Genetic Testing Market Insights 2020 Emerging Trends || Leading Players Acumed, B. Braun, CONMED Corporation, DePuy Synthes, Stryker Corporation, Bioretec

A comprehensive research study on genetic testing market introduced by Graphical Research provides insights into the market size and growth trends of this industry over the forecast timeline. The study evaluates key aspects of market in terms of the demand landscape, driving factors and growth strategies adopted by market players.

Rising prevalence of genetic disorders worldwide has produced an innate need for genetic testing across some of the developed as well as emerging economies. The genetic testing generally involves examination of the DNA to study genetic aberrations and mutation in the sequence. These mutations, then highlight the genetic disorders depending upon the insertion or deletion of genetic factors.

Moreover, the genetic tests also help patients or customers to detect the anomalies and undertake appropriate measures for the same. It would be crucial to state that the global genetic testing market is set to record phenomenal gains in the upcoming years, primarily attributed to the prominence of the below mentioned trends:

Unprecedented surge in cancer cases across Canada

According to the Canadian Cancer Society statistics, Canada had recorded over more than 2 lakh cancer patients in 2019. This daunting number had potentially raised the demand for a proper treatment procedure and solutions, paving way for the adoption of genetic testing.

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Industry experts have claimed that the genetic testing would help patients for proper treatment, while the rising healthcare expenditure in the country would open up new growth avenues for the overall genetic testing market in the country.

In this case, it would be essential to mention that Canada genetic testing market is set to depict a CAGR of 9% through 2026. Moreover, this growth is also likely to help North America genetic testing industry to account for an annual remuneration of USD 15 billion over the span of 2020 to 2026.

Enhanced demand for genetic testing in cancer diagnosis

Cancer, an infamous disease known to have claimed umpteen lives till date, has been calling out for proper diagnosis, generating subtle demand for genetic testing procedures. As per various reports, different types of cancers are being diagnosed with genetic testing in ovarian, breast, colon, thyroid, and other variations.

How these tests help in cancer diagnosis is that they estimate the chances of the disease development. The subject’s expanding prominence can also be determined or backed by its rising preference amongst clinicians and doctors due to the its successful outcomes. Given these factors, the cancer segment is poised to exhibit growth gains of 11% over the forecast timeframe.

Increasing prevalence of cardiovascular diseases in the APAC

Apart from cancer, genetic testing procedures have also come handy for the diagnosis of inherited cardiovascular diseases such as familial dilated cardiomyopathy, cardiac amyloidosis, brugada syndrome, and others. In fact, it has been observed that the slightest of mutation in genes can lead to fatal conditions like arteries blockage and affected blood flow to heart, which is expected to eventually result into heart diseases.

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In such condition, the introduction of genetic testing in CVDs would help the patients as well as related family members to undertake precautions and treatments. Experts have suggested that genetic testing market from CVDs segment across the Asia Pacific region would grow at a rate of 16% through 2026.

Massive inclination towards personalized medicines in Europe

The demand for personalized medications for different disease treatments has been on a rise lately. In fact, the developed economies such as Europe have been laying much focus on the use of these medicines as they offer disease specific relief and also help patients in reducing the pain, while simultaneously ensuring early recovery.

Speaking on which, Personalized Medicine Coalition had recently mentioned that 73% of oncology compounds and 42% of other compounds pose and ability to develop personalized medications. Not only this, the rising R&D activities in the field of personalized medicines is estimated to boost the demand for genetic testing in the European countries over the forthcoming years.

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Europe’s proliferating need for diagnostic testing

Surging adoption of technologically advanced genetic testing devices has propelled the business growth of diagnostic testing segment across the overall genetic testing industry. Industry analysts have claimed that diagnostic testing segment in Europe is set to record gains of 12% over the span of six years, post taking over a major share in the global industry in 2019.

Not to mention, organizations taking control of and supporting causes that aid diagnosis of genetic diseases implement certain strategic decisions. For instance, EURORDIS, an organization which is involved in laying down initiatives to spread awareness regarding diagnosis and treatment of genetic disorders, would have an impeccable impact on the global genetic testing business sphere.

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