Genetic Testing Market - Segmented by Treatment Type, Diseases, Technology, and Geography - Growth, Trends and Forecasts (2018 - 2023)
A genetic test is a test performed to identify the presence of a particular gene/s with a particular sequence of the genome. The gene/s can be identified either directly through sequencing or indirectly through various methods. Genetic testing practices are rapidly increasing in rare disease diagnostics and for personal medicines, which in turn is fuelling the growth of this market. The global genetic testing market was valued at USD 7,849 million in 2017, and is expected to increase to USD 9,121.3 million in 2018, and is expected to reach USD 15,482.6 million by 2023 while recording an expected CAGR of 11.16% during 2018-2023.
Growing Demand for Personalized Medicine
Personalized medicine is a fast-growing market and healthcare industry has the potential to build its leading position, providing economic growth and employment. There are personalized medicine approaches which have been introduced in the global market, but are at an early stage of implementation. With the launch of the International Consortium for Personalized Medicine, various countries are aiming to coordinate research and health policy to advance the implementation of personalized medicine in the global market. The use of market-assisted genetic diagnosis and targeted therapies developed from an individual’s molecular profile are expected to influence the way drugs are prescribed and medicine is practiced. The traditional linear process of drug discovery and development is expected to be replaced by an advanced and integrated approach.
Social and Ethical Implications of Genetic Testing
Genetic testing is quickly becoming an integral part of healthcare services. It helps people to take counter measures to prevent diseases, with a chance to predict the risk of illness. Almost every new genetic test developed raises serious issues for medicine, public health, and social policy, regarding the circumstances under which the test should be used. The information gained from genetic testing is different from other healthcare information, as it holds the individual’s identity and can have long-term implications. Insurance is an important asset to people. The fear of discrimination by insurance companies discourages people from undertaking genetic tests, which is a restraining factor for the growth of the market. Insurance providers mandate the submission of all information regarding the genetic testing carried out to assess the risk. Financial help undergoes severe scrutiny before it reaches the intended consumer. There could also be discrimination in the workplace based on the test results, and the companies can deny employment to individuals at the risk of becoming debilitated.
Market Segmentation Insights for the Genetic Testing Market
Under the Technology segment, the Cytogenetic Testing category is expected to exhibit the fastest growth rate of 12.8% over the forecast period. The largest share of market under the technology segment was held by Molecular Testing in the current market, with a market value of approximately USD 1.6 billion in 2017. The highest market share of Molecular Testing can be attributed to the advent of next-generation sequencing facilities, which has expanded this market in various fields as it has brought a major increase in throughput capacity and automation and reduction in costs and its application in several diseases.
North America to Dominate the Market
The North America region is expected to grow with the fastest compounded annual growth rate of about 11.78% over the forecast period. North America also held the largest market share among all regions in the global market in 2017, with a market value of approximately USD 2.5 billion, in 2017. Genetic testing is becoming increasingly popular in the United States. The US genetic testing market has been increasing steadily because of new discoveries that have been made in the field of genetic testing. The growth in the genetic testing market can be specifically attributed to advent of Next Generation Sequencing (NGS). In addition, the US genetic testing industry is experiencing an essential shift in focus from clinical science to the field of bioinformatics.
Key Developments in the Market
- September 2017- Myriad Launched riskScore to enhance the hereditary cancer test myRisk. riskScore determines the risk of women to get breast cancer by analyzing their genome.
- July 2017- Admera Health Partners collaborates with Helix to Launch Genetic Tests to Assess the Risk of Inherited High Cholesterol, Sudden Cardiac Death, and Inherited Diabetes
Major Players -Illumina, Inc, Abbott Molecular Inc, 23 And Me, Roche Diagnostics, Qagen, Blueprint Genetics, BJI Tech, Eurofins Scientific, Centogene AG, ThermoFisher Scientific, Elitech Group, among others.
Reasons to Purchase the Report
- Market analysis for the global genetic testing market, with region-specific assessments and competition analysis on the global and regional scale
- Analyzing various market perspectives, with the help of Porter’s five forces analysis
- The treatment type that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months of analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
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