A close look at the Positive long-term growth outlook of North America Genetic T

Posted by rohan on November 3rd, 2017

Currently among the different segment of the molecular diagnostics market, genetic testing is most likely to be a highly attractive segment owing to the increasing need for superior healthcare. Genetic testing is a highly sophisticated form of testing where even a slight modification in DNA that are associated with any disease condition can be detected. Genetic market in North America is valued to be $ 13.129 million in 2016 and is forecasted to be a $ 22.645 Million market by 2021 growing at a CAGR of 11.52%.

Genetic testing is the study of genes, chromosomes, or proteins that helps to identify the diseases, carriers of a disease, diagnose diseases, or to determine the course of the disease. The evolution of genetic testing has enabled for an easy diagnosis of diseases, like sickle cell anaemia, haemophilia, and cystic fibrosis, thus helping many patients to lead a normal life.

Increase in the awareness among the individuals about the benefits and the potentiality of genetic testing to identify and cure diseases or abnormalities is the main reasons for the genetic testing market to grow. In addition, increase in aging population, advancements of technology in the genetic testing space, subsequent increase in the cases of chronic diseases, and rising cancer case incidences are the few other factors aiding the growth of genetic testing market.

However, factors like huge costs that are associated with genetic testing and the lack of standard procedure concerning the authenticity of genetic reports are hindering the growth of genetic testing market.

The genetic testing market in North America is categorized based on application into Cancer Testing, Pharmacogenomics testing, prenatal testing and Predisposition testing. Based on type of tests, the market is segmented into Carrier Testing, Diagnostic Testing, Prenatal Testing and Neonatal Testing.  Genetic testing in cancer is expected to dominate the market and is likely to witness high growth in the near future. The market for rare and fatal disorders diagnosing, screening of new-borns, and the probability estimation of disease occurrence is likely to expand. Particularly, tests for screening the new-borns are likely to expand enormously over the coming years.

Furthermore, the North America market is analysed based on it geography under various regions namely, USA and Canada. The US represents the largest market for genetic testing worldwide. Screening for genetic mutations within the CFTR (Cystic Fibrosis Trans-Membrane Conductance Regulator) gene is the most recurrently conducted test in the US.

With the growing genetic diseases incidences, it unravels new opportunities for genetic testing and its related applications. The transformation of genetic testing from being a service-driven market to a product-driven market is anticipated to provide a push to the diagnostic companies for the expansion of their operations.

Free sample of the report is available @ http://www.marketdataforecast.com/market-reports/north-america-genetic-testing-market-37/request-sample

Some of the major companies in the North America genetic testing market include, Abbott Laboratories, Roche Molecular Diagnostics Inc., Abbott Molecular Inc., AutoGenomics Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc. and Applied Biosystems Inc.,

Market Segmentation                              

1) By Type        

  •          Carrier Testing
  •          Diagnostic Testing
  •          Prenatal Testing
  •          Neonatal Testing

2) By Application           

  •          Cancer Testing
  •          Prenatal Testing
  •          Pharmacogenomics Testing
  •          Predisposition Testing

Reasons to buy North America Genetic Market Research Report:

  • Regional, and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of By Type and By Application along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the North America market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

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