Genetic testing are the medical tests that identify changes in chromosomes, proteins or in genes. These types of tests help suspect and confirm any type of gene abnormality in a person. They also help in predicting the onset of certain diseases. Genetic testing represents the most rapidly expanding segment in the molecular diagnostics market globally. The global genetic testing market is expected to grow with a CAGR of 10% during the forecast period 2016-2023. The key factor contributing to the growth of the global genetic testing is increasing number of chronic and genetic diseases and rise in the market of personized medicine. The key factors driving the global genetic testing market are:
- Early confirmation of genetic disorder
- Minimal procedure risk
- Increase of pipeline genetic tests
Increasing consumer demand for effective and safe way to treat diseases is leading to the increase in genetic testing. Genetic testing is a sophisticated form of medical testing used to identify even the minute changes in genes, proteins or in chromosomes. These tests can confirm suspected genetic condition and help the doctors with better precision towards treating the patients. The conversion of genetic testing from being a service-driven to a product-driven market is expected to provide a thrust to the diagnostic companies for the expansion of their business globally. Genetic tests are helpful in identifying diseases such as cancer and Alzheimer’s and genetic disorders such as cystic fibrosis. Fast screening, technological advancements, accurate detection, increasing adoption of genetic testing in oncology applications, increasing public awareness and demand for customized medicine testing are some of the major factors helping the global genetic testing market grow. Favorable regulation environment, adoption of genetic testing by physicians in daily routine, technological advancement in the field of genetic testing etc., are also the factors driving the global genetic testing market. With advancements in DNA analysis, the scope of genetic testing widens up in different areas, mainly in pharmacogenomics, predictive testing, and prenatal testing and so on. The early detection of genetic disorder reduces mortality rates. Genetic testing also helps in the early detection of breast cancer.
However, due to the extensive knowledge required in genetic testing, it is an expensive process that cannot be afforded by all of the people. This is the major drawback and it affects the growth and affects the market globally.
Source: OBRC Analysis
The global genetic testing market is segmented into type and application. Type is further segmented into:
- Diagnostic testing
- Newborn screening
- Carrier testing
- Prenatal testing
Application is further segmented into:
- Cancer
- Prenatal
- Pharmacogenomics
- Predisposition
The revenue for the above application segments is specific to the global genetic testing market. However, the total revenue of these applications in general has been excluded from the scope of the report. Also, the total market revenue has been calculated by summing up type segment. Geographically, the global genetic testing market is segmented into:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
North America is the leader in global genetic testing market followed by Europe, due to the technological advancements in the field of genetic engineering, increasing prevalence of genetic diseases and high quality of infrastructure. Asia Pacific is the fastest growing market due to increase in number of geriatric population, and advancements in medical field. China has the highest growth rate in APAC. Major countries like Dubai and South Africa also contribute to the growth of global genetic testing market.
The global genetic testing market is segmented into type, application. The type segment of global genetic testing market is further segmented into carrier testing, diagnostic testing, newborn screening and prenatal testing. Application is further segmented into cancer genetic testing, prenatal genetic testing, pharmacogenomics, and predisposition testing. Cancer genetic testing has the largest market share in this segment.
The major market players of the global genetic testing market are:
- CEPHEID
- DAAN DIAGNOSTICS LTD.
- GENENTECH, INC.
- GENOMICTREE, INC.
- HTG MOLECULAR DIAGNOSTICS, INC.
- ILLUMINA, INC
- INTEGRAGEN S.A
- OTHERS
Detailed analysis of these companies provided in this report comprises of overview, scot analysis, product portfolio, strategic initiative and strategic analysis.
These companies use various strategies such as mergers & acquisitions, collaboration, partnership and product launching. For example: Myriad Genetics acquired Assurex health in 2016 which provided a commercial channel in personalized medicine.
Why to buy the report:
This report will:
- Provide you the business strategies adopted by market player such acquisitions as in 2016, Myriad Genetics acquired Assurex health in 2016 which provided a commercial channel in personalized medicine.
- Provide in detail the different segments such as type and application which affect the global genetic testing market.
- Provide you the patent analysis of global genetic testing market.
- Identify and understand the strengths, opportunities, challenges and threat of the global genetic testing market.
- Provide revenues of major players of the market such as Cepheid, DAAN diagnostics ltd. etc.
- Provide you the various regulatory policies which affect the global genetic testing market.
How we are different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global genetic testing market offers the longest chain of market segmentation covering major market segmentation based on type and application. For each market segments covered in global genetic testingmarket report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the genetic testing, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model. For the highlevel analysis in the report we provide a comparative analysis of historic and current year data.
ey findings of the global genetic testing market.
- North America had the largest revenue share in 2016.
- Merger and acquisition is the key strategy adopted by the various market players of global genetic testing market.
- Cancer genetic testing has the largest market share of application segment.