Genetic Testing Market 2019 | Industry Trends, Technological Advancements, Market Dynamics, Business Overview, Competitive Landscape Analysis and Segmental Analysis By 2026 | Illumina, Inc., Thermo Fisher Scientific Inc.
The global genetic testing market was valued at USD 7,902 million in 2018 and is expected to grow at a CAGR of 11.8% during the forecast period.
Genetic testing market is majorly driven by the increasing prevalence of genetic disorders, oncology, and rare disease. Today, the growing demand for genetic data for the discovery of new therapies such as personalized medicine and targeted drugs are offering lucrative opportunities for the market growth.
The 'Straits Research' report focuses on target groups of customers to help players effectively market their products and achieve strong sales in the Global Genetic Testing Market. It segregates useful and relevant market information as per the business needs of players. Readers are provided with validated and revalidated market forecast figures such as CAGR, Heavy Load Moving Skates market revenue, production, consumption, and market share. Our accurate market data equips players to plan powerful strategies ahead of time. The Genetic Testing report offers a deep geographical analysis where key regional and country-level markets are brought to light. The vendor landscape is also analyzed in-depth to reveal current and future market challenges and Genetic Testing business tactics adopted by leading companies to tackle them.
Globally, the prevalence of several rare diseases is growing at a concerning. Currently, around 400 million people are suffering from different rare diseases across the globe. As per the Global Genes, about 8 in 10 rare diseases are caused due to the faulty gene and there are around 7,000 types of rare disease and genetic disorders across the globe. In the U.K alone, about 30,000 children and babies are diagnosed with a certain type of genetic disorder, Genetic Disorders U.K. Whereas, in the U.S., birth defects affects 1 in every 33 babies (about 3% of all babies) every year. As per CDC, birth defect is one of the leading cause of infant deaths, accounting for about 20% of total infant deaths across the globe. Some of the most common inherited disorders include sickle cell disease, and thalassemia, among others. In the U.S., sickle cell disease affects around 100,000 Americans, the CDC. Its average medical expenditure is estimated to be USD 11,702, with medical coverage of USD 14,772 for children.
Moreover, next-generation sequencing is becoming a revolutionary technology among the academic and clinical research practices, which is further creating umpteen potential opportunities for the diagnostic test service providers and the pharmaceutical companies in discovering new therapies. For instance, 23andMe, a genomics biotechnology company, offers ancestry related tests to the customers. The company has a choice to sell this data for biomedical research. In 2018, GlaxoSmithKline plc. and 23andMe entered into an agreement to identify novel drug targets. In addition, GlaxoSmithKline plc. made an equity investment of USD 300 million in 23andMe. Similarly, Flatiron Health and Foundation Medicine’s Clinico-Genomic Database offers genomic data of over 120,000 cancer patients.
The diagnostic testing captures a larger share of the global genetic testing market. This can be attributed to the increasing prevalence of genetic disorders across the globe. As per the American Society for Reproductive Medicine, birth defects are prevalent in 1 in every 20 pregnancies. That is why, the screening of the genetic diseases are performed extensively in the developed nations for reducing the prevalence of birth defects. Preimplantation genetic diagnosis is one such technique that tests embryos for genetic disorders before in vitro fertilization. In line with this, several market players are collaborating on developing advanced preimplantation genetic diagnosis.
North America is dominating the global genetic testing market and will continue the same during the forecast period. This can be attributed to the well-established healthcare infrastructure, defined regulatory framework, and high adoption of genetic tests. The U.S. alone has the presence of gigantic genetic testing laboratories that are offering high-end services to the customers. Additionally, increasing partnership among the players is adding fuel to the market growth. In September 2019, ARCHIMEDlife and Blueprint Genetics partnered in North America—ARCHIMEDlife Medical Laboratory offers biochemical and genetic testing for rare diseases—to increase the range of genetic testing services in North America.
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The Major Prominent Players Covered in this Report:
Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Precipio, Myriad Genetics, Inc., Luminex Corporation, F. Hoffmann-La Roche Ltd, Danaher, Bio-Rad Laboratories, Inc., Abbott, and 23andMe, Inc. & More.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
Predictive and Presymptomatic Testing
Sickle Cell Anemia
Duchenne Muscular Dystrophy
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2026, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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What are the benefits of genetic testing?
‘Human Genome Project’ and advancements in computer technology are unraveling umpteen underlying genes related mysteries and is paving to be a blessing in the diagnosis of life-threating diseases, including genetic mutation, and cancer, among others. In line with the growing popularity, several players are investing heavily in the genetic diagnostic for the detection of different types of cancer. For instance, Grail—a spin-off of Illumina—is working on detecting different types of cancer with a simple blood test and has received over USD 1.5 billion funding from various sources, including renowned companies like Amazon and Microsoft. Additionally, many research institutes are actively working on developing related tests. For instance, recently, Johns Hopkins University school of medicine developed a CancerSEEK test that can detect about 8 different types of cancer.
Key Genetic Testing Market Trends:
- The report identifies, determines, and forecasts the Global Genetic Testing Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Genetic Testing Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Genetic Testing Market.
Key Questions Answered in The Report:
What will the Genetic Testing market growth rate?
What are the key factors driving the global Genetic Testing market?
Who are the key manufacturers in the Genetic Testing market space?
What are the market opportunities, market risk, and market overview of the Genetic Testing market?
What are sales, revenue, and price analysis of top manufacturers of the Genetic Testing market?
Who are the distributors, traders, and dealers of the Genetic Testing market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Genetic Testing Industry?
What are sales, revenue, and price analysis by regions of Genetic Testing industry?
What are the driving factors contributing to market growth during the short, medium, and long term?
What the Report Covers -
In-depth analysis of market dynamics, including drivers, restraints, and opportunities
Quantitative analysis of the current market
Prevailing market opportunities in key segments of the Global Genetic Testing Market
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