Genetic Testing Market : Exploration on Prominent Players | 23andMe, Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, BioMerieux, BGI, Celera Genomics, Cepheid, Counsyl, deCODEme, Genentech, Genomictree, Genomic Health, HTG Molecular Diagnostics,
Increasing prevalence of genetic diseases such as cystic fibrosis, Down syndrome, Huntington's disease, and sickle cell anemia will drive the genetic testing market growth over the forecast time period. Genetic testing is used to track disease progression and simultaneously monitor the treatment therapy. Personalized medicine is designed on basis of interpretations from genetic tests only that will further fuel the industry growth.
Rising pre-birth and post-birth defects will increase the demand for genetic testing in the future. Birth defects are the leading cause of infant mortality globally. The genetic testing helps in early detection of disease before the birth. The increasing use of prenatal genetic screens and genetic diagnosis helps to limit the frequency and the severity of birth defects. Aforementioned factors will positively reinforce the genetic testing market growth.
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Genetic testing has revolutionized the cancer diagnosis as it helps to estimate the risk of developing cancer over the lifetime of an individual. It also helps in designing of treatment therapy for cancer patients as per their genetic framework. Thus, rising prevalence of cancer globally will drive the genetic testing market growth over the forecasted period.
High diagnosis cost, lack of experienced professionals and primitive infrastructure coupled with inadequate reimbursement policies are factors limiting the genetic testing market growth over the forecast period.
Diagnostic test segment is expected to grow at a significant rate over the forecast period owing to the increased awareness and need for early disease detection. Diagnostic testing is usually performed in order to confirm the chromosomal abnormalities associated with a person. Moreover, increased legal usage of genetic diagnostic testing in criminal investigations will positively reinforce the segmental growth.
Cancer diagnosis segment should dominate the genetic testing market. As per, Institute for Health Metrics and Evaluation, out of 8.9 million cancer deaths in 2016, around 5%-10% were caused by inherited genetic disorders. Rising prevalence of various types of neoplastic disorders such as breast cancer, melanoma, leukemia, and lymphoma coupled with increasing awareness for early detection of disease will stimulate the market growth throughout the forecast period.
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U.S. is estimated to dominate the overall market in terms of revenue share owing to a high incidence rate of cancers and presence of well-established healthcare infrastructure. Rising health consciousness coupled with high disposable income levels in the country will boost the genetic testing market over the forecast period.
China is expected to witness lucrative growth over the forecast period. The presence of untapped opportunities, developing healthcare infrastructure, economic growth and improving patient awareness levels are the key factors driving the genetic testing market growth.
Some of the prominent players in the market are Abbott, AncestryDNA, Assurex Health, AstraZeneca, Athletigen, BGI Genomics, Dante Labs, Edico Genome, GHO Capital, Human Longevity, IBM Watson, Bayer Diagnostics, and Roche Diagnostics. Companies are focusing on strategic alliance and novel product launch to gain competitive advantage. For instance, in December 2016, Bayer has signed a contract with Leica Biosystems to develop an advanced genetic diagnostic tests for cancer patients.
Genetic Testing Market Size, By Test Type, 2013-2024 (USD Million)
• Predictive Testing
• Carrier Testing
• Prenatal And Newborn Testing
• Diagnostic Testing
• Pharmacogenomics Testing
Genetic Testing Market Size, By Application, 2013-2024 (USD Million)
• Cancer Diagnosis
• Genetic Disease Diagnosis
• Cardiovascular Disease Diagnosis
The above information is provided for the following regions and countries:
o North America
o Asia Pacific
o Latin America
o Middle East and Africa
o Saudi Arabia
o South Africa
• Abbott Molecular
• Bayer Diagnostics
• Celera Genomics
• Genomic Health
• HTG Molecular Diagnostics
• LabCorp Diagnostics
• Pathway Genomics
• Roche Diagnostics
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