Genetic Testing Market: Projected To Grow At A CAGR Of 10.32% During The Period 2018-2022: Radiant Insights, Inc
The genetic testing market is likely to expand progressively by 2022.Rising rate of infertility across the world, technological developments, and rising number of fertility clinics worldwide, technological advancements in the field of genetic analysis can drive the market over the forecast period (2018 to 2022). Additionally, rising awareness about genetic services and increasing incidence of common autoimmune diseases are likely to propel the global genetic testing services market during the forecast period.
Increasing occurrence of genetic disorders is considered as the major driving factor for the market. Genetic differences in different individual can cause dissimilar responses to same medication. Increasing demand for companion diagnostics is likely to drive the market in the coming years. Persons immune to common medicine can be treated with the help of personalized medication. Biomarkers are used for identifying the gene associated to the failure of such pharmaceutical products while conducting test or designing personalized medicine. Moreover, increasing use of health care IT solutions for genetic testing, high occurrence of cancer and cardiovascular diseases, and development in advanced techniques with improved efficiency and accuracy are likely to supplement the market growth in the coming years.
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However, less awareness regarding genetic services in various emerging economies coupled with high cost of genetic tests can restrict the market growth.
Worldwide genetic testing market can be segmented on the basis of application, product, end-use, and region.
Based on application, the genetic testing market can be classified into predictive and diagnostic testing, prenatal, new-born, and pre-implantation testing, pharmacogenomic testing, and forensic, relationship, and ancestry testing. As per product, the market can be bifurcated into analyzers and consumables.
On the basis of end-use, the genetic testing market can be bifurcated into clinical diagnostics laboratories, hospitals, and biopharmaceuticals companies and research centres.
Geographically, the genetic testing market can be divided into Americas, Asia Pacific, and Europe, the Middle East and Africa (EMEA). Americas has been dominating the market followed by Europe. Increasing number of IVF procedures due to declining fertility rates, high adoption of genomic techniques, increasing adoption of advanced genetic techniques, and growing investment from private and government organization for developing commercialize PGS and PGP procedures are driving the market growth in the Americas. Countries such as the U.S., Germany, and the U.K have high awareness regarding these testing techniques. Presence of established infrastructure, high R&D activities, and rise in healthcare investments are the major factors driving the growth in these countries.
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Asia Pacific is expected to be the fastest growing region over the forecast period. Emerging countries such as China and India are likely to show high growth in terms of services due to high incidences of infectious diseases.
Key companies operating in the genetic testing market include Bio-Rad Laboratories, Abbott, Quest Diagnostics, F. Hoffmann-La Roche, and Myriad Genetic.
For instance, the market comprises a large number of players. The players are mainly focusing on merger, acquisitions, partnerships, and development of new products to gain traction in the market.
For instance, ADx Healthcare has recently launch its Alzheimer’s Disease APOE genetic test in partnership with Helix, a personal genomics company. Individuals can purchase this Alzheimer’s-related genetic test online and under the guidance of a licensed physician and genetic counselor. APOE is the single-most dominant genetic risk factor for late-onset Alzheimer’s disease. The ADx Healthcare APOE Genetic Test can be purchase through Helix’s online store.
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