Genetic Testing Market – Global Insights
The Global Genetic Testing Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the Global Genetic Testing Market is booming and expected to gain prominence over the forecast period and is projected to grow a sound pace. The market is projected to demonstrate a sound growth by 2023, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017-2023).
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Genetic testing involves various medical test that help us identify changes in chromosomes, genes, or proteins. The genetic tests can confirm or rule out a suspected genetic condition and it can help determine a person’s probability of developing a genetic disorder or passing on the same to next generation. Currently there are more than 1,000 genetic tests in use, and more are being developed. Rising awareness about the benefits of genetic testing, rising prevalence of the genetic disorders, changing trend in the industry from service driven to product driven industry are some of the factors that drives the market growth during the forecast period. However, limitations in the genetic testing and inaccuracy of tests, stringent regulation from the Insurance companies, and high cost of the tests are the major restraining factor for the market growth during the forecast period.
Top Vendors of Genetic Testing Market Research Report:
Some of the key players in this market are: Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), Illumina Inc. (US), Myriad Genetics (US), PerkinElmer Inc. (US), QIAGEN N.V. (Germany), and Quest Diagnostics (US)
Global genetic testing market has been segmented on the basis of type which prescribed genetic testing, and direct to consumer (DTC) genetic testing. Prescribed Genetic Testing accounted for the largest market share in 2016. On the basis of method, it is segmented into Molecular Genetic Test/ DNA Test, Chromosomal Genetic Test, Biochemical Genetic Test. Molecular Genetic tests/DNA was holding largest market share in 2016. On the basis of type of test, the market is segmented into Diagnostic Test, Predictive Test, Family DNA Test, and others. Diagnostic test accounted for the largest market share in 2016. On the basis of indication it is segmented into Cancer Testing, Neurogenetic Disorder Testing, Autoimmune Disorder Testing, Muscular dystrophies, and others. Cancer Testing accounted for the largest market share in 2016.
Global Genetic Testing Market – competitive analysis
Characterized by the presence of several well-established and small players, the global market of genetic testing appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
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In January-2017, QIAGEN N.V., acquired OmicSoft Corporation. With this acquisition, Qiagen will enhance its bioinformatics portfolio by adding key features from OmicSoft which will expand Qiagen’s translational & clinical applications.
In August-2016, Quest Diagnostics and AncestryDNA, collaborated to meet the rapidly growing consumer demand for genetic tests that provide insights into genetic ethnicity, origins and other factors. The new collaboration will allow AncestryDNA to scale up its testing services.
In April-2017, Myriad Genetics signed an agreement with Clovis Oncology for the use of its FDA-Approved BRACAnalysis CDx Test to Identify Patients with Germline BRCA Mutations for Rubraca Treatment.
In January-2017, Illumina Inc. launched the Single Cell Sequencing Solution in collaboration with Bio-Rad. It was the first Next Generation Sequencing (NGS) workflow for single cell analysis and provided researchers the ability to investigate the coordinated contribution of individual cells in tissue function, disease progression, and therapeutic response.
In October-2016, Myriad Genetics Inc. formed relationship with ION Solutions to deliver quality hereditary cancer test. Myriad and ION will work together to enhance the operational and clinical value associated with hereditary cancer testing.
Regional Analysis of Global Genetic Testing Market:
Considering the global scenario of the market, due to continuous innovation, high awareness about the genetic testing and rapid adoption of new technology, Americas is largest market and was holding 46.3% market share of global Genetic testing in 2016. US is holding largest market share in North America region. European genetic testing market is expected to reach USD 2,553.10 million by 2023. On the other hand, due to increasing aging population and advances in the medical fields, the Asia-Pacific (APAC) is fastest growing market for Genetic testing and expected to grow at a CAGR of 10.1% during the forecast period. Middle East and Africa (ME&A) is likely to have a limited growth in the market due to less awareness and lack of required infrastructure.
Major TOC of Genetic Testing Market Research Report – Global Forecast To 2023:
1 REPORT PROLOGUE
3 RESEARCH METHODOLOGY
4 MARKET DYNAMICS
5 MARKET FACTOR ANALYSIS
6 GLOBAL GENETIC TESTING MARKET BY TYPE
7 GLOBAL GENETIC TESTING MARKET BY METHOD
8 GLOBAL GENETIC TESTING MARKET BY TYPE OF TEST
9 GLOBAL GENETIC TESTING MARKET BY INDICATION
10 GLOBAL GENETIC TESTING MARKET BY REGION
11 COMPANY PROFILE
List of Tables:
TABLE 1 GLOBAL GENETIC TESTING MARKET BY TYPE, 2014 TO 2023 (USD MILLION) 28
TABLE 2 GLOBAL PRESCRIBED GENETIC TESTING MARKET, 2014 TO 2023 (USD MILLION) 29
TABLE 3 GLOBAL DIRECT TO CONSUMER GENETIC TESTING MARKET, 2014 TO 2023 (USD MILLION) 30
TABLE 4 GLOBAL GENETIC TESTING MARKET BY METHOD, 2014 TO 2023 (USD MILLION) 31
TABLE 5 GLOBAL MOLECULAR GENETIC TESTS/ DNA TEST MARKET, 2014 TO 2023 (USD MILLION) 32
TABLE 6 GLOBAL CHROMOSOMAL GENETIC TEST MARKET, 2014 TO 2023 (USD MILLION) 33
TABLE 7 GLOBAL BIOCHEMICAL GENETIC TEST MARKET, 2014 TO 2023 (USD MILLION) 34
TABLE 8 GLOBAL GENETIC TESTING MARKET BY TYPE OF TEST, 2014 TO 2023 (USD MILLION) 36
TABLE 9 GLOBAL DIAGNOSTIC TEST MARKET, 2014 TO 2023 (USD MILLION) 37
TABLE 10 GLOBAL PREDICTIVE TEST MARKET, 2014 TO 2023 (USD MILLION) 38
TABLE 11 GLOBAL FAMILY DNA TEST MARKET, 2014 TO 2023 (USD MILLION) 38
TABLE 12 GLOBAL GENETIC TESTING MARKET BY INDICATION, 2014 TO 2023 (USD MILLION) 41
TABLE 13 GLOBAL GENETIC TESTING MARKET FOR CANCER TESTING, 2014 TO 2023 (USD MILLION) 42
TABLE 14 GLOBAL GENETIC TESTING MARKET FOR NEUROGENETIC DISORDER TESTING, 2014 TO 2023 (USD MILLION) 42
TABLE 15 GLOBAL GENETIC TESTING MARKET FOR AUTOIMMUNE DISORDER TESTING, 2014 TO 2023 (USD MILLION) 43
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