Global Genetic Testing Market to Witness a CAGR of 12.2% during 2018-2024
NEW YORK, Oct. 08, 2018 (GLOBE NEWSWIRE) -- The global genetic testing market is expected to grow significantly from USD 8,531.4 million in 2017 to USD 19,112.4 million in 2024, at a CAGR of 12.2% from 2018 to 2024. The growth in the market is attributed to the increasing demand for personalized medicine, and growing incidence of genetic disorders. Moreover, increasing research and development activities, growing awareness among people, and rising government initiatives are further propelling the market growth. However, high cost of genetic tests may hamper the market growth to some extent.
Key findings from the report:
-- On the basis of testing type, the diagnostic testing segment held the major share of the market in 2017, owing to growing demand for identification of the diseases. It is used to identify specific genetic or chromosomal conditions. -- On the basis of application, the oncology segment held the major share of the market in 2017. The growth is attributed to the growing number of cancer patients across the globe, and growing awareness regarding the early detection of cancer. -- Based on service provider, the hospital-based laboratories segment held major share of the market in 2017. -- Geographically, North America held the major share of the global market in 2017. Asia-Pacific is expected to witness the highest CAGR during the forecast period. -- Some of the key companies operating in the market include NeoGenomics Laboratories, Inc., QIAGEN N.V., Genomic Health, Inc., Cepheid, Laboratory Corporation of America Holdings, Luminex Corporation, 23andMe, Inc., Quest Diagnostics Incorporated, F. Hoffmann-La Roche Ltd, Illumina, Inc, and Cancer Genetics Inc.
High growth potential for genetic testing market in developing economiesGenetic testing is used to identify mutations or changes in genes, chromosomes, and proteins. Genetic tests are applied in the analyses of multiple genes to determine risk of various diseases, such as cancer and diabetes in early stage, which may eliminate the need for additional unnecessary clinical investigations. Moreover, there is a growing demand for genetic testing in developing countries due to increasing number of genetic disorders, and non-communicable chronic diseases such as cancer, diabetes, stroke and cardiac diseases. These non-communicable chronic diseases have subgroups with significant genetic risk components. Additionally, advancements in genetic technologies are rapidly changing the health care services in the developed and developing countries.
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Genetic Testing Market – Regional insightGeographically, North America held the largest share of the market in 2017. The growth in the region is attributed to the growing research and development activities in genetic testing, increasing investments and the presence of major market players in the region. The growth of the genetic testing market in Europe is primarily due to advances in genomic technology, and growing awareness among people about the benefits of genetic testing. Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the high prevalence of infectious diseases, and large pool of patients. The growth of genetic testing market in the Middle East and Africa is primarily due to high incidence of various genetic disorders, and increasing number of chronic diseases.
This report segments global genetic testing market based on testing type, technology, application, service provider, end-user and region.
-- Diagnostic Testing -- Predictive and Presymptomatic Testing -- Carrier Testing -- Prenatal Testing -- Newborn Testing -- Pharmacogenomics Testing -- Research genetic Testing -- Others
-- Biochemical Testing -- Molecular Testing -- Chromosomal Testing
-- Genetic diseases -- Oncology -- Cardiovascular diseases -- Others
-- Diagnostic laboratories -- Hospital-based laboratories -- Specialty Clinics -- Others
-- North America -- Europe -- Asia-Pacific -- Central & South America -- Middle East and Africa (MEA)
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