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Genetic testing market 2018 – 2024 : Top Players – Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, BioMerieux, BGI, Celera Genomics, Cepheid, Counsyl, deCODEme, Genentech, Genomictree, Genomic Health

08-22-2018 10:33 AM CET | Health & Medicine

Press release from: Global Market Insights, Inc.

Genetic testing market 2018 – 2024 : Top Players – Abbott

With epic strides taking place in the field of medicine, the genetic testing market is being acclaimed globally for its utility in identifying health risks, recommend suitable treatments and also analyze treatment responses. Genetic testing is also found to be critical in early diagnosis of diseases, which helps in reducing their severity and deploy preventive measures. Growing awareness of early stage detection, availability of specialized tests and the advancements in testing techniques will give an emphatic boost to the genetic testing market, which earned USD 10.6 billion in 2017 worldwide.

Technically, genetic testing consists of mapping the genes, proteins and chromosomes from a sample of blood or body fluids extracted from a subject. The aim is to identify any genetic diseases that cannot be diagnosed easily, or those which lack the presence of any external symptoms and do not have a firm diagnostic solution. Genetic diseases like Huntington’s disease, haemophilia, cystic fibrosis and sickle cell anemia are some examples which are difficult to diagnose. The prevalence of many fatal diseases like cancer that, without genetic testing, remain undiscovered until too late, make treatments ineffective or futile.

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Speaking of the significance of cancer diagnosis, The Institute for Health Metrics & Evaluation (IHME) revealed that in 2016 approx. 8.9 million deaths were caused by cancer, of which reportedly 5-10% were triggered due to genetic mutations inherited by the patient. The mounting cases of different types of malignant diseases such as prostate, lung and breast cancers have stimulated the cancer diagnosis segment within the genetic testing industry, which apportioned a revenue of about USD 5.5 billion in 2017.

A prime characteristic that makes genetic testing an ingenious process is the ability to map the genes up to the lowest molecular level, for determining the host’s uniqueness. It enables doctors to find out any other problems a person has or is at a risk of contracting a certain disease in the future. The unique genetic mutations or traits detected in the tests will help to develop treatments and medicines tailor-made for an individual. Further, depending on what kind of diet & exercise does a person better respond to, a suitable fitness regimen for yielding the best results can be determined.

A distinct example of personalized treatment is a test created for people suffering from depression. As per records, SSQ Life insurance is partnering with BiogeniQ Inc. to offer genetic testing to members taking leave on account of depression. The testing will identify appropriate treatment and reduce the risk of side-effects along with enhancing the results of overall treatments. The augmented preference towards personalized medication and exclusive treatments to counter imminent risks is expected to propagate the genetic testing market.

Apart from diagnosing diseases and offering treatments to adults, the genetic testing industry has started to cater the demand for prenatal testing and newborn screening. Testing during pregnancy assists to identify any diseases the fetuses may have, although not all the possible inherited disorders, and help in parents taking decisions. It also helps to reduce miscarriage risks in early stages of pregnancy, an advantage that will highly influence the genetic testing industry.

Newborns can be tested a day or two after birth to detect any disorders and start treatments early, before any critical stage is reached. For instance, a girl born in Wisconsin, USA in 2003 was diagnosed with having phenylketonuria (PKU), an inherited and treatable metabolic disorder, a few days after her birth. Detected through newborn screening process, the ailment does not allow the phenylalanine amino acid to be processed and if untreated could lead to mental retardation. The parents in this case worked with a dietician to develop special diet and formula which she was then restricted to.

Reportedly, the treatment worked, and the girl grew up without the threatening life-long disability. Many such instances worldwide have displayed the potential of the genetic testing industry in newborn screening, which is also being affected by the growing consciousness regarding hereditary disorders.

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The genetic testing market, estimated to show 11.6% CAGR over 2018-2024, has witnessed phenomenal upsurge in terms of technological progress and commercialization. There are techniques to find out people who are not affected themselves but carry a gene that can induce disease in the next generation. Research in genetic testing is conducted for learning more about the human body and the contribution of genes. A more commonly known use of genetic testing is forensics, where DNA sequences are studied to identify criminals.

A wide area of application and prolific success in the medicine industry has propelled the genetic testing market, constituted of key players like Abbott Molecular, Bayer Diagnostics, 23andMe, Myriad Genetics, Natera, PacBio, Roche Diagnostics, BioHelix among others. In terms of commercialization, the overall fraternity is expected to surpass USD 22 billion by 2024.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

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