The Global Market for Genetic Testing is Forecast to Reach US$7.4 Billion by 2020

Consumer Demand for Effective Healthcare Solutions Drives the Genetic Testing Market, According to a Report Update by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive report update on the global Genetic Testing market. The global market for Genetic Testing is forecast to reach US$7.4 billion by 2020, driven by robust demand for safe, accurate and effective healthcare solutions. 

GIA has released a new update on the global Genetic Testing market. Against a backdrop of emerging patient-driven healthcare models, consumer demand for safe and effective healthcare solutions is rising. The scenario is benefiting demand for genetic testing, given the role played by these tests in optimizing patient response to therapies by tailoring treatment to genetic profiles. Genetics influence predisposition to diseases such as cancer, Alzheimer’s, cystic fibrosis, and Huntington’s. Aided by the successful sequencing of the human genome, the genetic testing market took off in a major way over the last decade. Genetic testing represents the most rapidly expanding segment of the molecular diagnostics market worldwide. Molecular diagnostics involves the molecular analysis of RNA and DNA, and is driven by increasing awareness about the human genome, newer technologies and innovation under accurate detection, faster screening, and genetic testing. Major growth factors of the thriving genetic testing market include growing consumer interest, adoption of genetic testing by physicians into regular clinical care, favorable regulatory environment and legislative policies, congenial reimbursement policies with greater coverage for genetic testing, developments in testing technologies, and advanced bioinformatics/data analytics. Advancements in the genetic testing field enable physicians to determine patients’ health at different stages of the diagnostic treatment process.

With the advent of advanced DNA analysis, the scope of genetic testing widely expanded to include predictive testing, pharmacogenomic testing, and prenatal and newborn testing. While areas, such as prenatal testing are fast approaching maturity, Pharmacogenomics represents a highly profitable segment of the genetic testing market. Genetic tests to screen newborns are expected to expand immensely over the coming years. The early detection of genetic disorders significantly reduces morbidity as well mortality rates. In addition, with advancements in genetic testing reagents and test procedures, tests would be focused on the early detection of Alzheimer’s disease, hemochromatosis, breast cancer, colorectal cancer, diabetes in young people, and rare forms of Amyotrophic Lateral Sclerosis. Genetic testing has also enabled the easy diagnosis of diseases, such as hemophilia, and sickle cell anemia, facilitating several patients in leading a normal life. Nevertheless, owing to the increasing incidence of cancer cases, cancer genetic testing is expected to register high growth, and would dominate the genetic testing market by the year 2017. Growing aging population, and a subsequent increase in the number of chronic diseases, is another factor propelling the genetic testing market. In addition, advancements in the genetic testing space are expected to aid in tailoring personalized medicine for specific targeted markets.

As stated by the new market research report on Genetic Testing, the United States represents the largest and the fastest growing market worldwide, with a projected CAGR of over 18.8% over the analysis period. Growth in the country is led by the development of new and advanced tests, as well as increased demand for testing services in an evolving healthcare community focused on disease prediction, detection, and prevention. Predictive diagnostics is rapidly assuming importance supported by growing awareness among medical professionals and patients. Breast cancer diagnosis is one of the key end-use markets targeted by developers of predictive diagnostics.

Key players covered in the report include Abbott Laboratories, Abbott Molecular Inc., AutoGenomics Inc., BioRad Laboratories, ELITech Group SPA, PerkinElmer Inc., Quest Diagnostics Inc., Roche Diagnostics Corp., Roche Molecular Diagnostics Inc., Thermo Fisher Scientific, and Transgenomic Inc., among others.

The research report titled “Genetic Testing: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the global market trends, key growth drivers, regulations, market issues and challenges, mergers and acquisitions, agreements and alliances, and other strategic corporate initiatives of the global and regional players. The report provides market estimates and projections for all major geographic markets, including the US, Canada, Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific, and Rest of World. Product segments analyzed for the US market include Prenatal and Newborn Genetic Testing, Pharmacogenomic Testing, and Predictive Diagnostics.