Global Genetic testing market is projected to grow at a healthy pace to exceed $6.6 billion by 2015. The market is primarily driven by growing incidence of genetic diseases and growing consumer awareness and rising interest towards genetic testing.
San Jose, CA (PRWEB) October 30, 2008 -- Genetic testing, which of-late has been transforming itself from service driven to product-driven market is expected to provide an impetus to diagnostic companies with respect to expansion of their operations. Genetic testing market has been witnessing a rise in demand from various quarters, which include medical, paternity & forensics departments, immigration & insurance sectors and DNA banks.
Rising demand and rapid progress in the field of genetic testing has been the prime reason for US maintaining its leading position. The United States and Europe collectively account for about 83% of the global Genetic testing Market, as stated in a recent report published by Global Industry Analysts, Inc. Increasing emphasis on the need to develop new and more effective testing methods is projected to further propel the market growth. Pharmacogenomic Testing market in the US is projected to record the fastest growth at a CAGR of 25% for the period 2000-2010. Genetic tests to screen the newborns are expected to expand immensely over the coming years and have profound effect on clinical outcomes. The early detection of genetic disorders would significantly reduce morbidity as well mortality rates. The market for
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