North America Genetic Testing Market - Segmented by Type of Genetic Testing, Disease and Technology - Growth, Trends and Forecasts (2018 - 2023)
Genetic testing is carried out to assess the risk of an individual developing a certain disease. Governments across the globe are running awareness campaigns to educate people about the benefits of genetic testing. There is a growing consensus about the benefits of diagnosing diseases, like cancer, in the early stage through genetic testing. Early diagnosis helps cure the disease or at the least helps contain the impact of the disease.
The North America genetic testing market is expected to register a CAGR of 11.52% during the forecast period, 2018 to 2023. The US has the largest market share for genetic testing in the North American region due to screening of the genetic mutations with the Cystic Fibrosis Trans-Membrane Conductance Regulator (CFTMR) which is the most recurrently conducted test in the US.
Increasing Emphasis on Early Disease Detection and Prevention
Many genetic disorders can be detected early in pregnancy, using various invasive and non-invasive techniques. With technological developments, physicians have become capable of performing tests with better accuracy, and looking at multiple genes at a time. Consumer demand for safe and effective genetic tests is fueling the growth of this market. Additionally, growing demand for the personalized medicine and increasing application of genetic testing in oncology are also resulting the growth of the North America Genetic Testing Market.
High Costs of Genetic Testing
Cost has always been a barrier to the growth of market studied. A few genetic tests, such as pre-implantation testing (pre-implantation genetic diagnosis (PGD)), fecal DNA testing, and others are expensive, and are not usually covered by insurance providers. For instance, the BRCA gene evaluation performed by Myriad Genetics, the only company in the United States, is phenomenally expensive, with a price close to USD 4,000, when a related genomic-rearrangement test is included in the analysis, which is typically recommended by oncologists.
Additionally, social and ethical implications of genetic testing and non-inclusion of reimbursement policies are hindering the growth of the North America Genetic Testing Market.
USA to dominate the market
The North America genetic testing market is segmented into by type and geography. By type, the market is segmented into the carrier, diagnostic, newborn, predictive and presymptomatic, and prenatal testing. By geography, the market is segmented into the US, Canada, and Mexico.
Key Developments in the market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook