Global Genetic Testing Market: Demand Analysis and Growth Forecast

Genetic testing allows the perseverance of bloodlines and the genetic diagnosis of inherited diseases. In 2018, genetic testing companies offered Black Friday and Cyber Monday discounts for kits on the Thanksgiving occasion, and the event was successful since the DNA testing market has gained prominence worldwide. The increasing demand from the patients for medicines is fueling the genetic testing market globally. This success of genetic test is well-documented in the recent business intelligence publications by IndustryARC titled “Genetic Testing Market: By Type of Testing (Forensic Testing, Newborn Screening, Others); By Method (Molecular, Chromosomal, Biochemical); By Testing Sample (Saliva, Blood, Others); By Industry (Laboratories, Hospitals, Blood Banks, Others) – Forecast (2019 - 2025)”.

The IndustryARC’s analyst has valued the genetic testing market at $7,300 to $8,300 million as of 2018, and the demand is estimated to grow at a progressive compound annual growth rate (CAGR) of 12.5% to 13.5% during the forecast period of 2019 to 2025. Genetic testing for dogs has upsurged in recent years. Recently, Embark, which conducts DNA tests for dogs, conducted a test that can easily find out the breed or breed mix of the dogs and also mentioned that high-octane pets are more Australian cattle dogs than any other dogs. Millions of dogs are being tested after this, and this has also raised the standards of DNA testing in the market.

Browse 79 Market Tables, 178 Figures spread through 151 slides and an in-depth TOC “Genetic Testing Market (2019 - 2025)”

Global Genetic Testing Market: Leading Segment

North America accords to the largest share for the genetic testing market owing to the increasing investments made by the companies and the US government in the healthcare sector. It has been observed that the genetic testing market is gaining tremendous revenue due to the huge development in vaccines and drugs. The country has reduced the cost of series enabling the service at a very less price. North America had a regional share of 45% to 47% in 2018, which is almost equivalent to the rest of the world’s total contribution. Genetic technology is driving the cancer diagnostic market application, and the demand for the segment is expected to increase progressively in the near future. According to the National Center for Biotechnology Information, between 2014 and 2017, approximately 75,000 genetic tests had happened in the market, with almost 10 new tests entering the market daily.

Global Genetic Testing Market: Disruptive Trends

Genetic testing market has experienced a lot of change since the government has adopted the tests across the world. Few of those are mentioned below:

Direct-to-Consumer Genetic Testing

In 2017, the United States Food and Drug Administration (FDA) gave 23andMe a go-ahead to sell DNA tests to assess the level of risk for health conditions that include Parkinson’s and Alzheimer’s disease. DTC is a new concept amongst people that allows them to get the test done without seeking a prescription.

General Computing Trends towards DNA Testing

Since there has been continuous technological development in the healthcare sector, artificial intelligence and general computing have made its way in genetic testing as well. There is an increased pace of adoption of EMR by companies for gene data which is further flourishing the genetic testing market.

Increasing Cost Pressure on Payers

The healthcare sector is one of the fastest growing sectors as compared to any other in terms of technology and innovative tests. As there is an increasing cost pressure, the payer has become more outcome-based rather than fee-service based. This is creating a need for genetic testing for personalized treatment.

Genetic Analytics Tool Transforms Carrier

There has been a revolution and transformation in genetic analysis tools and the way carrier screening is being conducted. A new tool, Applied Biosystems CarrierScan Assay, is a comprehensive and innovative microarray-based tool for the detection of sequence and structural variation. This development has had a significant impact on the demand for genetic testing.

Global Genetic Testing Market: Recent Development

Some of the key companies identified in the report that are currently holding majority shares in the global genetic testing market are Genentech, Inc., Sorenson Genomics, LLC, Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, Celera Genomics, Genomic Health, HTG Molecular Diagnostics, PacBio, and Qiagen.

Talk to one of our sales representative about the full report by providing your details in the link below:
https://www.industryarc.com/support.php?id=15123

Related Reports:

Predictive Genetic Testing And Consumer/Wellness Genomics Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2024

https://www.industryarc.com/Research/Predictive-Genetic-Testing-And-Consumer-Wellness-Genomics-Market-Research-503783

Prenatal Testing & Newborn Screening Market: By Type (Screening & Diagnosis Tests); Technology (Tandem Mass Spectroscopy, Electrophoresis, Enzyme & Immuno Assays, DNA Based Assays); Instrument (Hearing Screen, Reagents, Assay Kits, Ultrasonography, Others) & By Geography Forecast (2018-2023)
https://www.industryarc.com/Report/15078/prenatal-testing-newborn-screening-market.html

About IndustryARC:

IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.

IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.

We look forward to supporting the client to be able to better address customer needs; stay ahead in the market; become the top competitor and get real-time recommendations on business strategies and deals. Contact us to find out how we can help you today.

Contact Us:
Mr. Venkateshwar Reddy
Business Development Manager
Email: sales@industryarc.com
Contact Sales: 1-614-588-8538 (Ext-101)

Global Genetic Testing Market: Demand Analysis and Growth Forecast

Genetic testing allows the perseverance of bloodlines and the genetic diagnosis of inherited diseases. In 2018, genetic testing companies offered Black Friday and Cyber Monday discounts for kits on the Thanksgiving occasion, and the event was successful since the DNA testing market has gained prominence worldwide. The increasing demand from the patients for medicines is fueling the genetic testing market globally. This success of genetic test is well-documented in the recent business intelligence publications by IndustryARC titled “Genetic Testing Market: By Type of Testing (Forensic Testing, Newborn Screening, Others); By Method (Molecular, Chromosomal, Biochemical); By Testing Sample (Saliva, Blood, Others); By Industry (Laboratories, Hospitals, Blood Banks, Others) – Forecast (2019 - 2025)”.

The IndustryARC’s analyst has valued the genetic testing market at $7,300 to $8,300 million as of 2018, and the demand is estimated to grow at a progressive compound annual growth rate (CAGR) of 12.5% to 13.5% during the forecast period of 2019 to 2025. Genetic testing for dogs has upsurged in recent years. Recently, Embark, which conducts DNA tests for dogs, conducted a test that can easily find out the breed or breed mix of the dogs and also mentioned that high-octane pets are more Australian cattle dogs than any other dogs. Millions of dogs are being tested after this, and this has also raised the standards of DNA testing in the market.

Browse 79 Market Tables, 178 Figures spread through 151 slides and an in-depth TOC “Genetic Testing Market (2019 - 2025)”

Global Genetic Testing Market: Leading Segment

North America accords to the largest share for the genetic testing market owing to the increasing investments made by the companies and the US government in the healthcare sector. It has been observed that the genetic testing market is gaining tremendous revenue due to the huge development in vaccines and drugs. The country has reduced the cost of series enabling the service at a very less price. North America had a regional share of 45% to 47% in 2018, which is almost equivalent to the rest of the world’s total contribution. Genetic technology is driving the cancer diagnostic market application, and the demand for the segment is expected to increase progressively in the near future. According to the National Center for Biotechnology Information, between 2014 and 2017, approximately 75,000 genetic tests had happened in the market, with almost 10 new tests entering the market daily.

Global Genetic Testing Market: Disruptive Trends

Genetic testing market has experienced a lot of change since the government has adopted the tests across the world. Few of those are mentioned below:

Direct-to-Consumer Genetic Testing

In 2017, the United States Food and Drug Administration (FDA) gave 23andMe a go-ahead to sell DNA tests to assess the level of risk for health conditions that include Parkinson’s and Alzheimer’s disease. DTC is a new concept amongst people that allows them to get the test done without seeking a prescription.

General Computing Trends towards DNA Testing

Since there has been continuous technological development in the healthcare sector, artificial intelligence and general computing have made its way in genetic testing as well. There is an increased pace of adoption of EMR by companies for gene data which is further flourishing the genetic testing market.

Increasing Cost Pressure on Payers

The healthcare sector is one of the fastest growing sectors as compared to any other in terms of technology and innovative tests. As there is an increasing cost pressure, the payer has become more outcome-based rather than fee-service based. This is creating a need for genetic testing for personalized treatment.

Genetic Analytics Tool Transforms Carrier

here has been a revolution and transformation in genetic analysis tools and the way carrier screening is being conducted. A new tool, Applied Biosystems CarrierScan Assay, is a comprehensive and innovative microarray-based tool for the detection of sequence and structural variation. This development has had a significant impact on the demand for genetic testing.

Global Genetic Testing Market: Recent Development

Some of the key companies identified in the report that are currently holding majority shares in the global genetic testing market are Genentech, Inc., Sorenson Genomics, LLC, Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, Celera Genomics, Genomic Health, HTG Molecular Diagnostics, PacBio, and Qiagen.

Talk to one of our sales representative about the full report by providing your details in the link below:
https://www.industryarc.com/support.php?id=15123

Related Reports:

Predictive Genetic Testing And Consumer/Wellness Genomics Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2024
https://www.industryarc.com/Research/Predictive-Genetic-Testing-And-Consumer-Wellness-Genomics-Market-Research-503783

Prenatal Testing & Newborn Screening Market: By Type (Screening & Diagnosis Tests); Technology (Tandem Mass Spectroscopy, Electrophoresis, Enzyme & Immuno Assays, DNA Based Assays); Instrument (Hearing Screen, Reagents, Assay Kits, Ultrasonography, Others) & By Geography Forecast (2018-2023)
https://www.industryarc.com/Report/15078/prenatal-testing-newborn-screening-market.html

About IndustryARC:

IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.

IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.

We look forward to supporting the client to be able to better address customer needs; stay ahead in the market; become the top competitor and get real-time recommendations on business strategies and deals. Contact us to find out how we can help you today.

Contact Us:
Mr. Venkateshwar Reddy
Business Development Manager
Email: sales@industryarc.com
Contact Sales: 1-614-588-8538 (Ext-101)

April 25, 2019: Global Genetic Testing Market is estimated to grow significantly in the forecast period due to the growing awareness and increasing investments in the domain. Genetic testing (DNA testing) is a form of medical test that determines any modification in the genes, chromosomes and proteins. The result of the test identifies any suspected genetic disorder or help decide an individual’s chance of curing the genetic condition.

Genetic testing also helps in detection of karyotype for medical purposes. The awareness of genetic testing is increasing because of numerous benefits offered by the procedure like determination of genetic deformities in early gestation period. Moreover, the test also helps to identify sex of the fetus while pregnancy. Owing to the increasing awareness and discoveries in the domain, genetic testing market is expected to grow significantly in the coming years. From among all the tests conducted for genetic testing, (CFTR) Cystic Fibrosis Trans-Membrane Conductance Regulator with screening for gene mutations is widely conducted.

Request a Free Sample Copy of Genetic Testing Market Report @  https://www.radiantinsights.com/research/global-genetic-testing-market-outlook-2022/request-sample

In personalized medicines, where customization is done for patients with an understanding of molecular base of disorder has become prevalent over the years. To understand the molecular base of any disorder, genome sequencing and genetic testing are the essential tools. People are screened for numerous genetic disorders since early detection can prevent the growth of symptoms or minimize the severity of the disorder. For diagnosis of cancer, genetic testing can identify the predisposition of the disorder in the gene before its indication (symptoms), which helps the individual to take precautionary measures and avoid the further possible risks.

Currently, insurance is considered as an important asset for any individual. Unfavorable reimbursement by insurance firms prevents people from conducting genetic tests, which in turn might restrain the growth of genetic testing market. Also, the significant costs for genetic tests affects genetic testing market unfavorably. Furthermore, high-import duty by government for genetic test kits is yet another obstacle to the growth of genetic testing market.

Modernization in techniques of genetic testing, increased accuracy and efficiency are predicted to bring new opportunities in the market. Additionally, flourishing market holds a promising growth of genetic testing market owing to increase in number of patients and rising awareness in the developed nations. Increasing popularity of modern techniques and focus from clinical science to bioinformatics are few major trends witnessed in genetic testing market, which leads to the high rate of adoption. Besides, a new genetic test has been developed that can envisage dementia risk in an individual prior 10 years. With the help of this technique, the patients can target for intervention and reduced risk.

The report “Global Genetic Testing Market Outlook 2022” is available now at  https://www.radiantinsights.com/research/global-genetic-testing-market-outlook-2022

Genetic testing market is categorized based on test type, service provider, application and geography. On the basis of test type, genetic testing market is divided into prenatal testing, newborn screening, predictive & presymptomatic testing, pharmacogenomic testing, and forensic testing. In terms of revenue, predictive & presymptomatic testing held larger share market in the past years. The segment is expected to propel genetic testing market in the forecast period owing to the early detection of disorders and increasing awareness about conditions like cancer.

Based on service provider, genetic testing market is split into diagnostics laboratories, hospital-based laboratories, specialty clinics, and others. Owing to patient convenience and growing number of hospitals, hospital-based laboratories segment is expected to register significant growth in the coming years.

In terms of application, genetic testing market is divided into oncology, infectious diseases, autoimmune diseases, and others. Oncology segment is expected to lead the genetic testing market in future due to the rising prevalence of cancer across the globe. Geographically, genetic testing market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, few regions of North America like Germany, U.S and England are predicted to dominate genetic testing market owing to the developed infrastructure and rising investments in these nations.

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The major players of genetic testing market comprise 23andMe, Abbott Molecular, Biocartis, BioHelix, BioMerieux, Bayer Diagnostics, BGI, Celera Genomics, deCODEme, Genentech, HTG Molecular Diagnostics, Pathway Genomics, Genomictree, Genomic Health, IntegraGen, LabCorp Diagnostics, Luminex, MolecularMD, Myriad, Natera, PacBio, Qiagen, Roche Diagnostics, and Siemens, Cepheid, Counsyl, and Sequenom. The advent of genetic tests has revolutionized the molecular diagnostics and cytogenetic industry. It is one of the most rapidly growing segments in molecular diagnostics industry, which helps in delivering customized health services or personalized medicine. The share of genetic testing is incessantly increasing in the market. Growing awareness about genetic testing, technological advances in genetic sequencing, and rising incidences of genetic diseases especially cancer are some of the major factors propelling the genetic testing market.

The report “Global Genetic Testing Market Outlook 2022” provides a detailed analysis of the genetic testing market. The report also provides an insight regarding the current and future prospective of the market. This report covers the major trends and drivers, and their impact on the market. The report also discusses some of the restraints that can hinder the growth of the market, as well as rising opportunities which can provide new dimensions to the industry.