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Global Genetic Testing Market to Exceed USD 22 Billion By 2024 | Major Key Players are Siemens, Roche Diagnostics and QIAGEN
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Innovation in genetic testing leading to enhanced efficiency, high sensitivity and safety will serve to be a high impact rendering factor. Technological advancement in scientific research as well as research instrument is increasing the importance of genetic testing. Availability of sensitive and efficient DNA sequencing technique for prenatal genetic testing allows detection of minute amount of DNA circulating in the mother’s blood during early stages of pregnancy. Adoption of such non-invasive prenatal testing (NIPT) at a very early stage of pregnancy is increasing worldwide thereby augmenting the industry growth over the forecast period.
Demand for direct-to-consumer (DTC) genetic testing is growing in the last few years. DTC genetic testing allows customers to know their genetic information without involving the physicians or other healthcare professionals. DTC testing allows customers to identify genetic predisposition to diseases such as cancer, Alzheimer’s and diabetes in order to facilitate a precautionary preparation for healthcare. Aforementioned factors will further boost the market growth over the forecast period.
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Cancer diagnosis segment accounted for the largest market share in 2017. Cancer is the second leading cause of mortality globally. According to, The Institute for Health Metrics and Evaluation (IHME), the number of cancer deaths accounted for around 8.9 million in 2016. Around 5%-10% of all the cancers globally are caused by inheriting genetic mutation. Notable improvements can be made in the lives of cancer patients by diagnosing cancer early and avoiding delays in care resulting in greater probability of surviving, less expensive treatment and reduced morbidity. Rising prevalence of cancer worldwide will significantly accelerate the cancer diagnosis segment over the forecast period.
U.S. dominated the genetic testing market in 2017 and will witness robust growth during the forecast period. This is attributable to the rising prevalence of genetic diseases, highly advanced infrastructure to support genetic testing and technological advancements in the region. The regulatory support for direct to consumer (DTC) genetic testing coupled with increasing insurance coverage and reduction in the cost of genetic tests is projected to fuel the demand for genetic testing in the U.S.
Genetic testing market in Japan accounted for the largest market share in Asia-Pacific region and is expected to show significant growth over the coming years. This is attributable to factors such as growing advancements in the technology, availability of new tests, rapidly rising patient pool and increasing government investment in R&D. Further, India and China are expected to grow at a faster CAGR due to the increasing disposable income, rising affordability and growing investments in healthcare infrastructure. Aforementioned factors will further fuel the regional growth throughout the forecast period.
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Some of the notable industry players operating in global genetic testing market are 23andMe, Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, BioMerieux, BGI, Celera Genomics, Cepheid, Counsyl, deCODEme, Genentech, Genomictree, Genomic Health, HTG Molecular Diagnostics, IntegraGen, LabCorp Diagnostics, Luminex, MolecularMD, Myriad, Natera, PacBio, Pathway Genomics, Qiagen, Roche Diagnostics, Sequenom and Siemens. All in all, endowed with the potential to provide an in-depth knowledge about cancer, embryo development, neural system, and stem cells, genetic testing market is expected to surpass USD 22 billion by 2024.
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