Global Genetic Testing Services Market to Record Impressive Growth, to Surpass US$ 64.1 Bn by 2025
Published : 22 Apr 2020 Industry: Healthcare
Genetic testing services have found widespread applications in several healthcare fields. These include oncology, obstetrics and ancestry. Genetic testing is predominantly used in determining the prevalence of various autoimmune diseases like rheumatoid arthritis, Type-1 diabetes mellitus, multiple sclerosis, cancers and Guillain-Barre syndrome.
On the back of these factors, the global genetic testing services market is set to burgeon in the future. The market is set to record robust expansion with a CAGR of 7.6% during the forecast period (2020-2025), surpassing a value of US$ 64,131.4 Mn by 2025. Increase in the number of geriatric patients and spread of communicable and non-communicable diseases are also anticipated to leverage the genetic testing services market.
Key Takeaways of Global Genetic Testing Services Market:
- By test-type, new born screening is set to expand rapidly during the forecast period, recording a CAGR of 8.4%. Increasing incidences of hyperthyroidism and other chronic diseases among infants is projected to boost this segment.
- Hospital-based laboratories are set to gain maximum traction in the global genetic testing services market during the forecast period. This is attributed to the rising prevalence of hospitalization within the geriatric population who suffer from a number of ailments. The segment is anticipated to account for two-fifth of the overall genetic testing services market.
- The oncology segment shall find maximum application for genetic testing services in the future. The segment shall register an impressive CAGR of 8% during the forecast period. Rising cases of cancer and increased awareness about early diagnosis is expected to drive the segment’s growth.
- Autoimmune diseases segment shall gain significant traction, owing to importance of tracing hereditary-based factors responsible for the prevalence of diseases like cancers. The segment is projected to expand at a CAGR of 7.8%.
- North America shall dominate the global genetic testing services market, owing to increased demand for knowing ancestry, in-vitro fertilization and pre-implantation testing. The region shall hold around two-fifth of the global genetic testing services market, registering a robust CAGR of 7% in the forecast period.
- Asia-Pacific projects lucrative possibilities for the expansion of the global genetic testing services market. Rising prevalence of cancer and increased incidences of genetic disorders such as Huntington’s disease are expected to boost market share in the region. A robust CAGR of 8.4% is predicted for the region.
- The COVID-19 pandemic is anticipated to stimulate the growth of the genetic testing services market. As hospitals are reaching a saturation point, key companies are investing in various genetic testing methods to assist healthcare professionals in diagnosing and treating COVID-19.
- Recently, Avellino Lab USA announced additional production shifts to scale up the manufacturing of the SARS-CoV-2/COVID-19 Test. Christened AvellinoCoV2, this ultra-rapid genetic test helps clinicians diagnose COVID-19 by identifying and isolating the genetic markers as approved by the FDA and the CDC. It is highly reliable and accurate as well.
- Likewise, MedGenome and SciGenom Research Foundation have published research into genetic susceptibility of the COVID-19 disease. The research concludes that there are variants in the ACE-2 gene that will help protect individuals from infection. The firms hope to eventually develop a potential drug based on these variants in collaboration with a suitable pharmaceutical company.
“The global genetic testing services market shows prolific growth opportunities in the future. With increased prevalence of autoimmune diseases, patients are increasingly seeking solutions that help them determine hereditary anomalies and seek appropriate treatment. This is expected to majorly boost the market,” concludes a Fact.MR analyst.
Global Genetic Testing Services: Competition Landscape
The global genetic testing services market consists of the following players: Laboratory Corporation of America Holdings, Quest Genetics Incorporated, Genomic Health, Inc., NeoGenomics Laboratories, Inc., Eurofins Scientific, Ambry Genetics and 23andMe, Inc. Laboratory Corporation of America Holdings dominates the genetic testing services market. It provides specialty testing services in women’s health, Genetic genetics, allergies, cardiovascular disease and cancer Genetics.
The company processes tests on more than 3 million patient specimens per week and serves hundreds of thousands of customers in the United States. Likewise, Quest Genetics Incorporated offers various Genetic and clinical tests for several medical conditions such as hepatitis C, arthritis, cardiovascular diseases, neurology, Genetics, Pediatrics, autoimmune diseases and cancers. The company’s main area of expertise is in providing Genetic information services.
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The research study on the global contraceptives market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global Genetic testing services market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of Test Types (Prenatal Testing, New Born Screening, Predictive and Presymptomatic Testing, Pharmacogenomic Testing & Others) Service Providers (Hospital-based Laboratories, Genetic Laboratories, Specialty Clinics and Others) & Applications (Oncology, Infectious Diseases, Autoimmune Diseases and Others) across five major regions.
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