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(MoneyNewsWire.Net, October 17, 2017 ) With the advancements in the technology, healthcare facilities are also evolving increasing demand for superior medical care. Currently, the genetic testing has been highly attractive segment in molecular diagnostics market owing to its ability of identifying the slightest modification in chromosomes, genes, or proteins that are associated with inherited disease conditions. The Europe Genetic testing Market is a $ 11.253 million market in 2015 and is estimated to reach $ 17.731 Million by 2020 growing at a CAGR of 9.52%.
Genetic testing is the analysis of genes, chromosomes, or proteins that helps to predict the risk of diseases, identify carriers of disease, diagnose diseases, or determine the likely course of a disease. Genetic testing has led to an easy diagnosis of diseases, such as sickle cell anaemia, haemophilia, and cystic fibrosis, helping several patients in leading a normal life.
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The primary reason behind the growth of the genetic testing market is the growing awareness lately among the individuals about its potentials. And also, increase of research in the genetic testing space, aging population and rise of chronic disease cases, and growing incidences of cancer cases are the other factors contributing to the growth of genetic testing market,
However, the costs associated with genetic testing are high and may hinder the growth of the market. And also, as there is no credible standard procedure for analysis, the individuals began to develop serious doubts concerning the authenticity of genetic reports, which negatively effects the market.
Categorization of Europe genetic testing market is done 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. Genetic testing in cancer is anticipated to grow at a higher rate and likely to dominate the genetic testing market in the coming years. The market for screening the new-borns, diagnosing rare and fatal disorders, and estimating the probability of occurrence of diseases is likely to expand. Particularly, genetic tests to screen the new-borns are expected to expand immensely over the coming years.
Furthermore, on the basis of geography, the European Market is analysed under various regions namely, UK, Spain, Italy, Germany and France.
The growing 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.
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Some of the major companies in the Europe 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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Study the micro environment factors that determine the overall profitability of an Industry, using Porters five forces analysis for analysing the level of competition and business strategy development
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Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
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