"Rising geriatric population and increasing awareness among individuals towards preventive diagnostic tests is providing impetus to the genetic testing market size progressing at a global CAGR of 12.59% during the forecast period of 2019-2025."
Burgeoning occurrences of intricate diseases such as cancer, cardiovascular disease, and neurological disease, has been persistently stimulating the omnipresent customary diagnostic practices. Owing to such inescapable setting, the demand for innovative diagnostics are stroking the healthcare sector, and the genetic testing market is all set to capitalize on this phenomenon. Genetic testing is a method in which our DNA is extracted and put under comprehensive analysis for detection and prevention of ailments. Most notably genetic tests supplements personalized medicines and therapies for individual patients, thus plentiful scope of application in forensic and healthcare settings has driven the genetic testing market towards a staggering value of $7.54 billion as of 2018. And as per the business intelligence report by IndustryARC, rising geriatric population and increasing awareness among individuals towards preventive diagnostic tests is providing impetus to the genetic testing market size progressing at a global CAGR of 12.59% during the forecast period of 2019-2025.
The study incorporates all the commercial aspects of the trending genetic testing market ranging from its end-users verticals, applications insights and regional revenue pockets to an imperative competitive landscape and pricing conditions. An unbiased topography is maintained throughout the report by the analyst via inclusion of challenging aspects pertaining to each segment assisted by effective solutions.
The report is titled “Genetic Testing Market: By Type of Testing (Forensic Testing, Newborn Screening, Others); By Method (Molecular, Chromosomal, Biochemical); By Testing Sample (Saliva, Blood, Others); By Industry (Laboratories, Hospitals, Blood Banks, Others) – Forecast (2019 - 2025).” This report covers Genetic Testing Market Size by type and applications, Genetic Testing Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Genetic Testing Market Leading Segments:
Accumulating the conclusions by the analyst, it is stated that, North America dominated the genetic testing market by sourcing a substantial 44.71% of global demand in 2018 and is estimated to propel at a significant rate over the forecast period. Unprecedented development in the incidences of genetic diseases such as cancer, spinal muscular atrophy, turner syndrome and neurofibromatosis in this region is catapulting the market growth. High demand for genetic testing in North America can also be attributed to the availability of new and advanced diagnostic tests coupled with cutting-edge healthcare facilities and federally subsidized healthcare expenditure.
Among different categories of tests involved in the vast ecosystem of genetic testing, the most prominent ones generating significant revenue for the market are forensic testing, carrier testing, diagnostic testing, and newborn screening. Diagnosis of these bifurcation estimated diagnostic testing to be the fastest growing segment progressing with an application CAGR of 11.01% going through 2025. Diagnostic testing stimulates early detection of diseases thus minimizing the severity of the disease.
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Genetic Testing Market Trends and Growth Drivers:
Customized medicine is a major trend disrupting the genetic testing market. Increasing uptake of personalized medicines is gaining traction as it offers tailored medical treatment to patients based on their molecular basis and genetic profile and its susceptibility to certain diseases.
Scientific development has equipped individuals with authority and liberty to conduct their own genetic testing.some of the virtual medical stores providing DNA testing kit at an economic price tag of $90. The result generated for further confirmation and interpretation can be uploaded on supportive websites for analysis by medics.
On October 3, 2017, Abbot Laboratories sealed the Alere acquisition. Abbott declared that with this transaction, its total diagnostics sales should be $7 billion. The firm also estimated to arise as a lead player in the $7 billion point-of-care diagnostic space within the broader $50 billion in-vitro diagnostics market with this takeover.
Genetic Testing Market Players Perspective:
Some of the key players operating and driving the global genetic testing market through innovations and R&D are Abbott Laboratories Inc., Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche, Illumina, Inc., Bayer Diagnostics, 23andMe, Biocartis SA, Biohelix Corporation and Celera Corporation.
A. DNA Diagnostics Market
B. Predictive Genetic Testing And Consumer/Wellness Genomics Market
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