MarketResearchFuture.com published a Cooked research report on “Global Genetic Testing Market Research Report – Forecast to 2023” reports to its database. – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
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The Global Genetic testing market is growing moderately. It is growing at the CAGR of ~9.8% during the forecast period. The global genetic testing market expected to reach USD 10,033.4 million by 2023 from USD 4,683 in 2016.
The report titled “Genetic Testing Market -Forecast to 2023″ is a direct appreciation by Market Research Future of the market potential of the Genetic Testing Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today’s winner takes all market!
Americas accounted for the largest 46.3 % market share of the global genetic testing in 2016. The Americas market was ruled by the U.S. owing to its large economy, developed healthcare infrastructure and the compulsory genetic testing of newborns under the Affordable Healthcare Act.
Europe region was dominated by Germany, France and the U.K. which is estimated to reach USD 2.5 billion by the end of forecast period of 2023. The orphan drug classification coupled with the presence of large players and high per capita income of the European nations propel the Europe genetic testing market.
Asia-Pacific (APAC) region is expected to deliver the fastest growth at a CAGR of 10.1 % during the forecast period. Middle East and Africa (ME&A) is likely generate moderate growth skewed in favour opf the Gulf economies of Saudi Arabia, UAE and others. Poor economy, limited healthcare and political instability hamper the Africa genetic testing market.
Some of the dominant players in this market are Qiagen N.V. (Germany), PerkinElmer Inc. (US), Abbott Laboratories (US), Illumina Inc. (US), Bio-Rad Laboratories, Inc. (US), Myriad Genetics (US), and Quest Diagnostics (US) and others.
Genetic testing or DNA testing, is employed for the determination of bloodlines and the diagnosis and prognosis of genetic diseases so as to select appropriate treatment regimens. The global genetic testing market is generating a CAGR of ~9.8% and is expected to reach USD 10.0 billion by the end of the forecast period 2016-2023.
The growing demand for genetic testing from end industries and users such as diagnostics, drug discovery, research and development, livestock and others are the prime drivers of the market. Rising awareness, growing demand for parentage determination, progeny testing in livestock and agriculture, seed industries, and growing incidence and prevalence of cancers, and others are further charging the market.
Technological advancements such as the development of through output screening, next generation screening (NGS), growing sensitivity and selectivity of tests, improvements in analytics resulting in faster detection, development of tissue microarray techniques are technical drivers of the market. Further forensic testing is firing the demand for advanced tests which is benefiting the market.
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High cost of the tests, lack of awareness in underdeveloped regions and the possibility of genetic discrimination hampers the market.
Genetic testing provides limited information about an inherited disease. A person may only be a carrier of a disorder, displaying low or no symptoms. Genetic testing also does not determine the timely progression of the disorder and thereby results in ambiguity of treatment strategies for genetic disorders.
The global genetic testing market has been divided by type, method, type of test, indication and regions to gain an accurate assessment of the direction of the market.
Type – prescribed genetic testing, and direct to consumer (DTC) genetic testing. Prescribed genetic testing dominated the market in 2016.
Method – molecular genetic test/ DNA test, biochemical genetic test, chromosomal genetic test. Molecular genetic tests/DNA accounted for the largest market share in 2016.
Type of test – diagnostic test, family DNA test, predictive test, and others. Diagnostic test possessed the largest market share in 2016.
Indication – cancer testing, autoimmune disorder testing, neurogenetic disorder testing, muscular dystrophies, and others. Cancer testing had the largest market share in 2016.
Regions – Americas, Europe, Asia-Pacific (APAC), and Middle East and Africa (ME&A)
Feb, 2018 – Optra Health launched ‘Digital Genetic Assistant’ for interpreting genetic tests.
Jun, 2017 – Phosphorus launched diagnostic genetic tests for hereditary cancers designed to provide lifetime risk quantification, which are expected to drive down survival rates.
Jan, 2017 – Elucigene Diagnostics launched CF-DE test for the genetic detection of cystic fibrosis.
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