Global Genetic Testing Services Market - Industry Size, Share, Growth, Trends and Forecast 2016 - 2023
"The
Latest Research Report Genetic Testing Services Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 -
2023 provides information on pricing, market analysis, shares,
forecast, and company profiles for key industry participants. -
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Global Genetic Testing
Services Market: Snapshot
The study of genes has been
detected as a highly dominant department of the healthcare industry,
as it is at the backbone of several diseases as well as has the
potential to pave a way of curing a number of them. The global market
for genetic testing services has been projected to increment the
demand at a healthy rate during the forecast period of 2016 to 2023,
which is a reflection of a number of factors, such as growing
incidences of hereditary and genetically predisposed diseases,
rapidly incrementing percentage of geriatric population, rising
awareness regarding the genetic testing services among the urban
populations, technological advancements, and proven success of
direct-to-consumer (DTC) genetic testing. A number of financially
equipment companies have invested on the research and development in
order to widen the scope of genetic testing, which will further drive
the demand for genome sequencing technologies. The market for genetic
testing services is also expected to gain traction from growing
incidence of cancer, changing demographical and lifestyle, complex
interplay of environmental factors, and susceptible genes.
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Among all regions, North
America continues to serve most of the demand, owing to consistent
investments on biomedical and life sciences research, large unmet
demand, higher awareness rate, better reimbursement policies, and
disposable income. This report on the global genetic testing services
market evaluates the potential of all major regions as well as
profiles a number of key companies in order to represent the
competitive landscape as well as the opportunities for the new
entrants.
Genetic testing is one of the
most rapidly growing segments in molecular diagnostics industry that
helps in delivering customized health services and is also called as
personalized medicine. The genetic testing services include genetic
testing, results interpretation, information analysis, education and
counseling. Growing know-how about genetic testing, technological
advances in genetic sequencing, rising incidences of genetic diseases
especially cancer is the major factors propelling the genetic testing
services market. Currently genetic testing services are directed
towards prediction of possible diseases, detection of existing
diseases, and designing personalized care regime. Genetic testing
services have been beneficial not only in the field of oncology, but
have also been used in diagnosis of diseases such as hemophilia,
sickle cell anemia, cystic fibrosis and many others. In the future,
the market will particularly benefit from genetic testing of newborns
for possible genetic disorders. Early diagnosis or prediction of
possible disorders in the future may help in avoiding complications
and also reduce mortalities to a great extent. Genetic testing
services help in accurate diagnosis of diseases which have common
symptoms and also those difficult to diagnose with routine tests.
Genetic testing is applied in prescribing accurate drug therapies in
light of patient’s genotype for genetic linkage for drug efficacy
and toxicity. Genetic testing services will also help in reducing the
overall cost of treatment and also avoid possible side effects. Thus
development of genetic testing services will bring a change in
various areas in healthcare sector.
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Direct-to-customer genetic
testing still continues to restrict the market growth due to mixed
reviews on permissibility. In November 2013, FDA implemented a ban on
marketing of direct-to-customer genetic testing services provided by
23andMe for its saliva based test. FDA argues that the company must
seek an approval for the medical device. Various articles also
criticize that the direct-to-customer genetic testing service is not
fruitful, and is clearly a waste of money. Direct-to-customer
companies provide testing services to consumers, without involvement
of physician in primary checkup. Genetic makeup alone is a poor
predictors of common diseases hence the approach is likely to lead
people receiving potentially harmful treatment. Lack of proper
counseling also misleads people about healthcare services and also
builds incorrect perceptions about the genetic testing services. This
may prove to be potential threat to the future market growth.
Although currently direct-to-customer testing is a small segment of
the genetic testing services market, the service providers are
constantly trying to become an integral part of clinical care.
Majority of the genetic testing
market is dominated by the U.S. market owing to higher disposable
income, and increased awareness about the service. Major companies
operating in the U.S. who provide genetic testing services include
23andMe, DNA Direct, Genova Diagnostics, GeneLink, and Interleukin
Genetics. Reimbursement remains a barrier for the adoption of the
service. The service on the other hand is expected to spur the
concept of “evidence based coverage”. This will not only benefit
the insurance provider but also provide necessary leverage for market
growth. High cost of the service is a major hurdle for the market to
enter Asia-Pacific and other countries. But with increasing per
capita income and gradual development of healthcare sector in
countries such as India and China, the market is expected to grow
rapidly in the near future in these regions. Fully developed medical
sector of Japan will serve as a gateway in the Asia-Pacific market.
This research report analyzes
this market on the basis of its market segments, major geographies,
and current market trends. This report provides comprehensive
analysis of
Market growth drivers
Factors limiting market
growth
Current market trends
Market structure
Market projections for
upcoming years
This report is a complete study
of current trends in the market, industry growth drivers, and
restraints. It provides market projections for the coming years. It
includes analysis of recent developments in technology, Porter’s
five force model analysis and detailed profiles of top industry
players. The report also includes a review of micro and macro factors
essential for the existing market players and new entrants along with
detailed value chain analysis.
Reasons for Buying this Report
This report provides
pin-point analysis for changing competitive dynamics
It provides a forward
looking perspective on different factors driving or restraining
market growth
It provides a six-year
forecast assessed on the basis of how the market is predicted to grow
It helps in understanding
the key product segments and their future
It provides pin point
analysis of changing competition dynamics and keeps you ahead of
competitors
It helps in making informed
business decisions by having complete insights of market and by
making in-depth analysis of market segments
It provides distinctive
graphics and exemplified SWOT analysis of major market segments
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