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Genetic Testing Market- Anticipated To Grow At A CAGR Of 11.6% By 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-11 

Global Genetic Testing Market is set to exceed USD 22 billion by 2024; according to a new research report by Global Market Insights. Technological advancement in genetic testing is expected to drive the genetic testing industry 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 the 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 that will drive the genetic testing market growth during the forthcoming years.

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

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Prenatal and newborn testing segment is projected to show lucrative growth during the forthcoming years owing to the rising prevalence of genetic disorders and chromosomal anomalies. Increasing number of consanguineous marriages in developing nations result in genetic disorders and autosomal recessive diseases. Resulting upswing in cases of births with genetic abnormalities will fuel the demand for use of prenatal and newborn genetic testing to detect probabilities of birth defect.
 
Cancer diagnosis segment accounted for the largest Genetic Testing Market share in 2017. Cancer is the second leading cause of mortality globally. According to, The Institute for Health Metrics and Evaluation (IHME), the number of cancer deaths accounted for around 8.9 million in 2016. Around 5%-10% of all the cancers globally are caused by inheriting genetic mutation. Notable improvements can be made in the lives of cancer patients by diagnosing cancer early and avoiding delays in care resulting in greater probability of surviving, less expensive treatment and reduced morbidity. Rising prevalence of cancer worldwide will significantly accelerate the cancer diagnosis segment 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.

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Some of the notable industry players operating in global genetic testing market are 23andMe, Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, BioMerieux, BGI, Celera Genomics, Cepheid, Counsyl, deCODEme, Genentech, Genomictree, Genomic Health, HTG Molecular Diagnostics, IntegraGen, LabCorp Diagnostics, Luminex, MolecularMD, Myriad, Natera, PacBio, Pathway Genomics, Qiagen, Roche Diagnostics, Sequenom and Siemens.

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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