Digitization to take the Genetic Testing Market to the exponential curve

Published On : 12/07/2021

The Genetic Testing Market is likely to mark stellar growth in the upcoming period. The current situation calls for conducive integrated healthcare models that do away with middlemen regarding offering various products and services. Drug manufacturers, hospital systems, PBMs (pharmacy benefit managers), wholesale distributors, hospital systems, medical insurers, and retail pharmacy outlets – are all into the integration of healthcare strategies. This would be how the healthcare vertical function in the upcoming period.

Market Overview

Molecular diagnostics market is growing at a significant rate due to increasing awareness for the same and rising investments in the field. Genetic testing refers to a process of analysis of human DNA in any of its form or related products such as RNA, chromosomes, DNA and others.

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Genetic testing is widely used for detection of diseases that are related to genotype, phenotype or mutation. Also, genetic testing is done to detect karyotype for clinical purposes. Popularity of genetic testing is increasing due to various advantages offered by this procedure such as detection of genetic abnormalities in early gestation period of about 8 to 10 weeks.

In addition, it also helps to determine the sex the fetus. Genetic testing market is growing at a significant rate due to increasing awareness and discoveries in the field. Of all the tests performed for genetic testing, screening for genetic mutations with Cystic Fibrosis Trans-Membrane Conductance Regulator (CFTR) gene is most widely performed.

North America dominates the global market for genetic testing due to increasing prevalence of diseases by genetic disorders and high technological advancement in the region. Europe, followed by Asia, is expected to show high growth rate in the next few years in genetic testing market.

China and India are expected to be the fastest growing genetic testing markets in Asian region. Some of the key driving forces for genetic testing market in emerging countries are increasing R&D investment, large pool of patients and rising government funding.

Various factors such as advancements in genetic testing technologies, increasing prevalence of genetic diseases and growing awareness are driving the global genetic testing market. In addition, government initiatives and increased R&D activities in the field have been driving the genetic testing market. However, high cost involved, lack of experienced professionals and stringent regulations in some regions is restraining the global genetic testing market.

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Innovation of some new techniques for genetic testing, increased efficiency and accuracy are expected to offer good opportunities for global genetic testing market. In addition, emerging markets hold good potential for growth of genetic testing market due to rising patient pool and growing awareness in these regions.

Some of the major trends that have been observed in the genetic testing market are shift of focus from clinical science to bioinformatics and growing popularity of these techniques, leading to high rate of adoption of genetic testing technology. Some of the major companies dealing in genetic testing market are Abbott Laboratories, BioRad Laboratories, Abbott Molecular Inc., AutoGenomics Inc.,  Celera Group, PerkinElmer Inc., Quest Diagnostics Inc., ELITech Group, Roche Diagnostics Corp., Applied Biosystems Inc., Roche Molecular Diagnostics Inc., Transgenomic Inc. and others.

Key points covered in the report

• Report segments the market on the basis of types, application, products, technology, etc (as applicable)
• The report covers geographic segmentation
  • North America
  • Europe
  • Asia
  • RoW
• The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
• The report provides company profiles of some of the leading companies operating in the market
• The report also provides porters five forces analysis of the market.

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Uma Rajagopal

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.