According to the report “Global Genetic Testing Market,” published by Market Data Forecast, the global market is projected to reach USD 59.01 Million by 2021, at a CAGR of 9.51% from 2016 to 2021.
Currently the highly attractive segment in molecular diagnostics market is the genetic testing as the need to provide superior healthcare is growing day by day. It is a sophisticated form of medical testing for identification of slightest modification in chromosomes, genes, or proteins that are associated with inherited disease conditions.
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Genetic testing is the analysis of genes, chromosomes, or proteins to predict the risk of diseases, identify carriers (individuals who do not have the disease but have a copy of the disease gene) of disease, diagnose diseases, or determine the likely course of a disease. Genetic testing has enabled the easy diagnosis of diseases, such as sickle cell anaemia, haemophilia, and cystic fibrosis, helping several patients in leading a normal life
Global Genetic Testing Market: Drivers & Restraints
Growing awareness about the potential benefits in genetic testing is one of the primary reasons for the growth of the genetic testing market. In addition, advancements in the genetic testing space, aging population and a subsequent rise in the number of chronic diseases, and rising incidences of cancer cases are the other factors fuelling the growth in the genetic testing market.
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However, high costs associated with testing and lack of credible standard procedure has led to serious doubts among individuals concerning the authenticity of genetic reports. These factors are hindering the growth of global genetic testing market
Global Genetic Testing Market: Segmentation
- Carrier Testing
- Diagnostic Testing
- Prenatal Testing
- Neonatal Testing
- Cancer Testing
- Prenatal Testing
- Pharmacogenomics Testing
- Presdisposition Testing
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Global Genetic Testing Market: Overview
The growing incidence of genetic diseases unravels new opportunities for genetic testing and its related applications. The transformation of genetic testing from being a service-driven market to a product-driven market is anticipated to provide a push to the diagnostic companies for the expansion of their operations.
North America dominates the global market for genetic testing due to increasing prevalence of diseases by genetic disorders and high technological advancement in the region. Europe, followed by Asia, is expected to show high growth rate in the next few years in genetic testing market. China and India are expected to be the fastest growing genetic testing markets in Asian region.
Global Genetic Testing Market: Region-wise Outlook
Furthermore, on the basis of geography, the global market is analysed under various regions namely North America, Latin America, Europe, Asia-Pacific, Middle-East & Africa. The US represents the largest market for genetic testing worldwide. Screening for genetic mutations within the CFTR (Cystic Fibrosis Trans-Membrane Conductance Regulator) gene is the most recurrently conducted test in the US.
Key Questions Answered
- What will be the market growth till 2021 and what will be the resultant market forecast in the year?
- What was the market size from 2016 to 2021?
- What is the current and future Genetic Testing Market outlook in worldwide?
- What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Genetic Testing space in global?
- What are the key, high growth markets that Genetic Testing manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Genetic Testing currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Genetic Testing?
- What are the challenges and barriers that have hindered widespread adoption of Genetic Testing?
Global Genetic Testing Market: Key Players
Some of the major companies in the global genetic testing market include, Abbott Laboratories, Roche Molecular Diagnostics Inc., Abbott Molecular Inc., AutoGenomics Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc. and Applied Biosystems Inc.,
Reasons to buy Global Genetic Testing Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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