North America Genetic Testing Market 2018 To Rise at 11.52% CAGR Through 2023 | Global Industry Analysis By 23andMe, Abbott Molecular, Ariosa Diagnostics, Biocartis SA, Cepheid, Illumina, Luminex Corporation, Sequenom

Genetic testing is carried out to assess the risk of an individual developing a certain disease. Governments across the globe are running awareness campaigns to educate people about the benefits of genetic testing. There is a growing consensus about the benefits of diagnosing diseases, like cancer, in the early stage, through genetic testing. Early diagnosis helps cure the disease or at the least helps contain the impact of the disease.

The North American genetic testing market is expected to register a CAGR of 11.52% during the forecast period of 2018-2023. Due to the screening of genetic mutations with the Cystic Fibrosis Trans-Membrane Conductance Regulator (CFTMR), which is the most recurrently conducted test in the United States, the country occupies the largest share of the market studied.

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Increasing Emphasis on Early Disease Detection and Prevention

Many genetic disorders can be detected early in pregnancy, using various invasive and non-invasive techniques. With technological developments, physicians have become capable of performing tests with better accuracy and looking at multiple genes at a time. Consumer demand for safe and effective genetic tests is fueling the growth of this market. Additionally, the growing demand for personalized medicine and increasing application of genetic testing in oncology are also driving the growth of the market studied.

Key Developments in the Market

January 2018: Biocartis, a molecular diagnostics company, and Amgen Biotechnology Company entered an agreement for the development of novel oncology compounds.
December 2017: Biocartis, a molecular diagnostics company, and Amgen Biotechnology Company entered an agreement for idylla RAS biomarket tests.

Major Players:

23andMe Inc., Abbott Molecular Inc., Ariosa Diagnostics Inc., Biocartis SA, Cepheid, Illumina Inc., Luminex Corporation, Sequenom Inc., Myriad Genetics, and Transgenomic Inc., amongst others.

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High Costs of Genetic Testing

Cost has always been a barrier to the growth of market studied. A few genetic tests, such as pre-implantation testing (pre-implantation genetic diagnosis or PGD), fecal DNA testing, and others are expensive, and not usually covered by insurance providers. For instance, the BRCA gene evaluation performed by Myriad Genetics, the only company in the United States, is phenomenally expensive, with a price close to USD 4,000, when a related genomic-rearrangement test is included in the analysis, which is typically recommended by oncologists.

Additionally, social and ethical implications of genetic testing and non-inclusion of reimbursement policies are hindering the growth of the market studied.

The United States Expected to Dominate the Market

The North American genetic testing market is segmented by type and geography. By type, the market is segmented into the carrier, diagnostic, newborn, predictive and pre-symptomatic, and prenatal testing. By geography, the market is segmented into the United States, Canada, and Mexico.

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This release was published on openPR.