Global Genetic Testing Services Market is expected to grow at a CAGR of 8.72% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Genetic Testing Services Market by Test Type (Prenatal Testing, Newborn Screening, Predictive and Presymptomatic Testing), Application, Service Provider, Regionâ?? and Global Forecast 2018-2025.
The global genetic testing services market is expected to grow from USD 34,500.13 Million in 2017 to USD 67,100.07 Million by 2025 at a CAGR of 8.72% during the forecast period from 2018-2025. North America dominates the market during the forecast period. Rising cases of genetic disorders in the region coupled with government initiatives and increased R&D activities in the field are anticipated to drive the market. For instance, according to the NCBI repository that maintains Genetic Testing Registry (GTR) data. Out of 505 lab participants worldwide, the U.S. leads with 259 labs contributions.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the eminent market players include Laboratory Corporation of America Holdings, Genomic Health, Inc., NeoGenomics Laboratories, Inc., Quest Diagnostics Incorporated, Eurofins Scientific, Ambry Genetics, Hoffmann-La Roche Ltd, Illumina, Inc., CENTOGENE AG, 23andMe, Sequenom, GeneDx, Abbott, Cepheid Inc., ELITech Group, Verinata Health, Inc among others. For instance, in 2016, Biocartis SA entered into a partnership with Thermo Fisher Scientific Inc. for the distribution of its Idylla platform and associated assays with the focus on oncology products. In addition, in February 2016, Biocartis SA collaborated with Amgen to evaluate the Idylla RAS testing as a tool for rapid decentralized testing in a range of countries.
Test type segment include prenatal testing, newborn screening, predictive and presymptomatic testing, pharmacogenomic testing. The predictive & presymptomatic testing is dominating the segment and was valued around USD 12,178.5 million in 2017. Detection of diseases at early stage minimizes the severity of diseases leading to reduced mortality rate. Application segment is divided into segments such as oncology, infectious diseases and autoimmune diseases. Rising prevalence of various types of cancer such as prostate cancer, breast cancer and lung cancer coupled with increasing awareness pertaining to early detection of cancer are expected to stimulate the growth of the market. The service provider segment includes hospital-based laboratories, diagnostic laboratories and specialty clinics. The hospital-based laboratories segment is dominating the segment.
Advancements in genetic testing technologies, rising cases of genetic diseases and growing awareness are driving the testing market. In addition, emerging markets hold great potential for growth of due to growing awareness and increase in patients in these regions. High cost and lack of experienced professionals are some of the factors restraining the growth of the market. However, Shift from clinical science to bioinformatics is also leading to high rate of adoption of genetic testing technology, which in turn is augmenting the growth of the market in coming years.
About the report:
The global genetic testing services market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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