The global Genetic Testing Services market is projected to have a considerable CAGR during the forecast period. The growing prevalence of chronic diseases such as cancer, infectious diseases across the globe further contributes to the growth of the genetic testing services market. As per the International Agency for Research on Cancer (IARC), in 2018 there were 17 million new cancer cases and 9.5 million cancer mortality across the globe. Moreover, the global cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer mortality in 2020.
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The major reason for increasing chronic disease includes lack of nutritious diet, physical activities, and aging population. The genetic alterations enable in driving development & progress of different types of cancer which are identified through the platform of research studies.
Growing R&D in genomics further boost the genetic testing services market growth
Increasing genomic and proteomic researches Proteomics refers to the analysis of overall proteins present content of a cell, tissue or an organism. It comprises of identi?cation and quanti?cation technologies and also uses technologies such as genomics and transcriptomics. Genomic studies and advanced technologies enable defining driver mutation and alteration of DNA & RNA in many cancers. The genomic information from tumors and normal tissue are compared which helps the required genomic changes. The genomic methods are used to detect molecular characteristics for clinical phenotypes which enables the detection of genetic changes. Increasing investment and research in genomics and proteomics are also significantly driving market growth.
Emerging Markets is likely to contribute significantly to the genetic testing services market
The emerging economies such as the Asia-Pacific region is one of the potential markets for genomic biomarkers. The factors that will be favorable for the growth of the market in this region include increasing government expenditures on healthcare in the region, and the presence of a huge population suffering from various chronic diseases such as cancer, hypertrophic cardiomyopathies, arrhythmias, and others. The average annual increase in government healthcare spending in the US is 4.5% and less than 1.5% in the European Union. However, the countries of Asia-Pacific reported an increase in healthcare expenditure of more than 6%, which is higher than the developed nations.
Moreover, the 1000 Genomes Project is an effort that comprises genome sequencing of at least a thousand people from across the globe to develop the most comprehensive and medically relevant picture of human genetic variation. This initiative intends to make accessible genomic data easily from international research institutions. The major support for the project is offered by the National Human Genome Research Institute (NHGRI), part of the National Institutes of Health (NIH), Wellcome Trust Sanger Institute in Hinxton, England, and the Beijing Genomics Institute, Shenzhen (BGI Shenzhen) in China. Therefore, these genome projects further provide a significant opportunity for market growth in emerging markets.
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Global Genetic Testing Services Market Segmentation
By Type
· Predictive & Presymptomatic Testing
· Prenatal Testing
· Diagnostic Testing
· Newborn Screening
· Others
By Application
· Oncology
· Infectious Diseases
· Autoimmune Disease
· Others (Rare Disease)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
