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Genetic testing represents the most rapidly expanding segment of molecular diagnostics in the healthcare industry. Genetic tests have shown great outcomes and proven vastly effective and efficient in the diagnosis of genetic disorders.
Consequently, hereditary genetic testing has grown significantly since the technology was first introduced. The genome testing industry is proliferating, and its growth is expected to continue at a comprehensive pace.
Genetic testing basically involves testing the genome to identify alterations in chromosomes, genes, or proteins by collecting samples of different forms from patients with the help of kits and panels. This enables the study of the genetic makeup of the patient and identifying the mutations and alterations in the healthy structure of the DNA leading to the development of the genetic disorders. These tests can be used to sequence the entire genome to test for ancestry as well as a method to diagnose or eliminate the possibility of genetic diseases. In addition, these tests are used in the diagnosis of medical conditions such as cancer diagnosis, genetic disease diagnosis, and cardiovascular disease diagnosis. At present, there are more than 1,000 genetic tests in use, and more are extensively being developed.
While, there has been a massive growth in demand for genetic testing as advanced methods are developed and these tests offer a chance for patients to avoid potential risks of developing genetic disorders, the global market for hereditary genetic testing is anticipated to grow at a healthy CAGR of around 12-15% over the next decade.
The growth of this market is attributed towards major pertaining factors including but not limited to; rising awareness about the benefits of genetic testing, rising prevalence of genetic disorders, increased understanding of the molecular basis of diseases, patient demand, industry investment, regulations that allow marketing of tests without FDA approval, changing trend from service-driven to product-driven industry, advances in genetic testing services, increasing demand for personalized medicine and unmet clinical needs for better tools to predict, diagnose, treat, and monitor diseases.
Moreover, genetic testing is widely used in pharmacogenomics, also referred as drug-gene testing. With that, advancements in genetic testing techniques especially sequencing techniques have reduced the sequencing time, and cost of genetic testing. For instance, microarrays substantially reduce the sequencing time by utilizing microchips. These microchips use fluorescent dye to identify mutations in the chromosomes.
Furthermore, the massive scope for adoption of Next-Gen- Sequencing Based in emerging nations, technological advancements for exosmic sequencing, the rise of Direct-to-Consumer Testing Services, and increasing research funding in the field of genomics are some opportunities that can prove beneficial in propelling the growth of this market on a larger scale.
However, high costs of tests, standardization concerns, lack of skilled professionals in developing and underdeveloped countries, limited coverage by players, inaccuracy of tests, and stringent regulatory requirements for product approvals are factors that restrain the growth of this market.
HEREDITARY GENETIC TESTING MARKET SEGMENTATION:
By Sample Type:
By Oncology Genetic Testing Type:
By Cardiology Genetic Testing Type:
By Neurology Genetic Testing Type:
By Other Genetic Testing Type:
By Application Area:
The Americas is projected to dominate the global market due to increasing genetic diseases and abnormalities, the presence of sophisticated infrastructure , presence of majority of key players in the region, improved healthcare infrastructure, rise in per capita income, improvised reimbursement policies in the region and governmental support for research and development in genetics.
The European market for genetic testing is projected to be the second-largest in the next few years. Recent developments and advances in molecular medicines and increasing prevalence of genetic diseases and disorders has expanded the scope for the development of different genetic tests and are critical factors for the growth of this market in the region.
Asia-Pacific is expected to have the highest growth rate as a result of developing healthcare infrastructure, raise in awareness, rising disposable income, the presence of vast patient population and rapid development in technology in the region etc.
Lastly, driving factors for the growth of the Middle East & Africa market are the increasing adoption of technology and government initiatives aimed at improving the healthcare, growing prevalence of metabolic diseases in the region, increase in the aging population, rise in the number of cases of chronic diseases such as cancer, and innovations in genetic testing.
FEW KEY PLAYERS IN HEREDITARY GENETIC TESTING MARKET:
Timeline Considered for Analysis:
2019: Estimated Year
2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global hereditary genetic testing market by the following segments:
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Key Questions Answered in the Global Hereditary Genetic Testing Industry Report
The report offers a comprehensive insight on the Hereditary Genetic Testing Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
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