Genetic Testing Market Gains Momentum with a Striking CAGR of ~9.8% by 2023

The report titled “Genetic Testing Market -Forecast to 2023″ is a direct appreciation by Market Research Future of the market potential of the Genetic Testing Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today’s winner takes all market! The Global Genetic testing market is growing moderately. It is growing at the CAGR of ~9.8% during the forecast period. The global genetic testing market expected to reach USD 10,033.4 million by 2023 from USD 4,683 in 2016.

MarketResearchFuture.com adds “Genetic Testing Market -2017 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023” reports to its database.

Global Genetic Testing Market - Overview:

The Global Genetic Testing Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the Global Genetic Testing Market is booming and expected to gain prominence over the forecast period and is projected to grow a sound pace. The market is projected to demonstrate a sound growth by 2023, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017-2023).

Genetic testing involves various medical test that help us identify changes in chromosomes, genes, or proteins. The genetic tests can confirm or rule out a suspected genetic condition and it can help determine a person’s probability of developing a genetic disorder or passing on the same to next generation. Currently there are more than 1,000 genetic tests in use, and more are being developed. Rising awareness about the benefits of genetic testing, rising prevalence of the genetic disorders, changing trend in the industry from service driven to product driven industry are some of the factors that drives the market growth during the forecast period. However, limitations in the genetic testing and inaccuracy of tests, stringent regulation from the Insurance companies, and high cost of the tests are the major restraining factor for the market growth during the forecast period.

Key Players for Global Genetic Testing Market:

Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), Illumina Inc. (US), Myriad Genetics (US), PerkinElmer Inc. (US), QIAGEN N.V. (Germany), and Quest Diagnostics (US) and others are some of the prominent players at the forefront of competition in the Global Genetic Testing Market and are profiled in MRFR Analysis.

Global Genetic Testing Market - Regional Analysis:

The global genetic testing market is segmented on the basis of regions, into Americas, Europe, Asia-Pacific, and Middle East & Africa. America accounts for the largest market share of the global genetic testing market by region in 2016. This large share is majorly due to high awareness about the genetic testing, high disposable income of population, and implementation of the new-born screening in majority of the hospitals in the region. The Americas is followed by the followed by the Europe. Presence of the developed healthcare expenditure, high healthcare expenditure and increasing R&D expenditures are the major drivers for the market growth. Asia Pacific region is the fastest growing region in the global market due to expanding healthcare sector and presence of the developing economies like India and China. On the other hand, the Middle East and Africa contributes least to the market growth within the region.

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Global Genetic Testing Market - Competitive Analysis:

Characterized by the presence of several well-established and small players, the global market of genetic testing appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing.  The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.

Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.

In January-2017, QIAGEN N.V., acquired OmicSoft Corporation. With this acquisition, Qiagen will enhance its bioinformatics portfolio by adding key features from OmicSoft which will expand Qiagen’s translational & clinical applications.

In August-2016, Quest Diagnostics and AncestryDNA, collaborated to meet the rapidly growing consumer demand for genetic tests that provide insights into genetic ethnicity, origins and other factors. The new collaboration will allow AncestryDNA to scale up its testing services.

In April-2017, Myriad Genetics signed an agreement with Clovis Oncology for the use of its FDA-Approved BRACAnalysis CDx Test to Identify Patients with Germline BRCA Mutations for Rubraca Treatment.

In January-2017, Illumina Inc. launched the Single Cell Sequencing Solution in collaboration with Bio-Rad. It was the first Next Generation Sequencing (NGS) workflow for single cell analysis and provided researchers the ability to investigate the coordinated contribution of individual cells in tissue function, disease progression, and therapeutic response.

In October-2016, Myriad Genetics Inc. formed relationship with ION Solutions to deliver quality hereditary cancer test. Myriad and ION will work together to enhance the operational and clinical value associated with hereditary cancer testing.

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Posted by Vivian Dsena on Wednesday January 17 2018, 3:30 PM EST. All trademarks acknowledged. Filed under Uncategorized. Comments and Trackbacks closed. Follow responses: RSS 2.0