Press release
Genetic Testing Market to Reach US$ 28.5 Billion by 2026 | 23andMe, Inc., Abbott, Illumina, Inc, Ambry Genetics
Genetic Testing Market
North America genetic testing market will foresee over 10% growth throughout the forecast years. Increasing prevalence of genetic diseases will prove beneficial for the regional growth. Cystic fibrosis, sickle cell anemia, thalassemia and other genetic disorders affect millions of individuals in the U.S. annually that should spur the demand for upgraded genetic tests. Moreover, favorable regulatory scenario for genetic tests will further positively influence the regional growth.
The unprecedented growth pace of genetic testing market is rather evident from 23andMe's recent launch of a grant program as a part of its Genotyping services for the research platform. A significant market contributor globally, through this invention, aims at promoting research studies with intent to increasing the revenue shares in the upcoming years. This trend itself bears a testimony to the fact that the chief market players are opting for strategic moves to strengthen their position in the global genetic testing market share.
A business vertical of high repute, thriving extensively on personalized medicines, genetic testing market as of today stands as one of the outpaced, profitable industry spheres there is. Endorsed by the availability of technologically sound gene diagnosing kits and elevating cognizance regarding the use of personalized medicines, the commercialization potential of genetic testing industry has surged immensely in the past few years.
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Top Key Player: 23andMe, Inc., Abbott, Ambry Genetics, BGI, Biocartis Group NV, Bio-Helix Co. Ltd., bioMerieux SA, Blueprint Genetics, Cepheid, Counsyl, Inc., deCODE Genetics, GeneDx, Genomic Health, Inc., Genomictree, Inc., HTG Molecular Diagnostics, Inc., Illumina, Inc
It is prudent to mention that the genetic testing helps in the early detection of rare genetic diseases which provides it the scope for the treatment in the nascent stage.
Concurrently, various industry mammoths are into developing innovative genetic tests that would provide accurate data on the probability of an individual suffering from a specific gene disease via the next gen sequencing techniques.
Speaking of the test type spectrum, carrier testing segment has stood tall during the past few years and is likely to develop at an appreciable pace during 2019-2025. For the records, the carrier testing segment accounted for USD 460 million in 2018. These tests find large scale use among couples to determine the chances of having a child with genetic disorders.
Also, they focus on detecting the probability of a healthy person carrying mutated genes. These factors have prompted healthcare professionals to recommend required treatments for the individuals comprising mutated genes thereby adding an impetus to genetic testing market trends.
Nutrigenomic testing segment, on the other hand, is expected to stand tall in the upcoming years owing to the advanced genomic techniques to help the doctors suggest the dietary plans according to the genetic makeup of the individuals. This would enable the segment to grow at a CAGR of 13 per cent through 2025.
According to GLOBOCAN 2018 estimates, the world recorded over 9.6 million cancer deaths in 2018 out of which nearly 5 to 10 per cent of them were instigated by inherited genetic mutations. This mounting prevalence of vivid malignant diseases would impel the cancer diagnosis segment to amass noticeable gains over the forecast period.
More Insightful Info: https://www.ptcommunity.com/wire/genetic-testing-market-demand-hit-usd-285-bn-2026-global-market-insights-inc
The role of genetic screening tests in the detection of cancer is to let the system identify mutations and functional characterization of the individual's genetic transformations. This early stage detection would propel the industry growth in the near future,
Elaborating further on the geographical trends, North America is projected to emerge out as one of the major pocket revenues for the genetic testing market. Estimates claim that the region in 2018 accounted for 59 per cent of the global business share and is forecast to observe 10 per cent growth through 2025.
Related Reports:
Esoteric Testing Market: https://www.marketwatch.com/press-release/esoteric-testing-market-size-2019-outlook-opportunity-and-demand-analysis-report-by-2025-2019-09-12
U.S. Direct-to-Consumer Genetic Testing Market: https://www.marketwatch.com/press-release/us-dtc-genetic-testing-market-size-2019-application-and-future-forecast-by-2025-2019-11-20
This regional growth is ascribed to the high prevalence of cancer and genetic diseases across the region. Additionally, advent of technologically advanced gene diagnosing kits in tandem with favourable regulatory framework would help augment the industry outlook.
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