Genetic Testing Market Size Worth Around US$ 18 Bn by 2026

#Genetic_Testing Market Size Worth Around US$ 18 Bn by 2026

International #Conference on #Genetic_Disorders and #GeneTherapy

#August 26-27, 2019 #Bangkok, #Thailand

Theme: Current research and futuristic challenges in Genetics

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Email us: geneticdisorders@expert-meetings.com

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The genetic test is a gene study examining a blood sample or a sample of other fluid cells from the genetic material. The study focuses on hereditary and gene variations and numbers of chromosomes which are used to detect genetic disorders and to select specific therapies to treat these genetic disorders. Genetic testing includes several techniques like comparative genomic hybridization, on-site fluorescence, karyotyping, immunohistochemistry and others.

Some new genetic testing techniques, increased efficiency and accuracy are expected to provide positive opportunities for global genetic testing. Moreover, in these regions, emerging markets have a good prospect of growing genetic testing because of the growing patient pool and awareness. Some of the main trends in the genetic testing market were the shift from the focus on clinical science to bioinformatics and an increasing popularity in genetic testing technology.

Market Snapshots

In the future, the worldwide market for genetic testing is expected to record considerable growth as genetic disorder & cancer increases. In the predicted period there are also expected to be increased demand for personalized medicine and the increasing use of genetic testing in oncology to boost market growth. However, the growth of the market of genetic testing during the forecast period is expected to hinder high costs of genetic testing and stringent regulatory requirements for product approvals. Conversely, untapped developing countries ' emerging markets are expected to provide market players with compensatory opportunities. Consequently, the global market share for genetic testing is expected to increase these drivers and chances.

The market is segmented on a type-based basis into predictive, carrier, prenatal and newborn tests, diagnostic tests, pharmacogenomic and other tests. Currently, the diagnostic test segment leads with revenue in 2018 and its dominance over the projected period is expected to continue. This is because people are increasingly aware of health and the incidence of mortality due to genetic diseases worldwide. On the other hand, during the forecast period the pharmacogenomic test segment is expected to be the highest CAGR. This is largely because pharmaceutical companies are increasingly applying drugs and developing them.

Regional Stance

The markets in North America, Europe, Asia-Pacific and LAMEA are assessed on the grounds of geography. North America was the global leader in the genetic testing market in 2018 and will dominate the forecasting period. The majority of key players in this region are attributed to this. However, as a result of the increase of accessibility, increased health expenditure and increased attention to early screening of genetic disorders, Asia-Pacific is expected to grow in the highest CAGR over the projected timeframe. In addition, the number of visitors to the cholera-affected countries is rising and the need for immunization is increasing in turn.

Key Players & Strategies

23andMe, Abbott Molecular, Biocartis, BioHelix, Bayer Diagnostics, BioMerieux, BGI, Celera Genomics, Cepheid, Counsyl, deCODEme, Genentech, Genomictree, HTG Molecular Diagnostics, Luminex, MolecularTM, IntegraGen, LabCorp diagnostics, Myriad, Natera, PacBio, Pathway Geneomaics, Qiagen, Roche Diagnostic is among the most eminent players in the global genetic testing market. Industry players focus on the strategic expansion of their product portfolio through acquisitions, fusions and collaborations. Roche, for example, in December 2018, acquired the Non-invasive Prenatal (NIPT) and cell-free DNA testing services market Ariosa Diagnostics, a provider of molecular diagnostic testing services.

The increasing prevalence in the genetic testing industry will drive a growing global genetic testing industry for diseases like cancer, cystic fibrosis, Alzheimer's and others. Increasing genetical tests and genetic mutation identification before their onset will further increase the industry's growth over the forecast period. Due to the increased adoption of genetic testing by physicians in clinical care, the industry should see rapid growth in future. The availability of direct consumer (DTC) regulatory aid and on-going technological advances allow industry players to maintain a position on the market.