Genetic Testing Market Size, Share, Growth Drivers and Demand Forecast by 2024

Genetic Testing Market

New York, United States, 2019-Jul-19 — /EPR Network/ —

The global genetic testing market is projected to grow considerably in the coming years, due to the growing number of test to study multiple genes that may help in managing individual health condition. Additionally, the government initiatives to spread awareness with respect to the advantages of procedure is further expected to drive the growth of the market. The market is categorized into carrier testing, diagnostic testing, new-born screening, predictive & pre-symptomatic testing, prenatal testing, based on types of gene testing. Among the various types, new born screening held the largest share in 2016, due to the growing number of newborn genetic screening programs, while carrier testing is expected to project the fastest growth in demand during the forecast period.

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The different technologies used for genetic testing include cytogenetic testing, molecular testing, and biochemical testing. Molecular testing was the most widely utilized technology used for testing and analysis of genes, and held the largest share in the global market, in 2016. This leading position of the category is mainly attributable to the increasing analysis on the biological markers in the genome and proteome studies.

North America was the largest contributor to the market in 2016. According to the NCBI repository that maintains Genetic Testing Registry(GTR)data from 505 lab participants worldwide, the U.S. leads with 259 labs contributions. Some of the key factors leading to the growth of the market in the region are the presence of large number of academic and research institutes, rising government funding, and availability of technologically advanced products. However, Asia-Pacific is expected to witness the fastest growth in the genetic testing market during the forecast period. The major factors driving the region’s growth include increasing awareness about the advantages of predictive testing, and rise in the adoption of advanced technology for clinical applications.

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Genetic tests in conjugation with other genomic technologies would help predict the risk of an individual to a disease and is also expected to assist clinicians to select suitable therapeutic interventions. These factors also increase the opportunities for players in pharmaceutical industry to grow, by providing treatment options to their end users. For instance, 23andMe offers direct genetic makeup tests to the consumers and based on the results of tests, the company recommends genetic counsellors to help the consumers about the better testing of genes, and the inherited diseases.

Major players in the genetic testing market are Transgenomic, Inc., GE Healthcare, 23 & Me Sequenom, Inc., Abbott Laboratories, Biocartis SA, Illumina Inc., 454 Life Sciences, Bio-Rad Laboratories, Luminex Corporation, Affymetrix Inc., Agilent Technologies Inc., Cephide Inc., Beckman Coulter Inc.

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