Genetic Testing Services Market: Government initiatives to increase awareness in the European Region
The Genetic Testing Service market was valued at US$ 9,546.2 million in 2019 and is expected to grow at a CAGR of 11.7% from 2020 to 2027 to reach US$ 22,701.8 million by 2027.
Genetic testing comprises a broad range of laboratory tests performed to analyze DNA, RNA, chromosomes, proteins, and certain metabolites using biochemical, cytogenetic, or molecular methods or a combination of these methods. The global genetic testing service market is driven by factors such as rising prevalence of the genetic diseases and rise in awareness & acceptance of personalized medicines and growing preference towards Direct-To-Consumer (DTC) genetic testing. However, the social and ethical implications of genetic testing, cost effectiveness and affordability of genetic services are anticipated to impede the market growth in the study period. Moreover, untapped emerging markets in developing countries are likely to deliver substantial growth opportunities to improve market share for industry players in the near future.
Request for sample at: https://www.theinsightpartners.com/sample/TIPHE100001383/
Key Findings from The Genetic Testing Service Market
- The global genetic testing service market, based on the type, has been segmented into predictive testing, carrier testing, prenatal testing, newborn screening and others. In 2019, the predictive testing segment accounted for the largest market share in the global genetic testing service market by disease.
- Genetic Testing Services consist of large panel of tests are now offered to screen a number of genetic diseases. Treatments are available for a number of rare genetic diseases, and the process is gaining importance in scenarios, such as carrier testing, newborn screening, predictive, and pre-symptomatic testing, among others.
- The global genetic testing service market, based on disease, has been segmented into cancer disease, metabolic diseases, cardiovascular diseases and others. About 10% to 20% of all cancers are related to gene mutations that are inherited or passed down through the family.
- Genetic testing is a potential tool to identify the individuals who are at higher risk for developing certain cancers because of family history. Numerous laboratories are offering genetic testing for BRCA and other genes related to hereditary breast, ovarian, and related cancers (HBOC). Moreover, many labs offer multiple types of panels with different combinations of genes. Moreover, approximately 5–10% of cancers diagnosed in the U.S. are associated with hereditary cancer syndromes.
- The global genetic testing services market, based on service provider, has been segmented into diagnostic laboratories, hospital-based laboratories and clinics. In 2019, the diagnostic laboratories held the largest share of the market. Diagnostics centers are the independent entities that provide all the diagnostic test, screening test and others to the patient. The diagnostics centers are well equipped and offers better results for the test performed for the diseases and health conditions. The diagnostic centers offer all the prenatal diagnostics services such as screening, imaging, blood test, chorionic villus sampling, amniocentesis and others.
- The Genetic Testing Service market majorly consists of players such as Laboratory Corporation of America Holdings, F. Hoffmann-La Roche Ltd., Illumina, Inc., Quest Diagnostics Incorporated, Exact Sciences Corporation, NeoGenomics Laboratories, Inc., Eurofins Scientific, Ambry Genetics, Centogene AG, and 23andMe, Inc.
Several companies in the market are concentrating on inorganic strategies, such as partnership for enhancing their position in the market. For instance, in January, 2020, Illumina Inc. has announced partnership with Roche. The partnership was carried out to increase patient access to transformative genomic testing technology, accurately.
Government initiatives to increase awareness in the European Region
In Europe, Genetic testing has been growing at an exceptional rate; a large panel of tests are now offered to screen a number of genetic diseases. Treatments are available for a number of rare genetic diseases, and the process is gaining importance in scenarios, such as carrier testing, newborn screening, predictive, and pre-symptomatic testing, among others. Moreover, European countries have undertaken a number of initiatives to increase awareness among people about the benefits of genetic testing. For instance, EuroGentest is a project funded by the European Commission to harmonize the process of genetic testing, from sampling to counseling, across Europe. The ultimate goal is to ensure that all aspects of genetic testing are of high quality, thereby providing accurate and reliable results for the benefit of the patients. In addition, the UK Genetic Testing Network (UKGTN), an advisory organization in UK, promotes equity of access to genetic testing and provides contracting support to the NHS
Place an Order Now: https://www.theinsightpartners.com/buy/TIPHE100001383/
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
We are committed to provide highest quality research and consulting services to our customers. We help our clients understand the key market trends, identify opportunities, and make informed decisions with our market research offerings at an affordable cost.
Contact Person: Sameer Joshi