genetic testing market size
Growing awareness about predictive testing to propel the Genetic Testing market through 2020-2026
Rising incidence of hereditary diseases is
primarily driving the genetic testing market growth. According to the World
Health Organization, sickle cell anemia is a genetic disease whose ancestry is
associated with people living in several countries such as South America,
India, Sub-Saharan Africa, Central America, Saudi Arabia, Cuba, Italy, Turkey,
and Greece. In addition, the widespread application of genetic testing in
oncology and other indigenous diseases is also fueling the genetic testing
market demand.
Genetic diagnosis based on examining
specific changes in chromosomes, proteins, and genes helps to estimate an
individual's chance of developing cancer. Growing demand for personalized
medicine coupled with various government initiatives to raise awareness of
genetic testing procedures is having a positive impact on the overall Genetic Testing Market outlook.
Recent advances in genetic testing such as
direct to consumer genetic testing (DTC) that allows self-test at home is
expected to further augment the genetic testing market size during 2020-2026.
There has been a growing preference for direct to consumer genetic testing as
these DTC kits are easily available through online and offline sales channels
and importantly they eliminate the involvement of health professionals.
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These tests offer a proper understanding of
an individual's genomics, and thus allows them to make significant changes to
their diet patterns and lifestyle, thus serving a precautionary measure for
reducing the probability of developing a chronic disease. The way predictive
testing at home allows patients to take early steps and preventive measures to
avoid further complications, it is expected to stimulate the genetic testing
market trends in the coming years.
Genetic testing market by type is segmented
into different types of genetic testing procedures including pharmacogenomic
testing, predictive and presymptomatic testing, diagnostic testing, carrier
testing, neonatal screening, and prenatal testing. Of these, the diagnostic
test type accounts for the majority of the genetic testing market share and is
expected to continue to dominate the market throughout the forecast period.
This is due to the rising health awareness among people around the world
complemented by the increased incidence of genetic diseases. Pharmacogenomics
test type is expected to the highest growth rate in the near future, due to
widespread adoption in drug discovery and ongoing developments at
pharmaceutical companies.
Geographically, North America accounts for
the largest share of the genetic testing market from the past, due to the
presence of a vast number of academic and research institutions. Besides, the
easy availability of technologically advanced products and increased government
financing toward developing such research establishments will further favor
regional growth during the forecast period.
Author Name : Report Hive Research