According to Acumen Research and Consulting, the global Genetic Testing market is expected to grow at noteworthy CAGR around 11 % throughout the forecast period and reach around US$ 18 billion by 2026.
The report provides analysis of global Genetic Testing market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The study of the gene in the cells and tissues is a genetic test. This study is used to further understand genetic disorders like cancer, sickle cell anemia, cystic fibrosis, downn syndrome and more. The report discusses the application of genetic tests for the development of individual medicine, the treatment of cancers and other genetic conditions. It furthermore highlights a variety of techniques including genomic hybridizing, hybridization, fluorescence in situ, karyotyping and others used for the detection of genetic malformations and cancer: the use of cytogenetic testing / chromosome analysis, biochemical trials, molecular testing and DNA sequencing. These techniques use products such as kits, media, reagent and others for genetic testing.
In the near future, the global market for genetic testing will increase substantially as genetic disorder and carcinogenic diseases increase and personalized medicinal products become increasingly aware of their acceptance. Moreover, progress in genetic testing techniques and the increasing use of genetic oncology testing will boost market growth over the predictive period. However, standardization concerns for genetic testing-based diagnoses and stringent product approval regulatory requirements are anticipated during the prediction period to interfere with the growth of the genetic test market. In contrast, untapped emerging markets are expected to offer market players payment opportunities in developing countries. These factors are therefore expected to increase global market share for genetic testing.
Type, technology, application and region are the basis of the international genetic testing industry. The market is classified by type into predictive tests, predictive tests, preventive and neonatal tests, diagnostic tests, pharmacogenomic tests and so on. The market is split into cytogenetic tests, DNA sequencing, molecular testing and DNA sequencing on the basis of technology. It is segmented into cancer diagnosis, diagnosis of genetic conditions, diagnosis of cardiovascular diseases and others by application. The market in North America, Europe, Asia-Pacific and LAMEA is analyzed regionally.
Due to increasing awareness about the same and increasing investment in this field, molecular diagnosis market is growing at a significant rate. Genetic testing refers to a human DNA analysis process in any form of human DNA, or associated products such as RNA, chromosomes, DNA, etc. Genetic testing is widely employed in the detection of genotype, phenotype or mutation-related diseases. Genetic trials are also performed for clinical purposes to detect karyotype. Due to the various advantages offered by this procedure, such as detected genetic abnormality in early gestation about 8 to 10 weeks, the popularity of genetic testing is increasing. It also helps to establish the sex of the fetus. Due to increased awareness and findings of this field, the genetic testing market is growing at a significant rate. The genetic mutations screening with the trans-membrane conductance regulator gene (CFTR) of the Cystic Fibrosis gene is most common among all the tests conducted for genetic testing.
The market is divided into prenatal, newborn and prenatal tests, testing, pharmacogenomic tests and others, according to type. The diagnostic test segment is currently leading with turnover in 2018 and its dominance is projected to remain over the forecast period. This is due to the increase in human sensitivity to health and increased mortality incidences due to genetic diseases worldwide. On the other hand, during the forecast period, the pharmacogenomic test segment is expected to be the most highly effective CAGR. This is largely because pharmaceutical companies are making increasing use of drugs discovery and development.
The genetic test market is divided into chromosome analysis, genetic disease diagnosis, diagnosis of cardiovascular conditions and others, depending on the application. During the forecast period, the segment of diagnostic cardiovascular diseases is expected to show most growth. This is attributed to an increasing rate of mortality as a result of legacy cardiomyopathy, hypertrophic cardiomyopathy (HCM), expanded cardiomyopathy (DCM) and others caused by one or very little genetic changes. In the near future it therefore helps to increase the market size for genetic testing.
The genetic testing market was dominated by North America with sales of US$ 6 billion in 2018 and is projected to grow substantially over the forecast period. This is because genetic disorders, like cancer, Turner syndrome, neurofibromatosis and spinal muscle atrophy are increasing. The provision of new tests will fuel the demand for genetic testing due to technological developments. In the coming years, further market growth will be strengthened by advanced infrastructure, combined with high healthcare and regulatory support for direct-to-consumer genetic testing. Due to increasing prevalence of different types of cancer, including prostate, breast, and lung cancer, the Latin America Genetic Test Market is expected to grow in a robust CAGR of around 13 percent during the forecasting period. In Latin America, breast cancer is the most prevalent cancer in females. Breast cancer is estimated to increase by 46% by 2030, according to the Pan American Health Organization (PAHO). The number of breast cancer women is estimated in around 4.08.200. Accelerating regional growth over the forecast period will thus be implemented by genetic tests for the early detection and prevention of cancer and other genetic conditions.
Global Genetic Testing Market, by Type
Global Genetic Testing Market, by Technology
Global Genetic Testing Market, by Application
Global Genetic Testing Market, by Geography
The market research study on “Genetic Testing Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Genetic Testing market segments with market dynamics and their impact. The report also covers basic technology development policies.
The global market for genetic testing is driven by a range of factors, such as progress in genetic testing, an ever greater prevalence of genetic diseases and an increase in awareness. In addition, the market for genetic testing was driven by government initiatives and increased R&D activity in the field. However, the world market in genetic testing is restricted by high costs, the lack of skilled professionals and stringent regulations in some regions.
Key Players & Strategies
23andMe, Abbott Molecular, Biocartis, BioHelix, Bayer Diagnostics, BioMerieux, BGI, Celera Genomics, Cepheid, Counsyl, deCODEme, Genentech, Genomictree, HTG Molecular Diagnostics, Luminex, MolecularMD, IntegraGen, LabCorp diagnostics, Myriad, Natera, PacBio, Pathway Genomics, Qiagen, Roche Diagnostic is among the most eminent players in the global genetic testing market. Industry players focus on the strategic expansion of their product portfolio through acquisitions, fusions and collaborations. Roche, for example, in December 2018, acquired the Non-invasive Prenatal (NIPT) and cell-free DNA testing services market Ariosa Diagnostics, a provider of molecular diagnostic testing services.
The increasing prevalence in the genetic testing industry will drive a growing global genetic testing industry for diseases like cancer, cystic fibrosis, Alzheimer's and others. Increasing genetical tests and genetic mutation identification before their onset will further increase the industry's growth over the forecast period. Due to the increased adoption of genetic testing by physicians in clinical care, the industry should see rapid growth in future. The availability of direct consumer (DTC) regulatory aid and on-going technological advances allow industry players to maintain a position on the market.