Genetic Testing Market by Type (Predisposition Testing, Diagnostic Testing, Newborn Screening, Prenatal Testing) by Application (Cancer Genetic Testing, Prenatal Genetic Testing, Pharmacogenomics, Predisposition) by Region Forecast 2017-2024.
Key Findings Global genetic testing market is poised to grow at an approximate CAGR of 10% during the forecast period of 2017-2024. The various reasons for the growth of the diagnosis of the genetic disorder rise in the RNA pipeline testing increase in aging population and the simple accessible procedures are some of the major drivers for the genetic testing market.
The genetic testing is a process to examine the DNA which is a synthetic database that reveals the capacities the body. It also reveals the adjustments and changes that could be brought in the qualities of the diseases and ailments.
The advancements and innovations in genetic testing technologies, increase in the predominance of genetic disease, and the growing awareness of genetic testing are the drivers for the market growth. The Genetic testing market is segmented on the basis of application, type, and geography. On the basis of application type, the market is segmented into Cancer, Prenatal, Pharmacogenomics, and Predisposition. The market by type is segregated into Predisposition testing, Diagnostic testing, Newborn screening and Prenatal Testing. The geographical segmentation includes Asia-Pacific, Europe, North America and the rest of the world.
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North America is estimated to hold the highest market share during the forecast period. The factor that will drive the market in North America is the growth of advanced technologies that can be recycled into new techniques and analysis of the existing ones.
Asia-Pacific is a rapid growing Genetic testing market with emerging economies like China, Japan, and India. The prevalence of chronic illnesses like Cancer and Alzheimer’s disease will lead to the development in Genetic testing industry driving the market growth. Europe like Asia-Pacific is estimated to show tremendous growth rate during the forecast period in the genetic testing market. The market driving factors for Europe and Asia-Pacific are an increase in Research and Development investment, rise in the funds from the government and increasing number of patients.
The leading players in the genetic testing market are CEPHEID, GENENTECH, INC., GENOMICTREE, Inc., INTEGRAGEN S.A, Pacific Biosciences Of California, Inc., HTG molecular diagnostics, inc., ILLUMINA, Inc., Laboratory Corporation Of America Holdings, Oxford Biodynamic Limited, LUMINEX corporation, DAAN Diagnostics Ltd., MOLECULARMD corp. , Myriad Genetics Inc., Natera, Inc, Perkinelmer Inc., QIAGEN N.V., Roche Diagnostics Corporation.
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