According to a new report published by Allied Market Research, titled, Cytogenetics Market, By Product, Technique, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025,” the market was valued at $1,121 million in 2017, and is projected to reach $3,097 million in 2025, registering a CAGR of 13.5% from 2018 to 2025.
Increase in prevalence of cancer & genetic disorders, rise in global geriatric population along with surge in prevalence of chronic diseases, and surge in awareness related to acceptance of personalized medicines across the world are the factors that drive the global cytogenetics market growth. However, higher cost of advanced cytogenetic instruments is expected to impede the market growth. Conversely, shift from fish to array-based techniques is expected to provide many opportunities during the forecast period.
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COVID-19 scenario analysis:
1) The COVID-19 impact on the Cytogenetics Market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key findings of Cytogenetics Market:
•The testing kits, media, and reagents segment accounted for approximately three-fourths share of the global cytogenetics consumables market in 2017.
•The comparative genomic hybridization segment is expected to grow at a CAGR of 10.5% from 2018 to 2025.
•North America accounted for the majority of the share of the global market revenue in 2017.
•Asia-Pacific is expected to provide lucrative market growth opportunities, registering a CAGR of 12.1% from 2018 to 2025.
North America was the leading revenue contributor to the global cytogenetics market in 2017, and is expected to dominate the market during the forecast period. This is attributed to the presence of majority of major key players in this region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to increase in affordability, surge in healthcare expenditure, and rise in awareness towards early screening of genetic disorders.
List of Key Players Profiled in the Report:
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