Rising Prevalence of Autoimmune Diseases to Augment Genetic Testing Services Market Growth, Rising COVID-19 Cases to Provide Greater Scope
There is a gradual rise in the prevalence of autoimmune diseases throughout the world. This growing prevalence of autoimmune diseases has greatly augmented the demand for genetic testing across the world.
Genetic testing services have come to be widely used for many applications in the fields of oncology, obstetrics and ancestry as well. These services are purported to assist clinicians and patients to identify hereditary factors leading to the outbreak of the diseases mentioned above. As more people resort to genetic testing services, various technological advancements such as RT-PCR and sequencing are available in the market.
The ongoing COVID-19 pandemic has leveraged prospects for the genetic testing services market. Important market players are concentrating on providing testing kits to hospitals, diagnostic labs and other healthcare settings in order to ease the burden of the overwhelming number of positive cases.
On the back of these trends, the global genetic testing services market is expected to be leveraged considerably in the future. Projections indicate a robust expansion at a CAGR of 7.6% during the forecast period (2020-2025). The market is anticipated to reach a value of US$ 64.1Bn by the end of 2025. Other generic factors, such as increase in population, prevalence of communicable and non-communicable diseases are also expected to boost market share.
Usage of Healthcare IT in Genetics Provides Ample Expansion Opportunities
The future growth of genetic testing services is highly dependent on the growth of information technology. Genetics requires various data analytics tools to enable management of novel data. Big data accumulation provides an opportunity to integrate and store important genetic information. Usage of healthcare IT aids in research and help take clinical decisions.
Emergence of new detection technologies in the genetic testing services market has enhanced the value of disease treatment. Manufacturers are focusing on developing techniques such as polymerase chain reaction, imaging and microarrays with greater depth of interaction (DOI) information. The need for new detection technologies in genomics is attributed to ineffective screening methods. These methods often provide false-positive and false-negative results.
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Oncology to Capture Significant Market, Autoimmune Diseases Not Far Behind
The oncology segment is projected to register the highest growth throughout the forecast period, registering a prolific CAGR of 8%. This is primarily due to the increase in the incidences of cancers among the people. Furthermore, rise in awareness towards early diagnosis is expected to boost the growth of the oncology segment. The oncology segment is projected to reach a value of US$ 26,366.4 Mn by the end of 2025, capturing almost two-fifth of the market.
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Autoimmune diseases are expected to grow considerably in terms of application of genetic testing services. Increased awareness about the importance of heredity-based factors and the need for prompt diagnosis is expected to leverage growth within this segment. The autoimmune disease segment is projected to expand at a CAGR of 7.8% during the forecast period, reaching a value of US$ 13,299.0 by 2025.
North America Remains at Forefront, Asia-Pacific Offers Lucrative Prospects
North America is expected to dominate the global genetic testing services market throughout the forecast period. Increased demand for genetic testing to understand ancestry, rise in demand of in-vitro fertilization (IVF) and pre-implantation testing are some key drivers augmenting market share. Projections indicate a market share of almost two-fifth for the North American genetic testing market. Projected CAGR for the region is pegged at 7%.
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Asia-Pacific is set to be the most lucrative market for genetic testing services, expected to register a prolific CAGR of 8.4%. Rise in awareness towards the benefits of testing, high prevalence of cancer and increase in the prevalence of genetic disorders such as Huntington’s disease are some key factors augmenting growth of the genetic testing services market in Asia-Pacific.
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Clinical Testing to Remain Strategy of Key Market Players
The global genetic testing services market consists of the following players: Laboratory Corporation of America Holdings, Quest Diagnostics 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, diagnostic genetics, allergies, cardiovascular disease and cancer diagnostics.
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 Diagnostics Incorporated offers various diagnostic 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 diagnostic information services.
COVID-19 Market Insights:
The COVID-19 pandemic outbreak has prompted an increase in genetic test kits production. As the number of infections increase daily, there is immense pressure on hospitals and other healthcare settings to care for COVID-19 infected patients. 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. The test is the most preferred method of diagnosis, owing to its precision, speed and ability to detect the disease in asymptomatic patients. To ramp up production, the company is expanding its operations in the genetic diagnostics lab to its AvaGen test.
Likewise, MedGenome and SciGenom Research Foundation have published research into genetic susceptibility of the COVID-19 disease. The firms collaborated to analyze DNA sequence and variation data from over 300,000 people to study variations in the ACE-2 protein gene.
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. Another genetics player, Color, has entered the COVID-19 testing market. The company is working on providing the RT-qPCR assay test, the most suitable method of diagnosing COVID-19 infections. The company has entered the COVID-19 testing market in order to ease testing bottlenecks.
An Adaptive Approach to Modern-day Research Needs
The global genetic testing services market is anticipated to register an upsurge throughout the forecast period. Key manufacturers are increasingly streamlining their technological platforms to allow for robust genetic testing
Global Genetic Testing Services Market: Report Scope:
The study on global genetic testing services by Fact.MR incorporates a 5-year analysis from 2020 to 2025 about the potential drivers, restraints and opportunities for important sectors of the genetic testing services market. Market segmentation has been done on the basis of test types, service providers and applications. Each segment has been analyzed in detail, taking into account the market share, growth and revenue across the forecast period.
A detailed regional analysis has also been conducted for the segments mentioned above. The analysis has been done for the following five regions: North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. A separate section on competitive landscape has been provided, which includes information on leading market players, their key expansion strategies and revenue shares. An overview of their strengths, weaknesses, opportunities and threats has also been provided in order to project a realistic estimate.
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Global Genetic Testing Services Market- Scope of the Report
The recent study by Fact.MR on global genetic testing services market offers a 5-year forecast between 2020 and 2025. The study analyzes crucial trends that are currently determining the growth of global genetic testing services market. This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with the provision of genetic testing services. The study also provides dynamics that are responsible for influencing the future status of the global genetic testing services market over the forecast period.
A detailed assessment of global genetic testing services market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report. A list of prominent companies operating in the global genetic testing services market along with their product portfolio enhances the reliability of this comprehensive research study.
Global Genetic Testing Services: Report summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in global genetic testing services market across the globe.
A comprehensive estimate on global genetic testing services market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the provision of global genetic testing services during the forecast period. Price point comparison by region with global average price is also considered in the study.
Global Genetic Testing Services Market Segmentation
Fact.MR has studied the global genetic testing services market with detailed segmentation on the basis of test types, service providers, applications and key regions.
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Global Genetic Testing Services Market: Analysis on market size evaluation
The global genetic testing services market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for global genetic testing services is available in terms of “US$ Mn” for value, along with market attractiveness evaluation in the report. A Y-o-Y growth contrast on prominent genetic testing services segments, along with market attractiveness evaluation has been incorporated in the report.
Global Genetic Testing Services Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the global genetic testing services market report, which have helped to deliver projection on the regional markets. These chapters include the regional macros (economic and business environment outlook), which are expected to have a momentous influence on the growth of global genetic testing services market during the forecast period.
Country-specific valuation on demand for global genetic testing services has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. Detailed breakup in terms of value for emerging countries has also been included in the report.
Global Genetic Testing Services Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of global genetic testing services along with their detailed profiles. Essential and up-to-date data information related to the market performers, who are principally engaged in the provision of genetic testing services, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits the report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which includes essentials such as product portfolio, key strategies along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through the matrix for all the prominent players thus providing the readers with actionable insights, which helps in thoughtfully presenting market status, and predicting the competition level in Global genetic testing services market. Prominent service providers with established market presence in the global genetic testing services market are Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Genomic Health, Inc., NeoGenomics Laboratories, Inc., Eurofins Scientific and Ambry Genetics to name some.
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