LONDON--(BUSINESS WIRE)--According to the latest market research report released by Technavio, the global genetic testing market is expected to accelerate at a CAGR of more than 10% during the forecast period. The increasing prevalence of genetic disorders is one of the key factors triggering the growth of the market.
This research report titled ‘Global Genetic Testing Market 2018-2022’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. It also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global genetic testing market into the following products:
In 2017, the consumables segment accounted for 70% share of the global market and is projected to increase to 75% by 2022. The growth can be attributed to the increased and repetitive use of consumables to conduct genetic tests. End-users such as clinical diagnostics laboratories and hospitals are increasingly demanding for consumables to perform genetic tests on individuals requiring genetic testing.
Global genetic testing market: Top emerging trend
Growing demand for companion diagnostics is an emerging trend in the genetic testing market. According to NIH, genetic variations can lead to different responses to the same medication from different people, which increased the demand for pharmacogenomics. Hence, there are several companion diagnostics available in the market. To conduct tests in order to develop personalized medicine, biomarkers are used to identify the gene linked to the failure of such pharmaceutical products. To develop such products, genetic testing product manufacturers and pharmaceutical companies are collaborating. In the Americas and Europe, the demand and sales of companion diagnostic products are increasing, which has upsurged the number of companion diagnostic products in these regions. Besides this, several vendors in the market are also focusing on developing companion diagnostic tests for cancer and autoimmune diseases.
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Technavio’s report provides expert market research on the following topics:
- Market Outline
- Global Genetic Testing Market Overview
- Market Sizing and Forecasts
- Market Growth
- Market Drivers and Challenges
- Key Emerging Trends
Market Segmentation Analysis
- Regional comparison (APAC, Americas, and EMEA)
- Market segmentation by product (analyzers and consumables)
- Vendor classification
- Market positioning of vendors
- Competitive scenario
- Analysis of top vendors (Abbott, bioMérieux, Bio-Rad Laboratories, F. Hoffmann-La Roche, Myriad Genetics, QIAGEN, and Quest Diagnostics)
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