What's Driving Genetic Testing Market Size in future? | 23andMe, Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, BioMerieux, BGI, Celera Genomics, Cepheid, Counsyl

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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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. 23andMe
2. Abbott Molecular
3. Bayer Diagnostics
4. Biocartis
5. BioHelix
6. BioMerieux
7. BGI
8. Celera Genomics
9. Cepheid
10. Counsyl

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.

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.

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