Genetic Testing Market to grow at a CAGR of 12.94% to increase from US$5.060 billion in 2018 to US$9.296 billion by 2023

Posted by Knowledge Sourcing 04/10/2017 0 Comment(s) Press Releases,

The recent study on the Global Genetic Testing market covers in-depth analysis of the market on the basis of type, disease, technology, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023, with 2017 as the base year. According to the report titled “Global Genetic Testing Market”, the market is expected to increase from US$5.060 billion in 2018 to US$9.296 billion by 2023, at a CAGR of 12.94% during the projected period. The report has segmented the global genetic testing market by type (prenatal testing, newborn screening, diagnostic testing, carrier testing, and predictive & pre-symptomatic testing), by disease (cancer, cystic fibrosis, sickle cell anemia, Duchenne muscular dystrophy, Alzheimer disease, thalassemia, Huntington disease, and others), by technology (cytogenetic testing, biochemical testing, and molecular testing) and by geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). Genetic testing involves carrying out the range of tests on the sample of DNA derived from blood, saliva, skin, and other tissues. Genetic tests are majorly conducted for diagnosing genetic disorders, identifying the mutation in the gene, and designing the treatment package. The growing prevalence of genetic disorders has been instrumental in driving the market. Moreover, the gradual decrease in the cost of the genetic test has increased the number of genetic tests being conducted globally. However, concerns regarding the confidentiality and misleading advice along with the difficulty in interpreting the result have limited the market growth.  

 

             

 

Following driver, restraints, and opportunities have been covered in this report-

 

Drivers

  • Growing prevalence of genetic diseases
  • Falling prices of genetic testing

Restraints

  • Lack of constructive perception
  • Difficult interpretation of genetic test results

Opportunities

  • Workplace wellness program
  • Increasing the application of genetic tests

Prenatal testing is anticipated to witness rapid growth during the forecast period

Prenatal testing is often conducted during the pregnancy to detect the possibility of the baby having a genetic or chromosome disorder. The continuous technological advancement has made prenatal testing relatively affordable and gives more accurate results. Recently, the cell-free DNA screening was introduced which screens the mother’s blood that contains DNA from the baby to look for genetic disorders in the fetus. Moreover, the prevalence of birth defects is increasing globally which is correlated with the increasing trend of obesity among women that is expected to drive the genetic testing market for prenatal testing during the forecast period.

The prevalence of cancer is driving the genetic testing market

 

Cancer is one of the leading causes of mortality and morbidity globally and was responsible for 8.8 million deaths in 2015. Moreover, 5%-10% of all the cancers are caused by inherited genetic mutation. The growing prevalence of cancers is leading to significant increase in the number of the genetic test conducted for testing cancer.

Continuous reduction in the genome sequencing cost is increasing the adoption of molecular testing technology

Molecular testing involves studying a single gene or short lengths of DNA to identify variations or mutation that causes a genetic disorder. This type of test is applicable when the gene sequence of interest is known. In fact, it is the most effective method for small DNA mutation, more specifically when the biochemical test cannot be developed and the function of the protein is unknown. The molecular testing is used for prenatal and predictive genetic testing, risk assessment for family cancer and the diagnosis of many neurological disorders. Moreover, the continuous technological advancement and increasing number of start-ups is reducing the cost of genome sequencing which has rendered the cost of test relatively affordable.

North America holds a significant share in the market

Genetic testing is a significant element within the healthcare industry in the United States.  The gradual increase in the healthcare expenditure is an indicator of an increase in the spending on genetic testing. In fact, the number of diseases for which genetic testing is available has increased gradually over the years. Similarly, in Canada, the rapid technological innovation and growth in the discovery of genes associated with the hereditary disease have led to the increasing number of genetic test available in Canada as well. Moreover, the recent regulatory support for the direct-to-consumer genetic testing and the increase in the coverage of health insurance covering the genetic test has been instrumental in driving the genetic testing market in North America.

Some of the major players discussed in the reports are Abbot, Ariosa Diagnostic Inc., Biocartis, and Luminex Corporation among others.