Genetic Testing Panels Market to register a healthy CAGR for the forecast period, 2018-2028
Genetic testing panels are one of the rapidly growing segments in the molecular diagnostics industry and help in delivering personalized medicine. With the help of genetic testing panels, people can learn about inherited mutations. Genetic testing panels were introduced to examine dozens of cancer genes in order to reduce the risk of cancer, as it is considered the leading cause of mortality and morbidity globally.
The sensitivity and specificity of the genetic testing panels vary depending on the characteristics of the cancer stage, heterogeneity, etc. Genetic testing panels make it possible to sequence, process and analyze large volumes of genes. Genetic testing panels use next-generation sequencing technology.
Genetic Testing Panels Market: Drivers and Restraints
The growth of the genetic testing panels market is majorly driven by increasing incidence and prevalence of a variety of cancer and genetic diseases. In addition, increasing government investments in research and development activities and awareness about genetic testing panels are also the prime factors projected to impel the growth of the global genetic testing panels market over the forecast period.
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However, factors such as complex regulatory framework, and scarcity of skilled professionals, among others are the major obstacles in the growth of the genetic testing panels market. Moreover, lack of sufficient information to guide the people in prevention strategies is expected to hamper the growth of the genetic testing panels market.
Genetic Testing Panels Market: Overview
The global market for genetic testing panels market is expected to witness significant growth over the forecast period. Presently, many genetic testing panels for cancer susceptibility are available in the market. Advancements in both research and technology around hereditary cancer have increased the adoption of genetic testing panels. The cost-effectiveness of genetic testing panels and less need of sequential testing also support the growth of the genetic testing panels market.
Genetic testing panels are advanced DNA screenings, which identify the specific genes and genetic mutations that can be related to major cancers. Amongst all the end users of the genetic testing panels market, the research laboratory segment is expected to hold significant share in the global genetic testing panels market majorly due to increasing incidence of cancer cases.
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Genetic Testing Panels Market: Regional Outlook
Geographically, the global genetic testing panels market is segmented into North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). The North America genetic testing panels market is expected to hold large share, followed by Europe due to the increasing private and public funding for research and development activities. Moreover, the increasing number of cancer patients and increasing per capita income are also driving the growth of the genetic testing panels market in the region.
The genetic testing panels market in Asia-Pacific is estimated to grow at the fast rate during the forecast period owing to the modernization of medical and research facilities. Presence of a large population base including a large base of the geriatric population holds potential promises in the growth of genetic testing panels market. However, regions such as Latin America, and the Middle East and Africa are projected to witness sluggish growth during the forecast period.
Genetic Testing Panels Market: Key Players
There are many companies who are offering genetic testing panels for cancer as it is growing very rapidly. Examples of some of the key players operating in the global genetic testing panels market are THE JACKSON LABORATORY, Illumina, Inc., Invitae Corporation, and others. Manufacturers are adopting both organic and inorganic strategies to retain their market share in the global genetic testing panels market.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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