Genetic Testing Market revenue is projected to secure USD 22.5 billion by 2024; as per a new research report by Global Market Insights, Inc. 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.
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.
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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.
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. 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.
Browse key industry insights spread across 160 pages with 68 market data tables & 7 figures & charts from the report, “Genetic testing Market” in detail along with the table of contents:
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.
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.
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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.
Major industry players are primarily focusing on acquisitions and collaborations as their key strategies. They are increasing their emphasis on enhancing and strengthening the product portfolio to enhance their existing systems.
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