GIA announces the release of a comprehensive global report on Genetic Testing markets. Global market for Genetic Testing is forecast to reach US$7.3 billion by 2020, driven by growing healthcare awareness, growing interest in genetic testing for accurate disease diagnosis and treatment decision-making, and favorable reimbursement coverage policies.
San Jose, California (PRWEB) June 24, 2014
Follow us on LinkedIn – Almost every known disease, ranging from common maladies to life-threatening diseases such as cancer, has a genetic component. Genetic testing represents a rapidly growing branch of molecular diagnostics. Advancements in genetic testing are expected to aid in the development of personalized medicine. Genetic testing, which until recently was confined to specialized medical testing for rare inherited diseases, is forecast to become a standard in healthcare in the coming years. With the advent of advanced DNA analysis, the scope of genetic testing is expanding to include predictive testing (to evaluate susceptibility to common, complex diseases), pharmacogenomic testing (to evaluate varied drug response in different people owing to DNA/RNA changes), and prenatal and newborn testing (to screen for congenital abnormalities). Growing global population in general and aging individuals in particular, present a strong case for genetic testing.
Prenatal testing and newborn testing represents the largest sector of the genetic testing market. With neural tube defects, Down’s syndrome, and chromosomal anomalies causing significant increases in healthcare costs, their prevention and management by early genetic testing is gaining significance. Non-Invasive Prenatal Diagnosis (NIPD) market is witnessing rapid growth due to the technique’s unrivalled benefits of accuracy, safety, and patient comfort. In developed Western countries, genetic testing of newborns includes enhanced screening panels for a wide range of diseases.
Rising incidence of cancer worldwide is throwing the spotlight on cancer genetic testing. Aging population, lifestyle factors such as alcohol consumption, smoking, and lack of balanced diet and exercise, among others, represent key reasons for the escalating growth in cancer prevalence. Growing awareness over inherited cancer risk is resulting in increased demand for predictive genetic tests for identifying cancer risk genes. Breast cancer gene testing is also on the rise given the global drive towards prevention of the disease.
As stated by the new market research report on Genetic Testing, the United States and Europe constitute the largest markets worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of over 17% over the analysis period. Growth in the region is led by rising income, implementation of preventive public health policies, and increased government spending on healthcare infrastructure development. Spending in Indonesia, Malaysia, Philippines, and Thailand, is also expected to exhibit impressive double digit growth, due to strong medical insurance systems and the growing trend towards medical tourism.
Key players covered in the report include Abbott Laboratories, Abbott Molecular Inc., AutoGenomics Inc., BioRad Laboratories, ELITech Group SPA, PerkinElmer Inc., Quest Diagnostics Inc., Roche Diagnostics Corp., Roche Molecular Diagnostics Inc., Thermo Fisher Scientific, and Transgenomic Inc., among others.
The research report titled “Genetic Testing: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the global market trends, key growth drivers, regulations, market issues and challenges, mergers and acquisitions, agreements and alliances, and other strategic corporate initiatives of global and regional players. The report provides market estimates and projections for all major geographic markets, including the US, Canada, Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific, and Rest of World. Product segments analyzed include Prenatal and Newborn Genetic Testing, Pharmacogenomic Testing, and Predictive Testing.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Genetic_Testing_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Email: press(at)StrategyR(dot)com
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