Market Study Report adds global Genetic Testing market report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.

Selbyville, DE -- (SBWire) -- 12/28/2018 --Market Study Report adds global Genetic Testing Market report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.

Increasing prevalence of cancer and other genetic diseases worldwide will drive industry growth over the forecast timeframe. Breast cancer is the second leading cause of cancer deaths among women. According to the Pan American Health Organization (PAHO), around 4,08,200 breast cancer cases and 92,000 cancer deaths were recorded in 2013. The number of breast cancer cases in Americas is expected to grow by 46% by 2030.
Genetic Testing Market will reach USD 22.5 billion by 2024. Diagnostic testing dominated the genetic testing market and accounted for USD 5,690.6 million in 2017.

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It is expected to witness robust growth during the forecast period attributable to the increasing prevalence of chronic diseases worldwide. Diagnostic testing enables early diagnosis of diseases allowing patients to undergo timely therapeutic treatment, lower the severity of diseases and reduce the mortality rate.

U.S. genetic testing market dominated the industry owing to increasing prevalence of chronic diseases, developed healthcare facilities and technological advancements. Rising prevalence of genetic diseases such as cancer, cardiac disease, neurofibromatosis, cystic fibrosis, Turner syndrome and spinal muscular atrophy will augment the market growth. Moreover, increasing insurance coverage and regulatory support for direct to consumer (DTC) genetic testing coupled with reduction in the cost of genetic tests is expected to propel the demand for genetic testing in the U.S. over the forecast period.

This report focuses on the top Manufacturers and players in global market are given bellow:-
23andMe, Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, BioMerieux, BGI, Celera Genomics, Cepheid, Counsyl, deCODEme, Genentech, Genomictree, Genomic Health, HTG Molecular Diagnostics, IntegraGen, LabCorp Diagnostics, Luminex, MolecularMD, Myriad, Natera, PacBio, Pathway Genomics, Qiagen, Roche Diagnostics, Sequenom and Siemens.

Furthermore, increasing awareness among patients pertaining to early detection of diseases helps patients to undergo timely treatment and minimize the risks associated with the diseases. Aforementioned factors are expected to fuel the demand for genetic testing thereby propelling the market growth.

Availability of new tests owing to technological advancements in the field of genetic testing will serve to be high impact rendering factor. Demand for genetic testing is increasing due to the development of non-invasive tests that can be used in detection of genetic abnormalities during early pregnancy. Availability of highly sensitive and efficient tests for early diagnosis of diseases will boost the market growth. Moreover, increasing consumer demand for personalized medicines based on molecular basis of the diseases will further drive the genetic testing market during the forthcoming years.

However, dearth of experienced professionals and lack of advanced infrastructure in developing region will impede the industry growth. Furthermore, high costs involved in genetic testing will hamper the growth of genetic testing market.

Genetic Testing Market Size By Test Type (Predictive Testing, Carrier Testing, Prenatal And Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing)

By Application (Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis)
Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Japan, China, India, Australia, South Korea, Brazil, Argentina, Mexico, South Africa, Saudi Arabia, UAE)
Application Potential, Competitive Market Share & Forecast, 2018 - 2024

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Diagnostic testing dominated the genetic testing market and accounted for USD 5,690.6 million in 2017. It is expected to witness robust growth during the forecast period attributable to the increasing prevalence of chronic diseases worldwide. Diagnostic testing enables early diagnosis of diseases allowing patients to undergo timely therapeutic treatment, lower the severity of diseases and reduce the mortality rate.

Cardiovascular disease diagnosis segment is expected to grow at the fastest rate during the forthcoming years. Cardiac diseases are the leading cause of deaths worldwide and are caused by a combination of genetic and environmental factors. The onset and treatment of CVDs can be controlled if it is diagnosed prior to manifestation of actual disease in patients with high risk of developing a CVD. Genetic testing helps to reliably determine an individual?s risk to develop CVDs based on their genetic data using preventive genetic screening.

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