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The Genetic Testing Market is segmented by Type, Disease, Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing), and Geography
Fastest Growing Market:
The genetic testing market has experienced rapid growth in the past few years. The increasing technological advancements from the past few years have opened up several opportunities for market expansion. The rise in the prevalence of chronic diseases and the development of customized testing kits for niche therapeutic areas are aiding the rapid growth of the market.
The increasing focus by governments of various countries, to regulate and create awareness regarding genetic tests, has successfully resulted in the faster adoption of these tests across the world. The increasing R&D funding, along with the strong market presence by major players in the market, has created a strong entry barrier for new market participants. Innovation in product design, improvement in quality, and strong distribution partnerships are key parameters to retain a competitive edge in the market.
The adoption of direct to consumer genetic testing kits in countries, like the United States, China, and Japan, is growing rapidly. With increasing technological adoptions, awareness programs, and a decline in costs, the market for DTC-GT (Direct-to-consumer testing) kits is likely to witness a significant boost over the forecast period. Moreover, the untapped countries, like India, and other developing countries, are expected to offer a lucrative opportunity for players who are looking to establish their base in the genetic testing market.
As per the scope of the report, genetic test is performed to identify the presence of a particular gene/s with a particular sequence of the genome. The gene/s can be identified either directly through sequencing or indirectly through various methods. Genetic testing practices are rapidly increasing in rare disease diagnostics and for personalized medicines, which in turn, is fueling the growth of this market.
|Predictive and Presymptomatic Testing|
|Sickle Cell Anemia|
|Duchenne Muscular Dystrophy|
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Genetic testing helps estimate the chance of developing cancer in a person's lifetime. It does this by searching for specific changes in your genes, chromosomes, or proteins. Genetic testing also helps in predicting your risk of a particular type of cancer and finding if genes that may pass increased cancer risk to the person's children.
The global incidence of cancer is high and is epected to increase in future as well. Cancer Research UK 2018 data suggests that, if recent trends in incidence of major cancers and population growth are consistent, it is predicted there will be 27.5 million new cancer cases worldwide each year by 2040. This is an increase of 61.7% from 2018 (17 million new cases).
Increase in number of cancer cases is expected to increase the demand for genetic testing kits for early detection. This will help the market growth.
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North America currently dominates the market for genetic testing, owing to factors, such as increasing demand for personalized genetic testing services in the region and rise in the prevalence of chronic disorders and genetic disorders.
In the United States, two federal agencies have the primary authority to regulate genetic tests: the Food and Drug Administration (FDA) and the Centers for Medicare and Medicaid Services (CMS). In the past, the Federal Trade Commission (FTC) has also played a role in regulating genetic testing companies who advertised false and misleading claims about their products, but this agency currently plays a more minor role in this space. The popular direct-to-customer genetic testing (DTC-GT) services available in the United States include those offered by 23&Me. These genetic testing services are largely unregulated, due to their mode of sales operation viz. online marketplace.
In developing regions like Mexico, market players from neighboring US are penetrating the Maxican market, exploring untapped opportunities. These factors are expected to help the growth in the North American region in future as well.
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The genetic testing market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. The presence of major market players, such as Abbott Laboratories Inc., Bio-Rad Laboratories, F. Hoffmann-La Roche, and Illumina Inc., is in turn, increasing the overall competitive rivalry of the market. The product advancements and improvements in genetic testing platforms by the major players are increasing competitive rivalry.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Emphasis on Early Disease Detection and Prevention
4.2.2 Growing Demand for Personalized Medicine
4.2.3 Increasing Application of Genetic Testing in Oncology
4.3 Market Restraints
4.3.1 High Costs of Genetic Testing
4.3.2 Social and Ethical Implications of Genetic Testing
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Carrier Testing
5.1.2 Diagnostic Testing
5.1.3 Newborn Screening
5.1.4 Predictive and Presymptomatic Testing
5.1.5 Prenatal Testing
5.1.6 Other Types
5.2 By Disease
5.2.1 Alzheimer’s Disease
5.2.3 Cystic Fibrosis
5.2.4 Sickle Cell Anemia
5.2.5 Duchenne Muscular Dystrophy
5.2.7 Huntington’s Disease
5.2.8 Rare Diseases
5.2.9 Other Diseases
5.3 By Technology
5.3.1 Cytogenetic Testing
5.3.2 Biochemical Testing
5.3.3 Molecular Testing
5.4.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Middle East & Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East & Africa
5.4.5 South America
184.108.40.206 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 23&Me Inc.
6.1.2 Abbott Laboratories
6.1.3 BioRad Laboratories Inc.
6.1.4 Danaher Corporation (Cepheid Inc)
6.1.5 F. Hoffmann-La Roche Ltd
6.1.6 Illumina Inc.
6.1.7 Luminex Corporation
6.1.8 Myriad Genetics Inc.
6.1.9 PerkinElmer Inc.
6.1.10 Quest Diagnostics Incorporated
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments