ALBANY, New York, Aug. 5, 2019 /PRNewswire/ -- Increased efforts to prevent and detect genetic diseases favor growth of the global genetic testing services market. Relentless efforts for the development of value-added services and innovative tests by service providers is another facet of the market that is encouraging growth.
Clocking a CAGR of 7.6%, the global genetic testing services market is likely to attain a valuation of US$ 64,131.0 Mn through 2025 from US$ 33,500 Mn in 2016. Transparency market research (TMR) assesses the market over a period of 8 years, from 2017 to 2025.
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Asia Pacific Emerges as Rapidly Growing Region Due to Boom in Medical Tourism
In the global genetic testing services market, it is expected that the genetic testing services market in Asia Pacific region will fare substantially well over the period of appraisal. One of the main growth factor contributing to the growth of genetic testing services market is the boom in medical tourism. Countries like India are fast becoming one of the most desirable destinations for medical treatments.
According to WHO, a boom in the medical travel industry is largely due to lowering costs of travel, promotions of companies providing such services, and better availability of latest healthcare technologies? Furthermore, medical travel could also improve the access and infrastructure for some treatments for the local people. A case in point is India where a two-tiered approach is used in few hospitals and healthcare facilities. This has improved services for the local community and has also benefitted the medical traveler with customized services.
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North America accounts for a major share of the overall market and is likely to continue with its dominance in forthcoming years. Growing awareness about the benefits of such testing services and relentless efforts to improve and integrate latest technologies into the genetic testing services is driving the market in North America. In addition to that, the rising prevalence of genetic diseases like neurofibromatosis, spinal muscular atrophy, cancer, and Turner syndrome added considerable impetus to the genetic testing services market in the region.
Constant Technological Progress to Bolster Demand for Genetic Testing Services Worldwide
Global genetic testing services market has obtained massive prominence in the last some years, particularly to prevent and detect diseases like cancer and genetic diseases. Technological progress in the field offers more efficiency, accuracy, and preciseness in the genetic testing services. Furthermore, increased use of non-invasive genetic testing technology is anticipated to boost the global genetic testing services market over the period of appraisal.
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Technological progress in the field of genetic testing has also fuelled the growth of genetic testing services market worldwide. The availability of latest testing techniques and new testing methods is accelerating the demand for genetic testing services across the world. Besides, innovations in these testing methods provide efficacious and safer techniques of early disease detection and prevent the risk of miscarriage during the early stages of pregnancy. These factors are steering the global genetic testing services market towards growth over the period of review.
For instance, scientists from Estonia have invented a genetic testing technology that enables analysis of the number of clinical biomarkers at the single-molecule level. It improves the sensitivity of tests in precision medicine and makes them more affordable for the common people. This new molecular engineering procedure, known as TAC-seq, increases the precision of biomarker analysis and is all set to make it more cost-effective in the forthcoming years.
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Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Myriad Genetics, Inc., and Agilent Technologies, Inc., are some of the esteemed players in the global genetic testing services market.
The information shared in this review is based on a TMR report, bearing the title, "Genetic Testing Services Market (Test Type - Prenatal Testing, Newborn Screening, Predictive and Presymptomatic Testing, Pharmacogenomic Testing; Service Provider - Hospital-based Laboratories, Diagnostic Laboratories, Specialty Clinics; Application - Oncology, Infectious Diseases, Autoimmune Diseases) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017– 2025."
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