SciTech Europa welcomes Sumant Ugalmugale, from Global Market Insights, to discuss the projected growth of the genetic testing market by 2025.
As per the speculations by Global Market Insights, Inc., genetic testing market is envisaged to hold an overall remuneration of $25bn (~€28.9bn) by the end of 2025.
The unprecedented growth pace of genetic testing market is rather evident from 23andMe’s recent launch of a grant program as a part of its Genotyping services for the research platform. A significant market contributor globally, through this invention, aims at promoting research studies with intent to increasing the revenue shares in the upcoming years. This trend itself bears a testimony to the fact that the chief market players are opting for strategic moves to strengthen their position in the global genetic testing market share.
A business vertical of high repute, thriving extensively on personalised medicines, genetic testing market as of today stands as one of the outpaced, profitable industry spheres there is. Endorsed by the availability of technologically sound gene diagnosing kits and elevating cognisance regarding the use of personalised medicines, the commercialisation potential of genetic testing industry has surged immensely in the past few years.
It is prudent to mention that the genetic testing helps in the early detection of rare genetic diseases which provides it the scope for the treatment in the nascent stage.
Concurrently, various industry mammoths are into developing innovative genetic tests that would provide accurate data on the probability of an individual suffering from a specific gene disease via the next gen sequencing techniques.
Speaking of the test type spectrum, carrier testing segment has stood tall during the past few years and is likely to develop at an appreciable pace during 2019-2025. For the records, the carrier testing segment accounted $460m in 2018. These tests find large scale use among couples to determine the chances of having a child with genetic disorders.
Also, they focus on detecting the probability of a healthy person carrying mutated genes. These factors have prompted healthcare professionals to recommend required treatments for the individuals comprising mutated genes thereby adding an impetus to genetic testing market trends.
Nutrigenomic testing segment, on the other hand, is expected to stand tall in the upcoming years owing to the advanced genomic techniques to help the doctors suggest the dietary plans according to the genetic makeup of the individuals. This would enable the segment to grow at a CAGR of 13 per cent through 2025.
According to GLOBOCAN 2018 estimates, the world recorded over 9.6 million cancer deaths in 2018 out of which nearly 5 to 10 per cent of them were instigated by inherited genetic mutations. This mounting prevalence of vivid malignant diseases would impel the cancer diagnosis segment to amass noticeable gains over the forecast period.
The role of genetic screening tests in the detection of cancer is to let the system identify mutations and functional characterisation of the individual’s genetic transformations. This early stage detection would propel the industry growth in the near future,
On records, the segment registered a business share of 52 per cent in 2018 and is probable to foresee similar trends over 2019-2025.
Elaborating further on the geographical trends, North America is projected to emerge out as one of the major pocket revenues for the genetic testing market. Estimates claim that the region in 2018 accounted for 59 per cent of the global business share and is forecast to observe 10 per cent growth through 2025.
This regional growth is ascribed to the high prevalence of cancer and genetic diseases across the region. Additionally, advent of technologically advanced gene diagnosing kits in tandem with favourable regulatory framework would help augment the industry outlook.