GIA announces the release of a comprehensive global report on the Genetic Testing market. The global market for Genetic Testing is forecast to reach US$2.2 billion by 2017. Increasing knowledge about the potential benefits in genetic testing is one of the prime reasons for the growth of the genetic testing market. Advancements in the genetic testing space, aging population and a subsequent rise in the number of chronic diseases, and increasing incidence of cancer cases are the other factors propelling growth in the genetic testing market.
San Jose, California (PRWEB) February 28, 2012
Follow us on LinkedIn – Genetic testing represents the most rapidly expanding segment of the molecular diagnostics market worldwide. Growing incidence of genetic diseases unravels new opportunities for genetic testing. The transformation of genetic testing from being a service-driven market to a product-driven market is expected to provide an impetus to the diagnostic companies for the expansion of their operations. The market for screening the newborns, diagnosing rare and fatal disorders, and predicting the probability of occurrence of diseases is likely to expand. Particularly, genetic tests to screen the newborns are expected to expand immensely over the coming years.
The US represents the largest market for genetic testing worldwide, as stated by the new market research report on Genetic Testing. Screening for genetic disorders continues to be of fundamental importance in view of the increasing awareness on the importance of prognostic and predictive screening, such as maternal screening. Among such tests, screening for genetic mutations within the CFTR (Cystic Fibrosis Trans-Membrane Conductance Regulator) gene is the most frequently conducted test in the US.
Advancements in the genetic testing space are expected to aid in tailoring Personalized Medicine for specific targeted markets. Genetic testing not only identifies the finest cancer treatment for specific patients, but also permits physicians to find if some drugs are unsuitable for a section of patients, while they can be given freely to a majority of others. Genetic testing has also enabled the easy diagnosis of diseases, such as haemophilia, sickle cell anaemia, and cystic fibrosis, facilitating several patients in leading a normal life. Nevertheless, owing to the increasing incidence of cancer cases, cancer genetic testing is expected to register high growth, and would dominate the genetic testing market by 2017.
As each individual’s genetic structure differs, there is a need to develop a method that can be customized as per the individual needs. One of the major issues faced by the industry is the urgent need to employ standard regulations with regard to procedures employed during the genetic testing process. Lack of credible standard procedure has led to the fear among individuals regarding the authenticity of genetic reports. Genetic counseling services are on the rise, specifically in the US. Presently, there are around 2,780 certified genetic counselors operating in the United States.
Major players profiled in the report include Abbott Laboratories, Abbott Molecular Inc., Applied Biosystems Inc., AutoGenomics Inc., BioRad Laboratories, Celera Group, ELITech Group, PerkinElmer Inc., Quest Diagnostics Inc., Roche Diagnostics Corp., Roche Molecular Diagnostics Inc., Transgenomic Inc., among others.
The research report titled "Genetic Testing: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the genetic testing market, current market trends, key growth drivers, new product innovations/launches, recent industry activity, and profiles of major/niche global market participants. The report provides annual sales estimates and projections for the global genetic testing market for the years 2007 through 2015 for the regions, including US, Canada, Japan, Europe, and Rest of World. The report also analyzes the US market for genetic testing by application type - Pharmacogenomic Testing, Prenatal and Newborn Genetic Testing, and Predictive Medicine. Also, a six-year (2003-2008) historic analysis is provided for additional market perspective.
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Genetic_Testing_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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Global Genetic Testing Market to Reach US$2.2 Billion by 2017, According to New Report by Global Industry Analysts, Inc.