10th
December 2018 - Global
Genetic Testing Market is expected to grow at a significant CAGR of 10.32% in
the upcoming period as the scope and its applications are rising enormously
across the globe. Genetic Testing, also termed as DNA testing, is a process of
analyzing the person’s chromosomes or DNA for the presence of particular DNA
sequences that encode for traits of interest. It is mainly used to detect
inherited disease causing disease and/or genes causing mutations.
Prevalence of diseases like cardiovascular and cancer, growth in
acceptance of IT solutions for genetic testing, growing awareness regarding
genetic services, and rising occurrence of common autoimmune diseases are
documented as the major factors that are estimated to enhance the growth in the
years to come.
Browse Full
Research Report @ https://www.millioninsights.com/industry-reports/genetic-testing-market
However, high cost of genetic tests and lack of awareness regarding
genetic services in developing countries are the factors that may restrain
overall market in the years to come. Genetic Testing Market is segmented based
on test type, end user, application, and region.
Pharmacogenomics testing, prenatal testing, predictive &
presymptomatic testing, and newborn screening are the test types that could be
explored in Genetic Testing in the forecast period. In terms of revenue, predictive
& presymptomatic testing sector accounted for the substantial market share
of Genetic Testing and is estimated to lead the overall market in the upcoming
period. This may be because of growing awareness regarding diseases like cancer
and early diagnosis of diseases.
Specialty clinics, hospital-based laboratories, diagnostics laboratories,
and the other end users could be explored in Genetic Testing and are estimated
to lead the overall market in the near future. The hospital-based laboratories
sector accounted for the significant market share and is estimated to grow at
the highest CAGR in the years to come. This may be because of the growing
number of hospitals. In addition, diagnostic laboratories sector is estimated
to grow at the fastest pace in the near future.
The market may be categorized based on applications like autoimmune
diseases, oncology, infectious diseases, and the others that could be explored
in the forecast period. The oncology sector accounted for the substantial
market share of Genetic Testing and is estimated to continue its dominance in
the coming years. This may be because high occurrence of cancer across the
globe.
Globally, North America accounted for the substantial market share of
Genetic Testing and is estimated to lead the overall market in the upcoming
period. The reason behind the overall market growth could be presence of
developed healthcare infrastructure, rising use of latest technology for new
discoveries in the field of genetic markers, and presence of key manufacturers
in this region. The United States is the major consumer of Genetic Testing in
this region.
Europe and the Asia Pacific are estimated to have a positive influence on
the future growth. Europe is the second largest region with significant market
share. However, Asia Pacific is estimated to grow at the fastest pace in the
foremost period. The aspects that may be ascribed to the growth comprise
government and private organization initiative by funding healthcare industry.
The key players of genetic testing market are CENTOGENE AG, Elitech
Group, Illumina, Inc., ThermoFisher Scientific, Abbott Molecular Inc., Eurofins
Scientific, 23 And Me, BJI Tech, Roche Diagnostics, Blueprint Genetics, and
Qiagen. These players are concentrating on inorganic growth to sustain
themselves amongst fierce competition.
Request a Free
Sample Copy of This Report @ https://www.millioninsights.com/industry-reports/genetic-testing-market/request-sample
Comments
Post a Comment