Genetic Testing Market Expected to Grow Rapidly - Application Insights, Latest Trends & Developments, Forecasts to 2022 : Radiant Insights, Inc.

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Radiant Insights, Inc.

18 Feb, 2019, 11:20 GMT

SAN FRANCISCO, Feb. 18, 2019 /PRNewswire/ -- Global Genetic Testing Market is estimated to grow significantly in the forecast period due to the growing awareness and increasing investments in the domain. Genetic testing (DNA testing) is a form of medical test that determines any modification in the genes, chromosomes and proteins. The result of the test identifies any suspected genetic disorder or help decide an individual's chance of curing the genetic condition. Genetic testing also helps in detection of karyotype for medical purposes. The awareness of genetic testing is increasing because of numerous benefits offered by the procedure like determination of genetic deformities in early gestation period. Moreover, the test also helps to identify sex of the fetus while pregnancy. Owing to the increasing awareness and discoveries in the domain, genetic testing market is expected to grow significantly in the coming years. From among all the tests conducted for genetic testing, (CFTR) Cystic Fibrosis Trans-Membrane Conductance Regulator with screening for gene mutations is widely conducted. In personalized medicines, where customization is done for patients with an understanding of molecular base of disorder has become prevalent over the years. To understand the molecular base of any disorder, genome sequencing and genetic testing are the essential tools. People are screened for numerous genetic disorders since early detection can prevent the growth of symptoms or minimize the severity of the disorder. For diagnosis of cancer, genetic testing can identify the predisposition of the disorder in the gene before its indication (symptoms), which helps the individual to take precautionary measures and avoid the further possible risks.

Currently, insurance is considered as an important asset for any individual. Unfavorable reimbursement by insurance firms prevents people from conducting genetic tests, which in turn might restrain the growth of genetic testing market. Also, the significant costs for genetic tests affects genetic testing market unfavorably. Furthermore, high-import duty by government for genetic test kits is yet another obstacle to the growth of genetic testing market. Modernization in techniques of genetic testing, increased accuracy and efficiency are predicted to bring new opportunities in the market. Additionally, flourishing market holds a promising growth of genetic testing market owing to increase in number of patients and rising awareness in the developed nations. Increasing popularity of modern techniques and focus from clinical science to bioinformatics are few major trends witnessed in genetic testing market, which leads to the high rate of adoption. Besides, a new genetic test has been developed that can envisage dementia risk in an individual prior 10 years. With the help of this technique, the patients can target for intervention and reduced risk. Genetic testing market is categorized on the basis of test type, service provider, application and geography. On the basis of test type, genetic testing market is divided into prenatal testing, newborn screening, predictive & presymptomatic testing, pharmacogenomic testing, and forensic testing. In terms of revenue, predictive & presymptomatic testing held larger share market in the past years. The segment is expected to propel genetic testing market in the forecast period owing to the early detection of disorders and increasing awareness about conditions like cancer.

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Based on service provider, genetic testing market is split into diagnostics laboratories, hospital-based laboratories, specialty clinics, and others. Owing to patient convenience and growing number of hospitals, hospital-based laboratories segment is expected to register significant growth in the coming years. In terms of application, genetic testing market is divided into oncology, infectious diseases, autoimmune diseases, and others. Oncology segment is expected to lead the genetic testing market in future due to the rising prevalence of cancer across the globe. Geographically, genetic testing market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, few regions of North America like Germany, U.S and England are predicted to dominate genetic testing market owing to the developed infrastructure and rising investments in these nations. The major players of genetic testing market comprise 23andMe, Abbott Molecular, Biocartis, BioHelix, BioMerieux, Bayer Diagnostics, BGI, Celera Genomics, deCODEme, Genentech, HTG Molecular Diagnostics, Pathway Genomics, Genomictree, Genomic Health, IntegraGen, LabCorp Diagnostics, Luminex, MolecularMD, Myriad, Natera, PacBio, Qiagen, Roche Diagnostics, and Siemens, Cepheid, Counsyl, and Sequenom. The advent of genetic tests has revolutionized the molecular diagnostics and cytogenetic industry. It is one of the most rapidly growing segments in molecular diagnostics industry, which helps in delivering customized health services or personalized medicine. The share of genetic testing is incessantly increasing in the market. Growing awareness about genetic testing, technological advances in genetic sequencing, and rising incidences of genetic diseases especially cancer are some of the major factors propelling the genetic testing market.

The report "Global Genetic Testing Market Outlook 2022" provides a detailed analysis of the genetic testing market. The report also provides an insight regarding the current and future prospective of the market. This report covers the major trends and drivers, and their impact on the market. The report also discusses some of the restraints that can hinder the growth of the market, as well as rising opportunities which can provide new dimensions to the industry. The segmentation of genetic testing markets has been done in the report on the basis of applications, diseases, and geographical regions.

Based on application, the genetic testing market is divided into Diagnostic Testing, Newborn Screening, Prenatal Testing, Carrier Screening, and Others. Diagnostic testing and Newborn screening are the major application areas of genetic testing industry. The large shares of these applications can be attributed to presence of huge players in the segment, and to rising number of genetic tests performed for this purpose. The Carrier Testing market is expected to witness the highest growth during 2016-2022. This growth is likely to be driven by the huge population opting for carrier screening of cystic fibrosis, exhibiting unprecedented rise in the US. The report provides current and forecasted market for each of the application areas of Genetic Testing. The major disease profiles/conditions for which Genetic Testing is used include Alzheimer's Disease, Cystic Fibrosis, Cancer, Down Syndrome, and Others. Cancer accounts for largest share amongst the diseases for which genetic testing is done.

Download PDF to know more details about "Genetic Testing Market" Report 2013-2028

This large share can be attributed to the rising prevalence of cancer, which is expected to increase as the global population ages. Approximately 75-80% of all cancers are diagnosed in people aged 55 or older, and this pattern is expected to increase by 2020. The report provides current and forecasted market for each of the genetic conditions of Genetic Testing. Moreover, the report also contains markets for the major regions including North America, Europe, Asia Pacific, and Rest of the World. North America contributes the largest share in the global genetic testing market, followed by Europe. Presence of major players, increased awareness and higher disposable income, are some of the prominent factors that have led to North America being the market leader. The Asia-Pacific market is expected to witness the highest growth during 2016-2022.

The major reasons for the high growth are the increasing per capita income and gradual development of healthcare sector in countries, such as India and China. North America and Europe are expected to grow at modest rate due to launch of new and innovative products in these market. The company profiles segment in this report is entirely devoted to profiling leading companies of the genetic testing industry including some major players like Abbott Laboratories, Roche Diagnostics, Myriad Genetics, Inc., Thermo Fisher Scientific, Inc., Hologic, Inc., Cepheid, Agilent Technologies and QIAGEN. This segment provides you access to the new launched products, recent developments, and strengths and weaknesses of these companies to deliver a clear understanding/view of the competitive landscape. Overall, the report will prove to be a complete source of knowledge and analysis for clients and potential investors.

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