Rising Prevalence of Autoimmune Diseases to Augment Genetic Testing Services Market Growth – Fact.MR 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.

Test types

• Prenatal Testing
• New Born Screening
• Predictive and Presymptomatic Testing
• Pharmacogenomic Testing
• Others

Service providers

• Hospital-based Laboratories
• Diagnostic Laboratories
• Specialty Clinics
• Others

Applications

• Oncology
• Infectious Diseases
• Autoimmune Diseases
• Others

Key Regions

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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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: 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.

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.