Global Genetic Testing Market Overview:
Molecular diagnostics market is growing at a significant rate due to increasing awareness for the same and rising investments in the diagnostic research. The growing number of test to study multiple genes that may help in managing an individual health condition and the Government initiative to spread awareness with respect to the advantages of the procedure is further expected to drive the growth of the Global Genetic testing market. Genetic disorders are the main reason for chronic diseases. Genetic testing provides technologies which are useful for the early detection of genetic disorders and ensures their treatment and prevention. According to the World Health Organization (WHO), the prevalence of all single-gene diseases at birth is approximately 10 per 1,000 births. Prenatal genetic testing is a technique which helps to detect whether the fetus has any genetic disorders. The genetic disorders are caused due to mutations occurring in genes or change in the DNA of a person. Genetic testing is also performed on tumors to diagnose a disease like Cancer and plan the treatment.
- Increased application of gene testing in Oncological research
- The rising prevalence of genetic disorders
- Technological advancements
- Increasing demand for personalized medicine.
- The shift of focus from clinical science to bioinformatics and growing popularity of these techniques, leading to high rate of adoption of genetic testing technology.
- Inaccuracies in results and reimbursement issues
- High-cost factor and lack of professional expertise in this market may hamper the market growth rate.
- Genetic tests in conjugation with other genomic technologies helping to predict the risk of an individual to a disease assisting clinicians to select suitable therapeutic interventions. These factors provide opportunities for vendors to grow in pharmaceutical industry.
- Lack of awareness about genetic diseases and testing in several developing regions.
The market is fragmented by top global key players who are competing with each other based on strategic development, new product launches and strategic alliances and collaborations between big companies such as Vitrolife partners with Illumina on preimplantation genetic testing business in the genetic testing market in countries like EMEA and Americas. The global genetic testing market is very competitive owing to the presence of well-diversified international and regional players.
Some of the key players profiled in the report are Transgenomic, Inc. (United States), GE Healthcare (United States), 23 & Me (United States), Sequenom, Inc. (United States), Abbott Laboratories (United States), Biocartis SA (Switzerland), Illumina Inc. (United States), 454 Life Sciences (United States), Bio-Rad Laboratories (United States), Luminex Corporation (United States), Affymetrix Inc. (United States), Agilent Technologies Inc. (United States), Cephide Inc. (United States), Beckman Coulter Inc. (United States) and Gene Dx LLC (United States). Additionally, following companies can also be profiled that are part of our coverage like Invitae (United States), Pathway Genomics (United States), Counsyl, Inc. (United States), Asper Biotech (Europe), GenePlanet (Europe) and Ambry Genetics (United States). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global Genetic Testing market by 2024. Considering Market by Testing Sample, the sub-segment i.e. Saliva will boost the Genetic Testing market. Considering Market by Technology, the sub-segment i.e. Molecular testing will boost the Genetic Testing market. Considering Market by Clinical indication, the sub-segment i.e. Alzheimer's disease will boost the Genetic Testing market. Considering Market by End user, the sub-segment i.e. Blood banks will boost the Genetic Testing market.
On 30th January 2019, Ambry Genetics Corp. and leading provider of clinical genetic testing announced its collaboration with the Undiagnosed Diseases Network (UDN), a NIH-funded research study dedicated to solve the most challenging medical mysteries using advanced technologies. The goal of this collaboration is to facilitate the transition of those with negative or uncertain test results to UDN’s program hoping to provide answers for patients afflicted with undiagnosed conditions.
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Genetic Testing market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Genetic Testing market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Research Laboratories, Government and regulatory bodies, Healthcare providers, Clinicians and Pharmaceutical companies.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.