The Global Market for Genetic Testing is Projected to Reach US$10.3 Billion by 2024
Growing Incidence of Genetic Disorders and Genetically
Predisposed Diseases Drives the Global Market for Genetic Testing, According to
a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market size, share and
demand forecasts on the global Genetic Testing market. The global market for Genetic Testing is projected to
reach US$10.3 billion by 2024, driven
by aging population, rising incidence of genetically predisposed and hereditary
diseases, growing awareness, technological advances and increasing success of direct-to-consumer
(DTC) genetic testing.
Genetic testing broadly
refers to the analysis of genes by examining genetic material taken from cells
in a person’s blood sample, or a sample of other body fluids. It constitutes
the most rapidly expanding segment of the molecular diagnostics market
worldwide. The genetic testing market is boosted by higher incidence of genetic
diseases, such as Huntington’s disease and cystic fibrosis, coupled with aging
population, increased demand for personalized medicine, growing application in
oncology, and increasing awareness of early disease detection and prevention
among people. With the advent of advanced DNA analysis, the scope of genetic
testing expanded widely into new application areas, driving the market further.
Non-Invasive Prenatal Diagnosis (NIPD), for instance, has revolutionized the prenatal
testing area, and is garnering significant attention due to its potential to
wipe out procedural issues in invasive diagnostic techniques.
Technological advances
such as development of chromosomal microarray analysis and next generation
sequencing are revolutionizing identification of structural and numerical
abnormalities in chromosomes, and in turn leading to detection of various rare
genomic and genetic disorders. The technologies are also contributing to the
developing of carrier screens that allow simultaneous detection of various
genetic disorders. Further, these technologies contributed to the development
of non-invasive cffDNA (cell-free fetal DNA) for identifying subchromosomal abnormalities,
single-gen disorders, and chromosomal aneuploidy. Another technological
advancement in this area is the development of liquid biopsy that depends on a
blood draw for isolating DNA of tumor shed into the blood stream called the
circulating free DNA (cfDNA) for further genetic analysis. advancements in
technologies that allow analysis of even small quantities of cfDNA for
identifying mutations related to specific diseases is advancing the area of liquid biopsy,
which is slated to transform the area of cancer genetic testing of the future. However,
growth in the market will be challenged by higher costs of genetic testing in
most applications and associated reimbursement issues. While prenatal &
newborn genetic testing dominates the market, pharmacogenomics is garnering
growing interest. Advances in gene sequencing in terms of efficiency, speed and
cost-reduction are driving interest among pharmaceutical companies to develop
personalized medicines and shelve the one-size-fits-all approach in
therapeutics.
As stated by the new
market research report on Genetic Testing,
the United States represents the largest market worldwide supported by robust
investments in biomedical and life sciences research, launch of several
advanced tests, higher awareness over unmet therapeutic needs and better
reimbursement scenario. Asia-Pacific ranks as the fastest growing market with a
CAGR of 17.8% through the analysis period, led by growing population and
healthcare burden; developing healthcare system especially clinical diagnostic infrastructure;
and growing incidence of cancer and other genetic disorders due to demographic/lifestyle
changes, modern living conditions and complex interplay of environment factors
and susceptible genes. Especially poised to benefit growth is the deteriorating
genetic health of the human population as evidenced by the growing load of
defective genes in the gene pool due to medical interventions that have improved
the survival rate and reproductive success of individuals with undesirable
genetic traits and thereby a higher risk of inherited genetic conditions among
the population.
Major players in the market
include 23andMe, Inc., Abbott Laboratories, AutoGenomics, Inc., Biocartis NV,
BioRad Laboratories, Cepheid Inc., ELITech Group S.P.A., Illumina Inc.,
Illumina Inc., Luminex Corporation, Natera Inc., PerkinElmer Inc., QIAGEN N.V.,
Quest Diagnostics Inc., Roche Diagnostics Corp., Roche Molecular Diagnostics
Inc., Sequenom, 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 market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for Genetic Testing in value terms for all major geographic markets
such as United States, Canada, Japan, Europe (France, Germany, Italy, UK and
Rest of Europe), Asia-Pacific and Rest of World. US market analytics are
further analyzed by the following application types: Prenatal & Newborn
Genetic Testing, Pharmacogenomic Testing and Predictive Diagnostics.
Global
Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights
Reserved.
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