The Genetic Testing Market is set to exceed USD 22 billion by 2024; according to a new research report by Global Market Insights.
Increasing applications of genetic testing for early detection and prevention of oncology and genetic diseases will accelerate the market growth throughout the forecast period. Around 6,00,920 cancer deaths occurred in the U.S. in 2017. Growing awareness among patients pertaining to early diagnosis of diseases will lead to timely treatment resulting in reduced mortality. Rising prevalence of diseases such as cancer, cystic fibrosis, Alzheimer’s and other genetic diseases worldwide will result in increasing number of people undergoing genetic testing for early diagnosis thereby fueling the market growth.
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Demand for direct-to-consumer (DTC) genetic testing is growing in the last few years. DTC genetic testing allows customers to know their genetic information without involving the physicians or other healthcare professionals. DTC testing allows customers to identify genetic predisposition to diseases such as cancer, Alzheimer’s and diabetes in order to facilitate a precautionary preparation for healthcare. Aforementioned factors will further boost the market growth over the forecast period.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Myriad Genetics
- Genomic Health
- Abbott Molecular Inc.
- Roche Diagnostics Middle East
- Luminex Corporation
- Celera Genomictree Inc.
- HTG Molecular Diagnostics
- LabCorp Diagnostic Laboratories
- Pathway Genomics Corporation
- Bayer Diagnostics
Diagnostic testing segment accounted for the highest market share with a revenue share of USD 5690.6 million and is expected to grow at a significant rate over the forecast timeframe owing to its wide applications in various diseases. Detection of diseases at early stage allow patients to undergo therapeutic treatment at an early stage and minimizes the severity of diseases leading to reduced mortality rate. Increasing prevalence of chronic diseases worldwide will augment the segment growth over the forecast period.
Cardiovascular disease diagnosis segment of genetic testing market will grow at the fastest CAGR of nearly12.8% owing to rising prevalence of cardiac diseases across the globe. Genetic testing allows testing for a wide range of cardiovascular diseases (CVDs) encompassing congenital heart malformations. Timely diagnosis of heart disorders helps save lives and reduce the number of CVD deaths. Healthcare system’s efforts towards reducing CVD incidences should fuel business growth over the forecast period.
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North America dominated the genetic testing market with a revenue of USD 6382.1 million in 2017 and is projected to grow at a significant rate over the forecast period. This is attributable to increasing incidences genetic diseases such as cancer, Turner syndrome, neurofibromatosis, and spinal muscular atrophy. Availability of new tests owing to technological advancements will fuel the demand for genetic testing. Advanced infrastructure coupled with high healthcare expenditure and regulatory support for direct-to-consumer genetic testing will further augment the market growth in the coming years.
Genetic Testing Market by Test type
- Predictive Testing
- Carrier Testing
- Prenatal and Newborn Testing
- Diagnostic Testing
- Pharmacogenomic Testing
Genetic Testing Market by Application
- Cancer Diagnosis
- Genetic Disease Diagnosis
- Cardiovascular Disease Diagnosis