North America Genetic Testing Market Insights, Opportunity Analysis, Market Shar
Posted by rohan on August 14th, 2018
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 $ 17.24 million in 2018 and is forecasted to be a $ 29.74 Million market by 2023 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.
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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.
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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.
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.,
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Joined: September 20th, 2017
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