Aging Population and Predisposition of the Elderly for Gene Mutations & Chromosomal Damage and Abnormalities to Drive the Global Genetic Testing Market
The
global market for Genetic Testing is projected to reach US$10.8 billion by 2024,
driven by rising incidence of genetic disorders among the aging population; increased
demand for personalized medicine; growing application in oncology; and
increasing awareness over the importance of early disease detection and
prevention among people. Genetic testing represents the most rapidly expanding
segment of the molecular diagnostics market worldwide. Growing incidence of
genetic diseases unravels new opportunities for genetic testing. In addition,
increasing knowledge about the probable benefits of genetic testing has been
one of the key reasons for individuals to opt for genetic testing. Aging
population, increased demand for personalized medicine, growing application in
oncology, and increasing awareness of early disease detection and prevention
among people are the other growth drivers. The market growth is also propelled
by rising consumer interest, adoption of genetic testing by physicians into
regular clinical care, favorable reimbursement policies with greater coverage
for genetic testing, developments in testing technologies, and advanced
bioinformatics/data analytics.
Genetic testing, until recently, was confined to
specialized medical testing services for rare inherited diseases. With the
advent of advanced DNA
analysis, the scope of genetic testing widely expanded to include
predictive testing (to evaluate susceptibility to common, complex diseases);
pharmacogenomic testing (to evaluate varied drug response in different people
owing to DNA/RNA changes); and prenatal and newborn testing (to screen for
congenital abnormalities). Prenatal testing is an important genetic testing
type. Technological advancements, over the years, have made this testing
increasingly affordable and accurate. Safety remains a major driver for genetic
prenatal tests, which offer an alternative to the prenatal screening technique
that incurs a risk of miscarriage. Non-Invasive Prenatal Diagnosis (NIPD) has
revolutionized the prenatal testing area, and is garnering significant
attention due to its potential to wipe out procedural issues in invasive
diagnostic techniques. Fetal diagnostic Whole-Exome
Sequencing (WES) is the latest in advancement of prenatal screening that
vouches to expand detection beyond conventional technologies. New born
screenings are conducted for identifying disorders that can be treated during
the initial years of a child’s growth. At least 34 genetic disorders can be
identified in new borns with these screening tests. Pharmacogenomics and cancer genetic testing
are expected to witness maximum growth. Predictive diagnostics is
rapidly assuming importance owing to the increasing awareness among medical
professionals and patients.
The development of chromosomal
microarray analysis and next generation sequencing are revolutionizing the identification
of structural and numerical abnormalities in chromosomes. The technologies are
also contributing to the development of carrier screens that allow simultaneous
detection of various genetic disorders. 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 helps in isolating DNA of tumor shed into the blood stream called
the circulating free DNA (cfDNA) for further genetic analysis.
As stated by the new market research report on Genetic
Testing, the United States represents the largest market worldwide driven by
demand for testing services from increasing number of people, specifically the
elderly, and the increasing emphasis on preventive testing among the people.
The market is also expected to benefit from scientific advances, and
development of new and improved tests. The market for genetic testing in
Asia-Pacific is expanding at the fastest pace amongst different regional
markets, at a CAGR of 17.2% during 2016-2024. Population growth and increase in
genetic disease prevalence are the major growth driving factors in this market.
China, India and Australia represent the high potential markets in this region.
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., Laboratory Corporation of America Holdings, Sequenom Inc.,
Luminex Corporation, Natera Inc., PerkinElmer Inc., QIAGEN N.V., Quest
Diagnostics Inc., Roche Diagnostics AG., Roche Molecular Diagnostics Inc., and Thermo
Fisher Scientific, among others.
The research report titled “Genetic
Testing – Market Analysis, Trends, and Forecasts” 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.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San
Jose CA 95138, USA, All Rights Reserved.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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