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 prenatal and new-born genetic testing market in the US is estimated at US$622 million for 2008.
The genetic testing market is however not devoid of challenges. Factors such as cost and the level of authenticity engaged in screening and detecting methods employed by physicians remain questionable. As each individual's genetic structure differs so do preferences, there is a need to develop a method that can be customized as per individual needs. Another challenge that the industry faces is the urgent need to employ standard regulations with regard to procedures employed during the genetic testing process.
Genetic testing market is highly competitive with several players vying for the market pie. The influx of new players into the lucrative market is further intensifying market competition. Key players profiled in report include Abbott Molecular Inc., Applied Biosystems Inc., AutoGenomics Inc., BioRad Laboratories, Celera Group, Clinical Data, Inc., Genzyme Genetics, Orchid Cellmark, Inc., PerkinElmer Inc., Quest Diagnostics Inc., Roche Diagnostics, Corp., Roche Molecular Diagnostics Inc. and Sciona Ltd.
The report titled "Genetic Testing: A Global Strategic Business Report" published by Global Industry Analysts, Inc. presents comprehensive analyses of major markets including the US, Canada, Japan, Europe and Rest of World. The report offers incisive insights into the economic fundamentals of the industry, market drivers, and trends, in addition to outlining the competitive landscape. Analysis is provided in US$ million for the period 2000-2015. The US market is further analyzed by the following segments - Pharmacogenomic Testing, Prenatal and Newborn Genetic Testing, and Predictive Medicine.
For more details about this 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 reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
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