The genetic testing market in North America is the largest in the world. It was estimated at USD 11.9 billion in 2016 and is further anticipated to post a strong CAGR of 18% during the 2016-2021 forecast period. Within North America, the United States is set to have the highest demand for genetic testing and this demand is estimated to outpace the cumulative North American CAGR in the time frame 2016 to 2021. Newborn screening leads the region’s genetic testing market.
Personalized medicine is one area that is likely to benefit greatly from technological developments in genetic testing, which are of assistance not only in the better diagnosis of genetic diseases but also in deciding on an ideal medical regimen based on an individual’s DNA structure for ensuring that the drug responds in a superior manner.
In the realm of personalized medicine, Direct-to-Consumer (DTC) genetic testing has emerged as a major trend in the market and is expected to make a positive impact on the overall growth of the genetic testing market.
North America Market for Genetic Testing- Market Dynamics
Genetic testing offers prospects for the fastest growth among all other segments within the molecular diagnostics market.
Some of the factors driving the market towards growth are:
One major restraint that the North American genetic testing market is faced with is that the technology is expensive and not affordable by the entire population.
The report segments the market by type and geography. By type, the market is segmented into the carrier, diagnostic, newborn, predictive and presymptomatic, and prenatal testing. By geography, the market is segmented into the US, Canada, and Mexico.
Some of the key players in the market are:
What the Report Offers