Raising Awareness About Benefits of Genetic Testing to Boosts Its Sales Globally
The global genetic testing market is estimated to witness growth prospects owing to the rising adoption of several genetic tests. Thus, the market is likely to expand at a growth rate of 11.50% during the forecast period till 2024 and to grab a valuation of USD 22,834.19 million. The genetic tests involve the club of lab tests for the genetic makeup to identify the gene mutation and alteration in the DNA structure. The genetic tests confirm the suspected genetic condition coupled with a person’s possibility of developing disorders. Thus, growing incidences of the diseases due to the genetic problems is augmenting the adoption of genetic testing, which likely to benefit market growth.
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Rising awareness about the genetic testing and changing trends and increasing prevalence of several disorders are estimated to benefit the market growth. This scenario will drive market growth in the coming years as well. The genetic tests are widely available for nearly 1,000 tests; the availability and wider adoption are likely to benefit the market growth in the coming years. Additionally, shift preference from the service-driven industry to product-driven, which is estimated to drive the market growth. However, the high costs involved in the tests are hampering its acceptance especially in the price-sensitive markets in the developing countries. This is a crucial challenge for the growth of the genetic testing market. Nonetheless, its efficiency and accuracy are likely to offer robust opportunities for growth during the estimated timeframe.
Some of the major companies in the global genetic testing market include Myriad Genetics, Inc., Abbott Laboratories, PerkinElmer Inc., Bio-Rad Laboratories, Inc., QIAGEN, Illumina Inc., Quest Diagnostics Incorporated, F. Hoffmann-La Roche Ltd, Eurofins Scientific, Thermo Fisher Scientific Inc., Blueprint Genetics, and BGI Genomics.
The genetic testing market is segmented on type, method, application, and region.
Based on type, the market is segmented into direct to consumer genetic testing and prescribed genetic testing.
Based on the method, the market is segmented into chromosomal genetic tests, molecular genetic tests/ DNA tests, and biochemical genetic tests.
Based on the application, the market is segmented into predictive and pre-symptomatic testing, cancer screening, reproductive health, ancestry, and others. Of these, the reproductive health segment is divided into carrier screening, newborn screening, and prenatal screening. The cancer screening segment is sub-segmented into hereditary cancer, ovarian cancer, breast cancer, colon cancer, and others. However, the reproductive health segment dominated the global genetic testing market by holding a value of USD 3,993.67 million in 2018.
Regionally, the genetic testing market is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, the Americas are estimated to remain dominant in the global genetic testing market in the coming period owing to the robust pool of patients suffering from the genetic disorders coupled with the presence of favorable healthcare and political infrastructure. Additionally, the robust investment for research and development for newer tests and drugs is likely to act in favor of the genetic testing market.
Europe is estimated to hold the second-largest revenue share during the forecast period owing to several advancements in the molecular medicines and tests. Additionally, a substantial prevalence of genetic disorders and further scope for genetic tests due to awareness about its benefits and available.
However, Asia Pacific is estimated to be the fastest-growing region in the global genetic testing market owing to raised awareness in the developing regions. In addition to this, the presence of enormous opportunities for the development of market is likely to drive market growth. The presence of a robust population coupled with an increased screening of genetic disorders is propelling growth of the global genetic testing market.
September 2019, AnaptysBio, Inc., one of the key clinical-stage biotechnology companies, announced positive data from an interim investigation of its Phase 2 clinical trial of ANB019. This is a test for a moderate-to-severe generalized pustular psoriasis (GPP) patients.
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