Genetic Testing Market - High cost for testing and reimbursement issues are inhibiting the market growth
According to a new market report published by Stratistics, the Global Genetic Testing market is accounted for $3.2 billion in 2014 and is expected to reach $6.0 billion by 2022 growing at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. The factors contributing to the market growth include aging population, rising awareness, availability of direct to consumer tests and growing incidence of genetic disorder. However factors such as high cost for testing and reimbursement issues are inhibiting the growth of the market.
On the basis of application, the Genetic Testing market is segmented as cancer genetic testing, prenatal genetic testing, Pharmacogenomics genetic testing and predisposition cancer genetic testing. Genetic testing for cancer is likely to be the fastest growing segment during the forecast period. Rising incidence of genetic diseases is providing more opportunities for genetic testing along with the increase in personalized medicine. The federal agencies who play a major role in regulating genetic tests are Food and Drug Administration (FDA), Federal Trade Commission (FTC) and Center for Medicare and Medicaid services (CMS). Cancer Genetic Testing commanded the largest market revenue of $1,621 million in 2014. However Predisposition Cancer Genetic Testing is expected to grow at the faster pace a CAGR more than 9.3% during the forecast period.
Browse the full market research report at “Global Genetic Testing Market Outlook (2015-2022)”
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This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. Among these regions, North America accounted for the largest market share in 2014. North America dominates the global market for genetic testing due to increasing prevalence of diseases by genetic disorders and high technological advancement. High healthcare spending, availability of skilled professionals to perform the tests and vastly developed healthcare infrastructure are some of the factors that are fueling the growth of the market in North America. The Asia Pacific is expected to grow at the faster pace with a CAGR more than 8.5% during the forecast period.
The key players in the Genetic Testing market include Abbott Laboratories, Biocartis SA, Applied Biosystems Inc., Celera Group, AutoGenomics Inc., Roche Diagnostics Limited, IntegraGen S.A, Transgenomic, Inc., Molecular Inc and Luminex Corporation.
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