Genetic Testing Market Gaining Traction from Government Support

Genetic testing allows the perseverance of bloodlines and the genetic diagnosis of inherited diseases. In 2018, genetic testing companies offered Black Friday and Cyber Monday discounts for kits on the Thanksgiving occasion, and the event was successful since the DNA testing market has gained prominence worldwide. The increasing demand from the patients for medicines is fueling the genetic testing market globally. This success of genetic test is well-documented in the recent business intelligence publications by IndustryARC titled “Genetic Testing Market: By Type of Testing (Forensic Testing, Newborn Screening, Others); By Method (Molecular, Chromosomal, Biochemical); By Testing Sample (Saliva, Blood, Others); By Industry (Laboratories, Hospitals, Blood Banks, Others) – Forecast (2019 - 2025)”. 

The IndustryARC’s analyst has valued the genetic testing market at $7,300 to $8,300 million as of 2018, and the demand is estimated to grow at a progressive compound annual growth rate (CAGR) of 12.5% to 13.5% during the forecast period of 2019 to 2025. Genetic testing for dogs has upsurged in recent years. Recently, Embark, which conducts DNA tests for dogs, conducted a test that can easily find out the breed or breed mix of the dogs and also mentioned that high-octane pets are more Australian cattle dogs than any other dogs. Millions of dogs are being tested after this, and this has also raised the standards of DNA testing in the market.

North America accords to the largest share for the genetic testing market owing to the increasing investments made by the companies and the US government in the healthcare sector. It has been observed that the genetic testing market is gaining tremendous revenue due to the huge development in vaccines and drugs. The country has reduced the cost of series enabling the service at a very less price. North America had a regional share of 45% to 47% in 2018, which is almost equivalent to the rest of the world’s total contribution. Genetic technology is driving the cancer diagnostic market application, and the demand for the segment is expected to increase progressively in the near future. According to the National Center for Biotechnology Information, between 2014 and 2017, approximately 75,000 genetic tests had happened in the market, with almost 10 new tests entering the market daily.  

Genetic testing market has experienced a lot of change since the government has adopted the tests across the world. Few of those are mentioned below:

In 2017, the United States Food and Drug Administration (FDA) gave 23andMe a go-ahead to sell DNA tests to assess the level of risk for health conditions that include Parkinson’s and Alzheimer’s disease. DTC is a new concept amongst people that allows them to get the test done without seeking a prescription.

Since there has been continuous technological development in the healthcare sector, artificial intelligence and general computing have made its way in genetic testing as well. There is an increased pace of adoption of EMR by companies for gene data which is further flourishing the genetic testing market.

The healthcare sector is one of the fastest growing sectors as compared to any other in terms of technology and innovative tests. As there is an increasing cost pressure, the payer has become more outcome-based rather than fee-service based. This is creating a need for genetic testing for personalized treatment. 

There has been a revolution and transformation in genetic analysis tools and the way carrier screening is being conducted. A new tool, Applied Biosystems CarrierScan Assay, is a comprehensive and innovative microarray-based tool for the detection of sequence and structural variation. This development has had a significant impact on the demand for genetic testing.

Some of the key companies identified in the report that are currently holding majority shares in the global genetic testing market are Genentech, Inc., Sorenson Genomics, LLC, Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, Celera Genomics, Genomic Health, HTG Molecular Diagnostics, PacBio, and Qiagen.

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Predictive Genetic Testing And Consumer/Wellness Genomics Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2024

https://www.industryarc.com/Research/Predictive-Genetic-Testing-And-Consumer-Wellness-Genomics-Market-Research-503783