Market Analysis

Market Scenario : 

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Genetics is nothing but the study of genes, their capacities, and their impacts. Atomic genetics, formative genetics, populace genetics, and quantitative genetics, and human genetics are different sorts of hereditary investigations. It incorporates the investigation of quality articulation, quality structure, transformation examination, cytogenetic and genomic imaging, genome structure, and association, hereditary and physical mapping, malady affiliation contemplates atomic diagnostics, genetics of complex illnesses, epispastic collaborations, and different ideas. It additionally decides different hereditary components in charge of ailments. It offers different points of interest, for example, distinguishing proof and determination and treatment of different illnesses, for example, malignant growth, cardiovascular sicknesses, and other hereditary maladies.

The size of the Global Genetic Testing Market is expected to reach $16.9 billion by 2025, rising over the forecast period with market growth of 11.2 present CAGR. Genetic testing is the analysis of the gene-containing cells and tissues. Genetic testing is the study of the cells and tissues containing the gene

Key Market Trends: Molecular Testing Segment is predicted to Exhibit Fastest rate of growth over the Forecast Period.

To identify the mutations that lead to a genetic disorder, molecular genetic testing is the study of single genes or short lengths of DNA. The scope of the study discusses the use of gene testing for the development of personalized medicine, directed cancer therapy, and other genetic diseases. In addition to increasing performance and precision, new genetic testing techniques provide lucrative growth opportunities for the genetic testing industry. In addition, due to the growing patient ratio and awareness, the market is expected to witness exponential growth rates across emerging economies. One of the major trends in the genetic testing industry is the transfer in emphasis to bioinformatics on medical research.

Due to an increase in the incidence of genetic disorders & cancer and an increase in awareness and acceptance of personalized drugs, the global genetic testing market is expected to record significant development in the near future, the global genetic testing market is expected to record significant development.

The market for molecular testing is growing at a good pace. Currently, most of the molecular tests are either PCR or FISH. In addition, microarray technology has made it possible to evaluate thousands of loci that are widely used for expression analysis, targeted at specific cell signalling pathways, and also for metabolic pathways for pathological characterization of tumours.

Genetic Testing Market:

According to a study published by NCBI, about 75,000 genetic tests are available on the market as of August 217. These include nearly 10,000 separate exams. In addition, there have been more than 14,000 trials on the market since March 2014. With about 10 new tests increasing every day for more than four years, the market for genetic testing has gained momentum.

Importance & Scope: Genetic Testing Market size was valued at USD 10.6 billion in 2017 and is expected to witness more than 11.6% CAGR from 2018 to 2024.

U.S. Genetic Testing Market, By Test Type, 2013 – 2024

Increasing demand from patients for personalized medicines will fuel the demand for genetic testing during the forthcoming years. Personalized medicine offers tailored medical treatment to patients supported their molecular basis. Various developed economies such as Europe undergo genetic testing for the detection of various genetic and rare diseases. Detection of diseases at an early stage facilitates early treatment and helps reduce the severity of diseases. Growing adoption of personalized medicines including increasing awareness regarding early diagnosis of disease will boost the industry growth over the forecast period.

Technological advancement in genetic testing is expected to drive the genetic testing market during the coming years. The demand for genetic testing is increasing across the globe owing to the availability of new tests as well as advancement in genetic testing techniques. Innovations in tests that offer safer and efficient techniques of disease detection, surpassing the risk of miscarriage during early stages of pregnancy will serve to be a high impact rendering factor which will drive the genetic testing market growth during the forthcoming years. The dearth of experienced professionals and advanced infrastructure in developing as well as an underdeveloped economy is should hamper the market growth over the forecast period. Accessibility to quality healthcare in low resource areas is difficult to maintain owing to a lack of infrastructure. Moreover, the risk of false interpretations associated with the unavailability of experienced professionals will restrain industry growth noticeably.

Key Developments in the Market

September 2017: Myriad launched a risk score to enhance the hereditary cancer test my Risk. Risk Score determines the danger of girls to urge carcinoma by analysing their genome.

July 2017: Admiral Health Partners collaborates with Helix to Launch Genetic Tests to Assess the Risk of Inherited High Cholesterol, Sudden Cardiac Death, and Inherited Diabetes

Social and Ethical Implications of Genetic Testing

Insurance is an important asset to people. The fear of discrimination by insurance companies discourages people from undertaking genetic tests, which is a restraining factor for the market growth. The expensive nature of genetic tests affects the market, adversely. At times, the payments made by individuals are not reimbursed through insurance, thus, affecting the pockets of these patients. The high-import duty by the government on genetic test kits also acts as a barrier to market growth.

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