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Advancements in Biotechnology favorable to Global Genetic Testing Market Growth
GENETIC TESTING
"Browse 72 Market Data Tables and 50 Figures spread over 260 Pages, along with an in-depth TOC on the Global Genetic Testing Market Forecast 2022-2030."
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Genetic testing looks for variants and changes in DNA. It is useful in several areas of medicine. The result can help determine the possibility of passing on a mutation to their children. It can be performed pre or post-birth. The test results are further discussed with a genetic counselor.
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Advancements in Biotechnology drive Market Growth
Biotechnology can aid in producing drugs, vaccines, and other medical countermeasures required to treat, prevent, and detect infectious diseases. Also, stem cell usage to cure cancer and similar innovations in biotechnology have contributed to increased genetic testing. The development of biotechnology with regard to hospital infrastructure, diagnostic kits, and medical devices further facilitates genetic testing. In addition, biotechnology helps identify uncertainties in genes and DNA. As a result, the advancements in biotechnology enable market growth.
Cardiovascular Diseases Diagnosis: Fastest-Growing Application
Genetic testing can help assess the presence of a certain altered gene or a genetic fault that can lead to an inherited heart condition (IHC). Some cardiovascular diseases like aneurysms, arrhythmic disorders, certain lipid disorder types, and cardiomyopathies may be inherited. Accordingly, genetic testing for cardiovascular diseases can help detect changes in a family's DNA patterns.
Asia-Pacific: Fastest-Growing Region
The increasing applications of genetic testing and the rising demand for personalized medicine are among the primary growth drivers of the region. The pharmaceuticals and diagnostic sectors in the region are projecting fast-paced growth attributed to technological advancements.
Also, the government initiatives regarding raising genetic testing awareness offer growth opportunities. In addition, the increased R&D expenditure and the strong presence of prominent market players boost the market growth.
The competitive rivalry in the market is attributed to the market players' distribution network, product margins, and tie-ups with hospitals. Some of the eminent market players are Illumina Inc, PerkinElmer Inc, Myriad Genetics Inc, Abbott Laboratories, BioRad Laboratories, etc.
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