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Genetic Testing Market is Determined to reach $22 Billion By 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-18 

Global Genetic Testing Market is set to exceed USD 22 billion by 2024; according to a new research report by Global Market Insights. 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 industry growth over the forecast period.

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.
 
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Technically, genetic testing consists of mapping the genes, proteins and chromosomes from a sample of blood or body fluids extracted from a subject. The aim is to identify any genetic diseases that cannot be diagnosed easily, or those which lack the presence of any external symptoms and do not have a firm diagnostic solution. Genetic diseases like Huntington’s disease, haemophilia, cystic fibrosis and sickle cell anemia are some examples which are difficult to diagnose. The prevalence of many fatal diseases like cancer that, without genetic testing, remain undiscovered until too late, make treatments ineffective or futile.

Speaking of the significance of cancer diagnosis, The Institute for Health Metrics & Evaluation (IHME) revealed that in 2016 approx. 8.9 million deaths were caused by cancer, of which reportedly 5-10% were triggered due to genetic mutations inherited by the patient. The mounting cases of different types of malignant diseases such as prostate, lung and breast cancers have stimulated the cancer diagnosis segment within the genetic testing industry, which apportioned a revenue of about USD 5.5 billion in 2017.

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.

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 in Japan accounted for the largest market share in Asia-Pacific region and is expected to show significant growth over the coming years. This is attributable to factors such as growing advancements in the technology, availability of new tests, rapidly rising patient pool and increasing government investment in R&D. Further, India and China are expected to grow at a faster CAGR due to the increasing disposable income, rising affordability and growing investments in healthcare infrastructure. Aforementioned factors will further fuel the regional growth throughout the forecast period.

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Some of the eminent 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. Industry players are focusing on strategic expansion through acquisitions, mergers and collaborations help the players to strengthen and enhance the product portfolio. For instance, in December 2017, Roche acquired Ariosa Diagnostics, a molecular diagnostic testing services provider, to enter the non-invasive prenatal test (NIPT) and cell-free DNA testing services market.

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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