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(MoneyNewsWire.Net, October 09, 2017 ) Genetic testing is an attractive and growing segment in molecular diagnostics market as it helps in providing superior medical care. Any modifications in chromosomes, genes, or proteins that are associated with the inherited disease conditions can be identified through genetic testing. The Latin America Genetic testing market is currently validated to be at $ 3.001 million in 2016 and is forecasted to reach $ 4.232 Million by 2021 growing at a CAGR of 7.12%.
The risk of diseases like identify carriers of disease, diagnose diseases, or determine the likely course of a disease can be predicted through the genetic testing which is basically an analysis of genes, chromosomes or proteins. Diseases such as sickle cell anaemia, haemophilia and cystic fibrosis are easily diagnosed with the help of genetic testing, making life easier for the patients.
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With it potential to be able to diagnosis and treat diseases and growing awareness among the individuals about its benefits has led to the growth of the genetic testing market. Advancements in the genetic testing space, aging population and a subsequent rise in the number of chronic diseases, and rising incidences of cancer are the other driving forces for the genetic testing market.
However they are few factors that hinders the growth of genetic testing market, high cost associated with the genetic testing being one. And also, many individuals are concerned about the authenticity of genetic reports owing to the lack of credible standard procedure.
The Latin America genetic testing market is segmented based on application into Cancer Testing, Pharmacogenomics testing, prenatal testing and Predisposition testing. Based on type of tests, the market is segmented into Carrier Testing, Diagnostic Testing, Prenatal Testing and Neonatal Testing. Cancer genetic testing is expected to grow at a higher rate, and is likely to dominate the genetic testing market in the near future. The new-borns screening market, diagnosing rare and fatal disorders diagnosis, and estimating the probability for a diseases to occur is likely to expand. Particularly, genetic tests for the screening of the new-borns are likely to expand immensely in the future.
Furthermore, on the basis of geography, the Latin America Market is analysed under various regions namely, Argentina, Brazil, and Mexico.
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Increase in the incidence of genetic diseases unravels new opportunities for genetic testing and its related applications. The transformation of genetic testing from being a service-driven market to a product-driven market is anticipated to provide a push to the diagnostic companies for the expansion of their operations.
Some of the major companies in the Latin America genetic testing market include, Abbott Laboratories, Roche Molecular Diagnostics Inc., Abbott Molecular Inc., AutoGenomics Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc. and Applied Biosystems Inc.,
Market Segmentation
1) By Type
Carrier Testing
Diagnostic Testing
Prenatal Testing
Neonatal Testing
2) By Application
Cancer Testing
Prenatal Testing
Pharmacogenomics Testing
Predisposition Testing
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Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
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