Genetic Testing Market Sales Outlook; Up-to-date Development Data and Market Trends Forecast from 2019-2024
Global Genetic Testing Market report forecast 2019-2024 is a professional and detailed study on the present state also focuses on the major drivers, Genetic Testing business strategists and effective growth for the key players. Global Genetic Testing Industry also provides granular analysis of the Genetic Testing market dynamics, share, segmentation, revenue forecasts and facilitate better decision-making.
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The genetic testing market has experienced rapid growth in the past few years. The increasing technological advancements from the past few years have opened up several opportunities for market expansion. The rise in the prevalence of chronic diseases and the development of customized testing kits for niche therapeutic areas are aiding the rapid growth of the market.
According to a study published by NCBI, as of August 217, there were approximately 75,000 genetic tests available in the market. These include an approximate of 10,000 unique tests. Also, there has been an addition of more than 14,000 tests in the market since March 2014. With about 10 new tests increasing every day for more than four years, the genetic testing market gained high momentum in these years. This trend is expected to continue during the forecast period.
The increasing focus by governments of various countries, to regulate and create awareness regarding genetic tests, has successfully resulted in the faster adoption of these tests across the world. The increasing R&D funding, along with the strong market presence by major players in the market, has created a strong entry barrier for new market participants. Innovation in product design, improvement in quality, and strong distribution partnerships are key parameters to retain a competitive edge in the market.
The adoption of direct to consumer genetic testing kits in countries, like the United States, China, and Japan, is growing rapidly. With increasing technological adoptions, awareness programs, and a decline in costs, the market for DTC-GT kits is likely to witness a significant boost over the forecast period. Moreover, the untapped countries, like India and Australia, and other developing countries, are expected to offer a lucrative opportunity for players who are looking to establish their base in the genetic testing market.
Scope of the Report
This report includes an in-depth study of the genetic testing market. A genetic test is a test performed to identify the presence of a particular gene/s with a particular sequence of the genome. The gene/s can be identified either directly through sequencing or indirectly through various methods. Genetic testing practices are rapidly increasing in rare disease diagnostics and for personalized medicines, which in turn, is fueling the growth of this market.
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Key Market Trends
Molecular Testing Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period
Molecular genetic testing is the study of single genes or short lengths of DNA, to identify the mutations that lead to a genetic disorder. Molecular genetic testing can be used to diagnose many of the genetic disorders, but this type of technology may not be appropriate for diagnosis of all the genetic conditions. For example, molecular genetic testing is available for diseases, such as cystic fibrosis, sickle cell anemia, and Tay-Sachs disease. The initial diagnosis of these disorders usually is established by other methods. Therefore, molecular genetic testing is subject to limitations that must be recognized when ordering such testing.
The molecular testing market is growing at a good pace. Currently, most of the molecular tests involve either PCR or FISH. In addition, the microarray technology has made it possible to evaluate thousands of loci, which is extensively used for expression analysis, targeted to specific cell signaling pathways, and for metabolic pathways for pathological characterization of tumors as well. The advent of next-generation sequencing has also expanded the market studied in various fields, as it has brought a major increase in throughput capacity through automation, which ultimately leads to faster turnaround time and reduction in costs.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America currently dominates the market for genetic testing, owing to factors, such as increasing demand for personalized genetic testing services in the region and rise in the prevalence of chronic disorders and genetic disorders. In the United States, two federal agencies have the primary authority to regulate genetic tests: the Food and Drug Administration (FDA) and the Centers for Medicare and Medicaid Services (CMS). In the past, the Federal Trade Commission (FTC) has also played a role in regulating genetic testing companies who advertised false and misleading claims about their products, but this agency currently plays a more minor role in this space.
The genetic testing market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. The presence of major market players, such as Abbott Laboratories Inc., Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche, and Illumina Inc., is in turn, increasing the overall competitive rivalry of the market. The product advancements and improvements in genetic testing platforms by the major players are increasing competitive rivalry.
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Table of Contents included in Genetic Testing Market Report –
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-user industry
PART 07: Market segmentation by application
PART 08: Geographical Segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
List of abbreviations
List of Exhibits
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