The global genetic testing market is expected to register a significant CAGR over a forecast period.
Molecular diagnostics market is growing at a significant rate due to increasing awareness for the same and rising investments in the field. Genetic testing refers to a process of analysis of human DNA in any of its form or related products such as RNA, chromosomes, DNA and others.
Genetic testing is widely used for detection of diseases that are related to genotype, phenotype or mutation. genetic testing is done to detect karyotype for clinical purposes.
Popularity of genetic testing is increasing due to various advantages offered by this procedure such as detection of genetic abnormalities in early gestation period of about 8 to 10 weeks. In addition, it also helps to determine the sex the fetus.
Genetic testing market is growing at a significant rate due to increasing awareness and discoveries in the field. Of all the tests performed for genetic testing, screening for genetic mutations with Cystic Fibrosis Trans-Membrane Conductance Regulator (CFTR) gene is most widely performed.
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North America dominates the global market for genetic testing due to increasing prevalence of diseases by genetic disorders and high technological advancement in the region. Europe, followed by Asia, is expected to show high growth rate in the next few years in genetic testing market.
China and India are expected to be the fastest growing genetic testing markets in Asian region. Some of the key driving forces for genetic testing market in emerging countries are increasing R&D investment, large pool of patients and rising government funding.
Various factors such as advancements in genetic testing technologies, increasing prevalence of genetic diseases and growing awareness are driving the global genetic testing market. In addition, government initiatives and increased R&D activities in the field have been driving the genetic testing market.
However, high cost involved, lack of experienced professionals and stringent regulations in some regions is restraining the global genetic testing market.
Innovation of some new techniques for genetic testing, increased efficiency and accuracy are expected to offer good opportunities for global genetic testing market. In addition, emerging markets hold good potential for growth of genetic testing market due to rising patient pool and growing awareness in these regions.
Some of the major trends that have been observed in the genetic testing market are shift of focus from clinical science to bioinformatics and growing popularity of these techniques, leading to high rate of adoption of genetic testing technology.
Some of the major companies dealing in genetic testing market are Abbott Laboratories, BioRad Laboratories, Abbott Molecular Inc., AutoGenomics Inc., Celera Group, PerkinElmer Inc., Quest Diagnostics Inc., ELITech Group, Roche Diagnostics Corp., Applied Biosystems Inc., Roche Molecular Diagnostics Inc., Transgenomic Inc. and others.
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