recommendations, 60 honor points.
Joined APSense since, April 18th, 2019, From Brooklyn, United States.

Created on May 24th 2019 06:42. Viewed 130 times.

Comments

No comment, be the first to comment.
Please sign in before you comment.