The genetic testing services market is anticipated to grow at a growth rate of 12. 1% from 2020-2027. The factors driving the growth of genetic testing service include rising prevalence of the genetic diseases and rise in awareness & acceptance of personalized medicines.
New York, March 18, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Genetic Testing Services Market to 2027 - Regional Analysis and Forecasts by Type , Disease , Service Provider and Country" - https://www.reportlinker.com/p05875902/?utm_source=GNW
Also, growing preference towards Direct-To-Consumer (DTC) genetic testing, support of government to adopt genetic testing services is positively impacting the growth of the market in the review period.
In addition, various strategic initiatives by the manufacturers, new product launch along with artificial intelligence (AI) powered genetic testing is likely to boost the growth of market.
Moreover, increasing focus on advanced method incorporation in healthcare, government and private initiatives for promotion of precision medicine and massive funds from government and private bodies for genetic research is further expected stimulate the growth and contribute to exceptional revenue generation for the genetic testing services market in North America.
The demand for genetic testing in the United States has been expected to witness growth, since the service encompasses a broad range of applications such as, cancer, autoimmune diseases and infectious diseases.In US, the products for genetic testing of pediatric as well as rare diseases has increased significantly.
As per the estimates of National Institutes of Health (NIH), in the United States, there are around 25 to 30 million people suffering from rare diseases, accounting for individuals fewer than 200,000 people.Rare diseases are often the result of a genetic mutation; one estimate is that 80% of rare diseases are genetic in nature.
Also, 50% of patients with rare diseases are children.
There has been a significant rise in the cases of rare diseases in US during the last decade. In 2009, there were 5,857 catalogued rare disorders, whereas 6,084 number of rare diseases were recorded in 2016, accounting a rate of approximately 30 new rare diseases per year.
Thus the increasing funds and awareness in North America are likely to boost the genetic testing services market and are anticipated to provide significant growth opportunities to the players operating in the market during the forecast period.
The above-mentioned factors are expected to offer broad growth opportunities in the industry, and this is expected to cause the demand for genetic testing services.
North America genetic testing services market is segmented by type, disease, and service provider.Based on the type, the market is segmented into predictive testing, carrier testing, prenatal testing, newborn screening and others.
On the basis of disease, the market is classified as, cancer disease, metabolic diseases, cardiovascular diseases and others. Based on service provider, the market is categorized as, diagnostic laboratories, hospital-based laboratories and clinics.
Some of the major primary and secondary sources for genetic testing services market included in the report are World Health Organization (WHO), Clinical Laboratory Improvement Amendments (CLIA), National Institutes of Health (NIH), the North American Cancer Information System among others.
Read the full report: https://www.reportlinker.com/p05875902/?utm_source=GNW
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