The Global Genetic Testing Market is growing moderately. It is growing at the CAGR of ~9.8% during the forecast period. The global genetic testing market expected to reach USD 10,033.4 million by 2023 from USD 4,683 in 2016.
The Global Genetic Testing Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the Global Genetic Testing Market is booming and expected to gain prominence over the forecast period and is projected to grow a sound pace. The market is projected to demonstrate a sound growth by 2023, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017-2023).
Genetic Testing includes different restorative test that assistance us recognize changes in chromosomes, qualities, or proteins. The hereditary tests can affirm or discount a speculated hereditary condition and it can help decide a man’s likelihood of building up a hereditary issue or passing on the same to people to come. At present there are more than 1,000 hereditary tests being used, and more are being created. Rising mindfulness about the advantages of hereditary testing, rising pervasiveness of the hereditary issue, changing pattern in the business from benefit headed to item determined industry are a portion of the components that drives the market development amid the figure time frame. Be that as it may, confinements in the Genetic Testing and mistake of tests, stringent control from the Insurance organizations, and high cost of the tests are the major limiting variable for the market development amid the gauge time frame.
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Global Genetic Testing Market – competitive analysis
Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), Illumina Inc. (US), Myriad Genetics (US), PerkinElmer Inc. (US), QIAGEN N.V. (Germany), and Quest Diagnostics (US) and others are some of the prominent players at the forefront of competition in the Global Genetic Testing Market and are profiled in MRFR Analysis.
In April-2017, Myriad Genetics signed an agreement with Clovis Oncology for the use of its FDA-Approved BRACAnalysis CDx Test to Identify Patients with Germline BRCA Mutations for Rubraca Treatment.
In January-2017, Illumina Inc. launched the Single Cell Sequencing Solution in collaboration with Bio-Rad. It was the first Next Generation Sequencing (NGS) workflow for single cell analysis and provided researchers the ability to investigate the coordinated contribution of individual cells in tissue function, disease progression, and therapeutic response.
In October-2016, Myriad Genetics Inc. formed relationship with ION Solutions to deliver quality hereditary cancer test. Myriad and ION will work together to enhance the operational and clinical value associated with hereditary cancer testing.
Regional Analysis of Global Genetic Testing Market:
Considering the global scenario of the market, due to continuous innovation, high awareness about the genetic testing and rapid adoption of new technology, Americas is largest market and was holding 46.3% market share of global Genetic testing in 2016. US is holding largest market share in North America region. European genetic testing market is expected to reach USD 2,553.10 million by 2023.
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On the other hand, due to increasing aging population and advances in the medical fields, the Asia-Pacific (APAC) is fastest growing market for Genetic testing and expected to grow at a CAGR of 10.1% during the forecast period. Middle East and Africa (ME&A) is likely to have a limited growth in the market due to less awareness and lack of required infrastructure.
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