North America to Dominate the Genetic Testing Market. Abbott, Roche, Quest Diagnostics, Biocartis and 23&Me to Remain as Top Market Players
HYDERABAD, India, September 7, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the ultrasound devices market. The report titled, "Global Genetic Testing Market - Industry Analysis and Market Forecast" discusses the current landscape and outlook of the said market.
The global genetic testing market was valued at USD 3.8 billion in 2015 and is projected to reach USD 6.7 billion by 2021, at a compound annual growth rate (CAGR) of 9.7% during the forecast period of 2016 - 2021.
Primary factor influencing the growth of the genetic testing market is the demand rise for personalized medicine. Other factors propelling the growth of this market include emphasis on early disease detection & prevention and an increasing application of genetic testing in oncology. High costs associated with genetic testing have always been a barrier for growth. In few cases, genetic tests are not reimbursed through insurance and thus land on the shoulders of an individual as an out-of-pocket payment. Potentially adverse personal or societal consequences are restraining factors as well.
The report on genetic testing market has been segmented based on type, diseases, technology and geography. By type, the market is segmented into carrier testing, diagnostic testing, newborn screening, predictive & pre-symptomatic testing and prenatal testing. Based on diseases, the market is segmented into Alzheimer's, cancer, cystic fibrosis, sickle cell anemia, Duchenne's muscular dystrophy, thalassemia, and Huntington's disease. Based on technology the market is segmented into cytogenetic testing, molecular testing, and biochemical testing.
North America has the largest market size. The region is estimated to continue its lead during the forecast period, 2016-2021. Asia-Pacific is considered to be the emerging market for genetic testing owing to the increasing incidences of genetic disorders, advancements in science & technology and increasing government support. It is projected to grow at a CAGR of 13.4%.
Some of the major players in the market are 23&Me, Abbott Molecular, Ariosa Diagnostics Inc., Biocartis SA, Cepheid, Illumina, Inc., Luminex Corporation, Sequenom, Inc., Transgenomic, Inc., Roche Diagnostics and Quest Diagnostics.
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