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As per the recent research report published by Market Data Forecast, the global genetic testing market is forecasted to be growing at a CAGR of 9.86% between 2020 to 2025.
Genetic testing is done based on the samples collected like blood, hair, skin, amniotic fluid, or any other tissue. Genetic testing uses developed technologies like PCR, where a particular DNA sequence can be identified and exaggerated. According to the WHO, nearly 10,000 diseases across the world are monogenetic. With the increasing population, genetic diagnosis is essential in today's world. Thalassemia is one of the genetic disorders in the world and is considered a significant public health concern. In Iran, nearly 8,000 pregnancies are at high risk of thalassemia. Genetic testing helps diagnose the disease, the severity of the disease, identify the genes' changes, genetic risk of developing the conditions, and allow the patient and physicians to build up ideal treatment.
The rising awareness regarding the advantages associated with genetic testing and the growing prevalence of genetic disorders is significantly promoting the global genetic testing market growth. Y-O-Y growth in the incidence of chronic diseases and increasing approvals for personalized medicines are expected to drive the market. The healthcare systems in developing countries such as Brazil, India, and China have experienced an essential rise in healthcare and infrastructure investments, leading to market growth.
The increasing utilization of various technologies such as biochemical testing, cytogenetic testing, and molecular testing is expected to favor the genetic testing market. The increasing demand for newborns and prenatal screening for identifying congenital abnormalities is another supporting factor for the market growth. As per Globocan 2020, an estimated 19,292,789 new cancer cases were registered in 2020, out of which 9,958,133 were dead due to cancer.
The increasing number of technological advancements and new product launches and approvals further create acceleration in the global genetic testing market. For Instance, In November 2020, Foundation Medicine Inc. received the U.S FDA approval for its liquid biopsy NGS-based Foundation One Liquid Cdx test as a companion diagnostic device to identify multiple biomarkers in cancer. The early diagnosis of cancer via genetic testing, increasing hospital stays, and an ever-growing aging population are additionally acting favorably to the growth rate of the market.
The cost required for installing the equipment is high, and the absence of experienced professionals to evaluate the reports. These factors inhibit the genetic testing market growth. The testing equipment present in the laboratories needs to have proper maintenance and regular inspection on the devices to have relevant results restraining the market demand. Strict terms and conditions laid by the higher authorities for approving the new products, mainly to develop the genetic testing services, obstruct the market growth globally.
The incorporation of artificial intelligence and other smart technologies in the genetic testing market provides a wide variety of opportunities during the analysis period. The inventions in product design and robust distribution in partnerships offer profitable growth for the market.
One of the biggest challenges the genetic testing market faces is the lack of medical solutions for those diagnosed with the disease. It is easy to speculate which conditions a person is suffering or might suffer from, and the proper prediction is a challenge in the genetic testing market.
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COVID-19 Impact on the genetic testing market:
The new coronavirus (COVID 19) disease was caused by SARS-CoV-2. The pandemic was declared as an emergency public health issue by the WHO in March 2020. The crisis period has negatively affected the genetic testing market because of factors like the absence of doctors, lab professionals, and genetic counselors. Governments have imposed severe lockdown from March to May to prevent the spread of the disease. Due to the constant lockdown across different countries, genetic authorities could not meet their patients in person. Besides this, there is a scarcity of experienced professionals and laboratories to run the tests. The hospitals, clinics, and other healthcare providers are making use of telehealth to conduct genetic testing. As per the research article published in Genetics in Medicine 2020, all the clinical genetic tests were restricted, and telemedicine-based consultations and counseling were adopted globally. For instance, government bodies like the Centers for Medicaid Services (CMS) have not identified genetic counselors as healthcare providers.
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In 2019, the global genetic testing market was dominated by the North American region and predicted that it would be continuing the domination throughout the forecast period, with the U.S. being the top contributor. The European market had accounted for a substantial share in 2019. However, the Asia-Pacific region grew at an aggressive rate and was predicted to be the most lucrative region during the forecast period.
Abbott Laboratories, Roche Molecular Diagnostics, Inc., Abbott Molecular Inc., Auto Genomics, Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc., and Applied Biosystems, Inc. are some of the notable companies dominating the global genetic testing market.
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