Genetic Testing Market Trends, Key Business Strategies & Extensive Forecasts Report
According to the report "Genetic Testing Market", published by Market Data Forecast, the global market is projected to reach USD 59.01 Million by 2020, at a CAGR of 9.51% from 2015 to 2020.
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Genetic testing is the most rapidly escalating segment of the molecular diagnostics market worldwide. It is a medical test that identifies changes in genes, chromosomes, or proteins. Through genetic testing, a professional can confirm or rule out a suspected genetic condition or help determine a person’s chance of developing or passing on a genetic disorder. Currently, more than 1,000 genetic tests are in use, and more are in development phase.
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Screening for genetic disorders remains to be of fundamental importance in view of the increasing awareness on the importance of predictive and prognostic screening, like maternal screening. The business for screening the new-borns, diagnosing rare and terminal disorders, and predicting the likelihood of occurrence of diseases is showing great potential to expand. Predominantly, genetic tests to screen the new-borns are expected to expand enormously over the coming few years.
However, high charges accompanying the tests and lack of reliable or trustworthy standard procedure has led to serious concerns among individuals. And, with the rising demand for genetic testing, the counsellors are struggling to keep up with the demand, and consumers are faced with unanticipated and lengthy wait times. These factors hindering the growth are posed as short-term challenges for global genetic testing market
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The global genetic testing market is segmented as follows
- By Type
- Carrier Testing
- Diagnostic Testing
- Prenatal Testing
- Neonatal Testing
- By Application
- Cancer Testing
- Prenatal Testing
- Pharmacogenomics Testing
- Predisposition Testing
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Furthermore, the transformation of genetic testing from being a service-driven to a product-driven market is expected to provide a push to the companies in diagnostics indudtry for the expansion of their operations. Some of the major companies in the global genetic testing market include, Roche Molecular Diagnostics Inc., Abbott Molecular Inc., AutoGenomics Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc. and Applied Biosystems Inc.,
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