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Genetic Testing Market burst to overtake $22 Billion By 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-22 

Global 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. 

Innovation in genetic testing leading to enhanced efficiency, high sensitivity and safety will serve to be a high impact rendering factor. Technological advancement in scientific research as well as research instrument is increasing the importance of genetic testing. Availability of sensitive and efficient DNA sequencing technique for prenatal genetic testing allows detection of minute amount of DNA circulating in the mother’s blood during early stages of pregnancy. Adoption of such non-invasive prenatal testing (NIPT) at a very early stage of pregnancy is increasing worldwide thereby augmenting the Genetic Testing Market growth over the forecast period.
 
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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.

A prime characteristic that makes genetic testing an ingenious process is the ability to map the genes up to the lowest molecular level, for determining the host’s uniqueness. It enables doctors to find out any other problems a person has or is at a risk of contracting a certain disease in the future. The unique genetic mutations or traits detected in the tests will help to develop treatments and medicines tailor-made for an individual. Further, depending on what kind of diet & exercise does a person better respond to, a suitable fitness regimen for yielding the best results can be determined.

A distinct example of personalized treatment is a test created for people suffering from depression. As per records, SSQ Life insurance is partnering with BiogeniQ Inc. to offer genetic testing to members taking leave on account of depression. The testing will identify appropriate treatment and reduce the risk of side-effects along with enhancing the results of overall treatments. The augmented preference towards personalized medication and exclusive treatments to counter imminent risks is expected to propagate the genetic testing market.

Apart from diagnosing diseases and offering treatments to adults, the genetic testing industry has started to cater the demand for prenatal testing and newborn screening. Testing during pregnancy assists to identify any diseases the fetuses may have, although not all the possible inherited disorders, and help in parents taking decisions. It also helps to reduce miscarriage risks in early stages of pregnancy, an advantage that will highly influence the Genetic Testing Market.

Newborns can be tested a day or two after birth to detect any disorders and start treatments early, before any critical stage is reached. For instance, a girl born in Wisconsin, USA in 2003 was diagnosed with having phenylketonuria (PKU), an inherited and treatable metabolic disorder, a few days after her birth. Detected through newborn screening process, the ailment does not allow the phenylalanine amino acid to be processed and if untreated could lead to mental retardation. The parents in this case worked with a dietician to develop special diet and formula which she was then restricted to.

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U.S. dominated the genetic testing market in 2017 and will witness robust growth during the forecast period. This is attributable to the rising prevalence of genetic diseases, highly advanced infrastructure to support genetic testing and technological advancements in the region. The regulatory support for direct to consumer (DTC) genetic testing coupled with increasing insurance coverage and reduction in the cost of genetic tests is projected to fuel the demand for genetic testing in the U.S. 

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

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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