Genetic Testing Market Segment Analysis by Upcoming Trend and Future Demand by 2023

Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), Illumina Inc. (US), Myriad Genetics (US), PerkinElmer Inc. (US), QIAGEN N.V. (Germany), and Quest Diagnostics (US) and others are some of the prominent players at the forefront of competition in the Global Genetic Testing Market and are profiled in MRFR Analysis.

Global Genetic Testing Market - overview

The Global Genetic Testing Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the Global Genetic Testing Market is booming and expected to gain prominence over the forecast period and is projected to grow a sound pace. The market is projected to demonstrate a sound growth by 2023, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017-2023).

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Genetic testing involves various medical test that help us identify changes in chromosomes, genes, or proteins. The genetic tests can confirm or rule out a suspected genetic condition and it can help determine a person’s probability of developing a genetic disorder or passing on the same to next generation. Currently there are more than 1,000 genetic tests in use, and more are being developed. Rising awareness about the benefits of genetic testing, rising prevalence of the genetic disorders, changing trend in the industry from service driven to product driven industry are some of the factors that drives the market growth during the forecast period. However, limitations in the genetic testing and inaccuracy of tests, stringent regulation from the Insurance companies, and high cost of the tests are the major restraining factor for the market growth during the forecast period.

Global Genetic Testing Market - competitive analysis

In April-2017, Myriad Genetics signed an agreement with Clovis Oncology for the use of its FDA-Approved BRACAnalysis CDx Test to Identify Patients with Germline BRCA Mutations for Rubraca Treatment.

In January-2017, Illumina Inc. launched the Single Cell Sequencing Solution in collaboration with Bio-Rad. It was the first Next Generation Sequencing (NGS) workflow for single cell analysis and provided researchers the ability to investigate the coordinated contribution of individual cells in tissue function, disease progression, and therapeutic response.

In October-2016, Myriad Genetics Inc. formed relationship with ION Solutions to deliver quality hereditary cancer test. Myriad and ION will work together to enhance the operational and clinical value associated with hereditary cancer testing.

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Regional Analysis of Global Genetic Testing Market:

Considering the global scenario of the market, due to continuous innovation, high awareness about the genetic testing and rapid adoption of new technology, Americas is largest market and was holding 46.3% market share of global Genetic testing in 2016. US is holding largest market share in North America region. European genetic testing market is expected to reach USD 2,553.10 million by 2023. On the other hand, due to increasing aging population and advances in the medical fields, the Asia-Pacific (APAC) is fastest growing market for Genetic testing and expected to grow at a CAGR of 10.1% during the forecast period. Middle East and Africa (ME&A) is likely to have a limited growth in the market due to less awareness and lack of required infrastructure. 

Brief TOC

1. Report Prologue
2. Introduction
3. Research Methodology
4. Market Dynamics
5. Market Factor Analysis
6. Global Genetic Testing Market By Type
7. Global Genetic Testing Market By Method
8. Global Genetic Testing Market By Type Of Test
9. Global Genetic Testing Market By Indication
10. Global Genetic Testing Market By Region
11. Company Profile

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