Genetic Testing Services Market
Genetic Testing Services Market (Test Type - Prenatal Testing, Newborn Screening, Predictive and Presymptomatic Testing, Pharmacogenomic Testing; Service Provider - Hospital-based Laboratories, Diagnostic Laboratories, Specialty Clinics; Application - Oncology, Infectious Diseases, Autoimmune Diseases) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global genetic testing services market for the historical period 2017-2018 and forecast period 2019-2027, high incidence & prevalence of chronic diseases such as autoimmune, oncology, infectious and others are propelling the growth of global genetic testing services market. Moreover, increased diagnosis rate of the rare diseases and its growing incidence is estimated to boost the market of the genetic testing services market.
- According to the report, the global genetic testing services market was valued at US$ 41.2 Bn in 2018 and is anticipated to expand at a CAGR of 7.3% from 2019 to 2027
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Increase in Prevalence & Incidence rate of Chronic Diseases: Key Drivers of Global Genetic Testing Services Market
- Sedentary lifestyle and unhealthy diet is leading to surge in prevalence& incidence of chronic diseases. For instance, according to World Health Organization (WHO), in 2018 cancer burden is estimated to have risen to 18.1 million new cases and 9.6 million deaths globally. This is estimated to drive the market of global genetic testing services.
- According to Autoimmunity Reviews, the autoimmune diseases are one of the leading cause of deaths in United States among young and middle aged people. For instance, according to International Journal of Recent Scientific Research, the incidence of celiac diseases have increased in countries like Scotland , Canada etc. over last 60 years. Furthermore, genetic factor plays an important role in activating the autoimmune diseases. For instance, the human leukocyte antigen (HLA) class II alleles is likely to be associated with the autoimmune disease predisposition. Moreover, giant cell arthritis (GCA) is likely to be most common in people with Northern European descent and pemphigus vulgaris (PV) diseases majorly affects the Mediterranean descent. All these facts drive the involvement of the genetic factors in triggering autoimmune diseases, thus estimated to boost the genetic testing services market.
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Technological Advancements to Propel Global Genetic Testing Services Market Growth
- Growth of molecular biology has transformed the diagnosis and treatment of diseases. Modern test methods, based on the detection of DNA and RNA, offer several advantages over traditional methods for the detection of diseases. The new procedures can detect viruses, bacteria, and genetic variations faster and much more accurately.
- New innovative technologies such as RT-PCR and sequencing are available in the market which provides comparatively less expensive method of diagnosis, prognosis, and therapy selection in patients throughout their treatment plan. This helps physicians to frame appropriate therapeutic regimes for patients suffering from disease. Thus, continuous improvement in the technology is expected to drive the growth of the global genetic testing services market during the forecast period.
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Surge in Adoption of Genetic Testing Services to boost the market
- Genetic testing services have come to use widely for many application in fields of oncology, obstetrics, ancestry etc. after the human genome project few years ago. The services are said to be help clinicians and patients to identify the hereditary diseases factor in patients
- According to American College of Preventive Medicine, there are about 1500 genetic test available in clinical settings and the number is increasing due to increase R & D in the field of genetics.
- People are turning towards the services since the genetic tests can predict the disease factors way earlier and are specific and getting approved by the regulatory, which in turn will propel the growth of global market during the forecast period
Global Genetic testing services Market: Competitive Landscape
- This report profiles major players in the global genetic testing services market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global genetic testing services market is consolidated, with the presence of a number of international as well as regional players
- Leading players operating in the global genetic testing services market are Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Genomic Health, Inc., NeoGenomics Laboratories, Inc., Eurofins Scientific, Ambry Genetics, Illumina, Inc, and other prominent players.
Global Genetic testing services Market: Key Developments
Key players in the global genetic testing services market are engaged in merger & acquisition, collaborations & agreement, product launch are few major strategies likely to fuel the growth of the global genetic testing services market. A few expansion strategies adopted by players operating in the global genetic testing services market are:
- In year 2019, Exact Sciences acquired genomic health company which enabled them to develop molecular screening technology for detection of the breast, colorectal and other cancer type.
- In December 2019, Veracyte acquired nCounter diagnostics platform for making the genomic tests available to the patients and physicians at global level. This will expand its genomic tests offerings for breast cancer and lymphoma.
- In May 2017, the company announced the availability of Sera Prognostics PreTRM test which assess the risk of preterm birth. The company as a collaboration with
- with Sera Prognostics, Inc. and with announcement LabCorp became the exclusive distributor of the test in U.S.
The report on the global genetic testing services market discussed individual strategies, followed by company profiles of service providers of genetic testing services. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global genetic testing services market.
Global Genetic Testing Services Market - Scope of Report
TMR’s report on the global genetic testing services market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global genetic testing services market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global genetic testing services market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ Test Type literature, annual reports, press releases, and relevant documents to understand the global genetic testing services market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global genetic testing services market.
The report includes an elaborate executive summary, along with a snapshot of the growth behaviorof various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global genetic testing services market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global genetic testing services market.
The report delves into the competitive landscape of the global genetic testing services market. Key players operating in the global genetic testing services market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global genetic testing services market that have been profiled in this report.
Key Questions Answered in Global Genetic Testing Services Market Report
- What is the scope of growth for Test Type companies in the global genetic testing services market?
- What will be the Y-o-Y growth of the global genetic testing services market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global genetic testing services market?
- Will North America continue to be the most profitable market for genetic testing services providers?
- Which factors are anticipated to hamper the growth of the global genetic testing services market during the forecast period?
- Which are the leading companies in the global genetic testing services market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global genetic testing services market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary research sources referred to by analysts during the Test Type ion of the global genetic testing services market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, Test Type portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the Test Type ion of TMR’s study on the genetic testing services market as primary methods.
These primary research respondents have provided exclusive information during interviews, which serves as a validation from the genetic testing services market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global genetic testing services market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global genetic testing services market more reliably and accurately.
Regional Segmentation of Genetic Testing Services Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Genetic Testing Services Market - Segmentation