The Global Genetic Testing Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape etc. According to the report the Genetic Testing Market is estimated to be $37.51 Million in 2015 and predicted to rise to $59.01 Million by 2020 with a CAGR of 9.51%. The market is segmented by Type (Carrier Testing, Diagnostic Testing, Prenatal Testing and Neonatal Testing), by Application (Cancer Testing, Pharmacogenomics testing, Prenatal testing and Predisposition testing). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
Recent advancements in the sequencing of the human genome combined with enhanced technologies for biomedical analysis and advanced solutions for using large datasets have laid the groundwork for a new era in medicine. The focus is now shifting to even earlier prevention of disease, and genetic testing for wellness and longevity.
Further, with the growing awareness about potential benefits in genetic testing, advancements in the genetic testing space, an upsurge in geriatric population and a subsequent rise in the number of chronic diseases like cancer are the few factors fuelling the growth in the global genetic testing market.
However, high charges accompanying the tests and lack of reliable or trustworthy standard procedure has led to serious concerns among individuals. And, with the rising demand for genetic testing, the counsellors are struggling to keep up with the demand, and consumers are faced with unanticipated and lengthy wait times. These factors hindering the growth are posed as short-term challenges for global genetic testing market.
At present, the USA offers the largest market for genetic testing business. Screening for genetic mutations within the CFTR (Cystic Fibrosis Trans-Membrane Conductance Regulator) gene is the most frequently conducted test in this region.
Major companies operating worldwide in genetic testing market include, Roche Molecular Diagnostics Inc., Abbott Molecular Inc., Celera Group, ELITech Group, AutoGenomics Inc., BioRad Laboratories, Quest Diagnostics Inc., Transgenomic Inc. and Applied Biosystems Inc.,
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