Genetic Testing Market to grow extensively with 11.6% CAGR by 2024
Sellbyville, DE -- (SBWIRE) -- 05/29/2019 -- Global Genetic Testing Market is set to exceed USD 22 billion by 2024; according to a new research report by Global Market Insights. Innovation in genetic testing leading to enhanced efficiency, high sensitivity and safety will serve to be a high impact rendering factor. Technological advancement in scientific research as well as research instrument is increasing the importance of genetic testing. Availability of sensitive and efficient DNA sequencing technique for prenatal genetic testing allows detection of minute amount of DNA circulating in the mother's blood during early stages of pregnancy. Adoption of such non-invasive prenatal testing (NIPT) at a very early stage of pregnancy is increasing worldwide thereby augmenting the industry growth over the forecast period.
Increasing applications of genetic testing for early detection and prevention of oncology and genetic diseases will accelerate the market growth throughout the forecast period. Around 6,00,920 cancer deaths occurred in the U.S. in 2017. Growing awareness among patients pertaining to early diagnosis of diseases will lead to timely treatment resulting in reduced mortality. Rising prevalence of diseases such as cancer, cystic fibrosis, Alzheimer's and other genetic diseases worldwide will result in increasing number of people undergoing genetic testing for early diagnosis thereby fueling the market growth.
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The genetic testing industry has started to cater the demand for prenatal testing and newborn screening. Testing during pregnancy assists to identify any diseases the fetuses may have, although not all the possible inherited disorders, and help in parents taking decisions. It also helps to reduce miscarriage risks in early stages of pregnancy, an advantage that will highly influence the genetic testing industry.
Newborns can be tested a day or two after birth to detect any disorders and start treatments early, before any critical stage is reached. For instance, a girl born in Wisconsin, USA in 2003 was diagnosed with having phenylketonuria (PKU), an inherited and treatable metabolic disorder, a few days after her birth. Detected through newborn screening process, the ailment does not allow the phenylalanine amino acid to be processed and if untreated could lead to mental retardation. The parents in this case worked with a dietician to develop special diet and formula which she was then restricted to.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Myriad Genetics
- Genomic Health
- Abbott Molecular Inc.
- Roche Diagnostics Middle East
- Luminex Corporation
- Celera Genomictree Inc.
- HTG Molecular Diagnostics
- LabCorp Diagnostic Laboratories
- Pathway Genomics Corporation
- Bayer Diagnostics
Reportedly, the treatment worked, and the girl grew up without the threatening life-long disability. Many such instances worldwide have displayed the potential of the genetic testing industry in newborn screening, which is also being affected by the growing consciousness regarding hereditary disorders.
The genetic testing market, estimated to show 11.6% CAGR over 2018-2024, has witnessed phenomenal upsurge in terms of technological progress and commercialization. There are techniques to find out people who are not affected themselves but carry a gene that can induce disease in the next generation. Research in genetic testing is conducted for learning more about the human body and the contribution of genes. A more commonly known use of genetic testing is forensics, where DNA sequences are studied to identify criminals.
U.S. dominated the genetic testing market in 2017 and will witness robust growth during the forecast period. This is attributable to the rising prevalence of genetic diseases, highly advanced infrastructure to support genetic testing and technological advancements in the region. The regulatory support for direct to consumer (DTC) genetic testing coupled with increasing insurance coverage and reduction in the cost of genetic tests is projected to fuel the demand for genetic testing in the U.S.
Genetic testing market in Japan accounted for the largest market share in Asia-Pacific region and is expected to show significant growth over the coming years. This is attributable to factors such as growing advancements in the technology, availability of new tests, rapidly rising patient pool and increasing government investment in R&D. Further, India and China are expected to grow at a faster CAGR due to the increasing disposable income, rising affordability and growing investments in healthcare infrastructure. Aforementioned factors will further fuel the regional growth throughout the forecast period.
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Some of the notable industry players operating in global genetic testing market are 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.
Chapter 1. Methodology
1.2. Market definition
1.3. Forecast parameters
1.4. Data sources
22.214.171.124. Paid sources
126.96.36.199. Unpaid sources
Chapter 2. Executive Summary
2.1. Genetic testing industry 360º synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Test type trends
2.1.3. Application trends
2.1.4. Regional trends
Chapter 3. Genetic Testing Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry impact forces
3.3.1. Growth drivers
188.8.131.52. Growing application of genetic testing in oncology and genetic diseases in North America
184.108.40.206. Technological advancement and availability of new tests
220.127.116.11. Consumer interest in personalized medicine in Europe
18.104.22.168. Physician adoption of genetic tests into clinical care
22.214.171.124. Growing demand for direct-to-consumer genetic testing
3.3.2. Industry pitfalls & challenges
126.96.36.199. High cost of genetic testing
188.8.131.52. Dearth of experienced professionals in developing and underdeveloped countries
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TABLE 1. Genetic testing industry 360° synopsis, 2013 – 2024
TABLE 2. Global genetic testing market, 2013 – 2024 (USD Million)
TABLE 3. Global genetic testing market, by test type, 2013 – 2024 (USD Million)
TABLE 4. Global genetic testing market, by application, 2013 – 2024 (USD Million)
TABLE 5. Global genetic testing market, by region, 2013 – 2024 (USD Million)
TABLE 6. Predictive testing market by region, 2013 – 2024 (USD Million)
TABLE 7. Carrier testing market by region, 2013 – 2024 (USD Million)
TABLE 8. Prenatal and newborn testing market by region, 2013 – 2024 (USD Million)
TABLE 9. Diagnostic testing market, by region, 2013 - 2024, ( USDMillion)
TABLE 10. Pharmacogenomic market, by region, 2013 - 2024, (USD Million)