LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global genetic testing market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global genetic testing market will grow at a CAGR of over 10% during the forecast period. The increasing prevalence of genetic disorders is a major factor driving the market’s growth.
The increasing occurrence of genetic mutations in fetuses and newborns, hereditary genetic disorders, and infectious diseases has increased the demand for genetic testing products. Infants born with congenital heart disease (CHD) have a survival rate of 95%. Infants develop CHD due to factors such as genetic conditions, the consumption of medications or alcohol during pregnancy, or viral infection. Cancer is another chronic condition that is prevalent in several countries and is hereditary. Hereditary cancer could be caused by a change in certain genes that can be inherited from parents. Early diagnosis helps in delaying or preventing the onset of cancer and provide effective treatment.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
In this report, Technavio highlights the growing demand for companion diagnostics as one of the key emerging trends driving the global genetic testing market:
Growing demand for companion diagnostics
Genetic variations can lead to different responses to the same medication from different people, which has increased the demand for pharmacogenomics. Several companion diagnostics are available in the market. Patients who cannot be treated by using general medicine can undergo personalized treatment. To develop personalized medicines, biomarkers identify the gene linked to the failure of such pharmaceutical products.
“Genetic testing product manufacturers and pharmaceutical companies are collaborating to develop such products. The demand and sales of companion diagnostic products are increasing in regions such as the Americas and Europe. This has increased the number of companion diagnostic product approvals in these regions. Several players are focusing on developing companion diagnostic tests for cancer and autoimmune diseases,” says a senior analyst at Technavio for research on in-vitro diagnostics.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global genetic testing market segmentation
This market research report segments the global genetic testing market into the following products (analyzers and consumables), applications (predictive and diagnostic testing; prenatal, newborn, and pre-implantation testing; pharmacogenomic testing; and forensic, and relationship, and ancestry testing), end-users (clinical diagnostic laboratories, hospitals, and biopharmaceutical companies and research centers), and key regions (the Americas, APAC, and EMEA).
The consumables segment held the largest market share in 2017, accounting for nearly 70% of the market. The market share for this product is expected to increase nearly 5% by 2022. The growth can be attributed to the increased and repetitive use of consumables to perform genetic tests.
The Americas was the leading region for the global genetic testing market in 2017, accounting for a market share of 47%. Countries such as the US, Canada, and Brazil were the major contributors of revenue to the market. The presence of leading players in the region led to several technological advances.
Technavio’s best deal of the month! Get 20% off on all Media and Entertainment Services reports. Offer valid only till the 31st of March.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.