Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), Illumina Inc. (US), Myriad Genetics (US), PerkinElmer Inc. (US), QIAGEN N.V. (Germany), and Quest Diagnostics (US) and others are some of the prominent players at the forefront of competition in the Global Genetic Testing Market and are profiled in MRFR Analysis.
Global Genetic Testing Market – overview
The Global Genetic Testing Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the Global Genetic Testing Market is booming and expected to gain prominence over the forecast period and is projected to grow a sound pace. The market is projected to demonstrate a sound growth by 2023, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017-2023).
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Genetic testing involves various medical test that help us identify changes in chromosomes, genes, or proteins. The genetic tests can confirm or rule out a suspected genetic condition and it can help determine a person’s probability of developing a genetic disorder or passing on the same to next generation. Currently there are more than 1,000 genetic tests in use, and more are being developed. Rising awareness about the benefits of genetic testing, rising prevalence of the genetic disorders, changing trend in the industry from service driven to product driven industry are some of the factors that drives the market growth during the forecast period. However, limitations in the genetic testing and inaccuracy of tests, stringent regulation from the Insurance companies, and high cost of the tests are the major restraining factor for the market growth during the forecast period.
Global Genetic Testing Market – competitive analysis
Characterized by the presence of several well-established and small players, the global market of genetic testing appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
In January-2017, QIAGEN N.V., acquired OmicSoft Corporation. With this acquisition, Qiagen will enhance its bioinformatics portfolio by adding key features from OmicSoft which will expand Qiagen’s translational & clinical applications.
In August-2016, Quest Diagnostics and AncestryDNA, collaborated to meet the rapidly growing consumer demand for genetic tests that provide insights into genetic ethnicity, origins and other factors. The new collaboration will allow AncestryDNA to scale up its testing services.
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In April-2017, Myriad Genetics signed an agreement with Clovis Oncology for the use of its FDA-Approved BRACAnalysis CDx Test to Identify Patients with Germline BRCA Mutations for Rubraca Treatment.
In January-2017, Illumina Inc. launched the Single Cell Sequencing Solution in collaboration with Bio-Rad. It was the first Next Generation Sequencing (NGS) workflow for single cell analysis and provided researchers the ability to investigate the coordinated contribution of individual cells in tissue function, disease progression, and therapeutic response.
In October-2016, Myriad Genetics Inc. formed relationship with ION Solutions to deliver quality hereditary cancer test. Myriad and ION will work together to enhance the operational and clinical value associated with hereditary cancer testing.
1 Report Prologue
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Genetic Testing Market By Type
7 Global Genetic Testing Market By Method
8 Global Genetic Testing Market By Type Of Test
9 Global Genetic Testing Market By Indication
10 Global Genetic Testing Market By Region
11 Company Profile
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