Genetic Testing Market Expected to Grow Rapidly - Application Insights, Latest Trends & Developments, Forecasts to 2022 Radiant Insights, Inc.
SAN FRANCISCO, Feb. 18, 2019 /PRNewswire/ -- Global Genetic Testing Market is estimated to grow significantly in the forecast period due to the growing awareness and increasing investments in the domain. Genetic testing (DNA testing) is a form of medical test that determines any modification in the genes, chromosomes and proteins. The result of the test identifies any suspected genetic disorder or help decide an individual's chance of curing the genetic condition. Genetic testing also helps in detection of karyotype for medical purposes. The awareness of genetic testing is increasing because of numerous benefits offered by the procedure like determination of genetic deformities in early gestation period. Moreover, the test also helps to identify sex of the fetus while pregnancy. Owing to the increasing awareness and discoveries in the domain, genetic testing market is expected to grow significantly in the coming years. From among all the tests conducted for genetic testing, (CFTR) Cystic Fibrosis Trans-Membrane Conductance Regulator with screening for gene mutations is widely conducted. In personalized medicines, where customization is done for patients with an understanding of molecular base of disorder has become prevalent over the years. To understand the molecular base of any disorder, genome sequencing and genetic testing are the essential tools. People are screened for numerous genetic disorders since early detection can prevent the growth of symptoms or minimize the severity of the disorder. For diagnosis of cancer, genetic testing can identify the predisposition of the disorder in the gene before its indication (symptoms), which helps the individual to take precautionary measures and avoid the further possible risks.
Currently, insurance is considered as an important asset for any individual. Unfavorable reimbursement by insurance firms prevents people from conducting genetic tests, which in turn might restrain the growth of genetic testing market. Also, the significant costs for genetic tests affects genetic testing market unfavorably. Furthermore, high-import duty by government for genetic test kits is yet another obstacle to the growth of genetic testing market. Modernization in techniques of genetic testing, increased accuracy and efficiency are predicted to bring new opportunities in the market. Additionally, flourishing market holds a promising growth of genetic testing market owing to increase in number of patients and rising awareness in the developed nations. Increasing popularity of modern techniques and focus from clinical science to bioinformatics are few major trends witnessed in genetic testing market, which leads to the high rate of adoption. Besides, a new genetic test has been developed that can envisage dementia risk in an individual prior 10 years. With the help of this technique, the patients can target for intervention and reduced risk. Genetic testing market is categorized on the basis of test type, service provider, application and geography. On the basis of test type, genetic testing market is divided into prenatal testing, newborn screening, predictive & presymptomatic testing, pharmacogenomic testing, and forensic testing. In terms of revenue, predictive & presymptomatic testing held larger share market in the past years. The segment is expected to propel genetic testing market in the forecast period owing to the early detection of disorders and increasing awareness about conditions like cancer.
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Based on service provider, genetic testing market is split into diagnostics laboratories, hospital-based laboratories, specialty clinics, and others. Owing to patient convenience and growing number of hospitals, hospital-based laboratories segment is expected to register significant growth in the coming years. In terms of application, genetic testing market is divided into oncology, infectious diseases, autoimmune diseases, and others. Oncology segment is expected to lead the genetic testing market in future due to the rising prevalence of cancer across the globe. Geographically, genetic testing market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, few regions of North America like Germany, U.S and England are predicted to dominate genetic testing market owing to the developed infrastructure and rising investments in these nations. The major players of genetic testing market comprise 23andMe, Abbott Molecular, Biocartis, BioHelix, BioMerieux, Bayer Diagnostics, BGI, Celera Genomics, deCODEme, Genentech, HTG Molecular Diagnostics, Pathway Genomics, Genomictree, Genomic Health, IntegraGen, LabCorp Diagnostics, Luminex, MolecularMD, Myriad, Natera, PacBio, Qiagen, Roche Diagnostics, and Siemens, Cepheid, Counsyl, and Sequenom. The advent of genetic tests has revolutionized the molecular diagnostics and cytogenetic industry. It is one of the most rapidly growing segments in molecular diagnostics industry, which helps in delivering customized health services or personalized medicine. The share of genetic testing is incessantly increasing in the market. Growing awareness about genetic testing, technological advances in genetic sequencing, and rising incidences of genetic diseases especially cancer are some of the major factors propelling the genetic testing market.