Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Genetic tests are explained as medical devices available in the form of kits and panels which are used for the testing genetic diseases in humans. Additionally, the testing is performed by collecting blood samples from patients. These samples are then run-on laboratory machines by the use of test kits. Furthermore, there are various types of tests used for testing of genetic disorders. In another words, the genetic testing is a simple process in which DNA is extracted and put under the examination. Through the process, the changes in the structure of chromosomes are analysed and it made simpler to predict the kind of diseases.
The genetic testing market is anticipated to grow at CAGR of 10.34% during forecast period of 2021 to 2027. The genetic testing is also applicable in identification of level of susceptibility that a person has contracted. The dynamic factors such as increasing importance on early diseases detection and prevention is propelling growth of genetic testing market. The rising applications of genetic testing in oncology is also boosting growth of genetic testing market. The rising demand for personalized medicines is also refuelling growth of genetic testing market. However, high cost of genetic testing is hindering growth of genetic testing market.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the genetic testing market. In addition, complete analysis of changes on genetic testing expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on Global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The COVID-19 has almost affected every market is healthcare industries positively or negatively. The genetic testing market is got hampered in somewhat manner as the COVID-10 is declared as global pandemic by World Health Organization and in various countries there is complete shutdown and guidelines regarding the social distancing are applied for prevention against the COVID-19 pandemic. Additionally, clinics are operating at limited capacities and reduced face to face genetic counselling for preventing against the COVID-19 viruses. Thus, the COVID-19 pandemic have the negative impact on the genetic testing market.
The genetic testing market is segmented by type, technology, application and geography.
The genetic testing market is comprised of various types of testing such as predictive & presymptomatic testing, carrier testing, prenatal & new born testing, diagnostic testing, pharmacogenomic testing and others. In which prenatal & new born testing is estimated to dominate the market in 2020. The rising awareness regarding healthcare is propelling growth of genetic testing market. The rising mortality rate by genetic disease is also boosting growth of genetic testing market.
The genetic testing market is comprised of various technologies such as cytogenetic testing, biochemical testing and molecular testing. In which molecular testing is likely to dominate the market in 2020. The rising use of molecular testing is propelling growth of genetic testing market. The molecular testing is widely used as it can analyze the losses and gains in the DNA which are not detectable with common chromosome analysis.
The genetic testing market have their extensive applications in the diagnosis of alzheimer’s disease, cancer, cystic fibrosis, sickle cell anaemia, duchenne muscular dystrophy, thalassemia, huntington’s disease, rare diseases and other. In which cancer diagnosis is expected to dominate the market in 2020. The rising incidences of cancer worldwide is propelling growth of genetic testing market. The growing awareness along the world population regarding the preventive diagnosis and personalized medicines is also boosting growth of genetic testing market.
The genetic testing market is studied for key countries of regions such as North America, Europe, Asia Pacific and Rest of the World. In which North America is anticipated to dominate the market in 2020. The rising product approvals by U.S. FDA is propelling growth of genetic testing market. The rising research and development activities is also boosting growth of genetic testing market. The growing prevalence of chronic and genetic disorders is also driving growth of genetic testing market.
The major key player covered in the report are 23 & Me Inc., Abbott Laboratories, Myriad Genetics Inc., Danaher Corporation, Illumina Inc., Luminex Corporation, Biorad Laboratories Inc., Perkinelmer Inc., Quest Diagnostics Incorporated, F. Hoffmann-La Roche Ltd, Eurofins Scientific and Qiagen Nv among others.
November 2020: The FDA expanded the approval of cancer blood test, “Liquid Biopsy” which detects the genetic changes in tumour DNA in the blood and may help match patients for potential treatment.
August 2020: FDA approved the Guradant 360 CDx of Guardant health and foundation, it is the one liquid CDx of foundation medicine, which is used as a companion diagnostic test and general tumour profiling.
January 2020: The Quest Diagnostic, a US based clinical laboratory announced Finnish genetic testing company blueprint genetics for rising next generation sequencing capabilities for rare diseases.
May 2019: The Abbott laboratories announced the pre-approval of WHO for worlds first point of care viral load test, m-PIMA HIV-1/ 2 VL. The Abbott Laboratories have main products are comprised of the chromosome enumeration probes, FISH accessories and prenatal.
The report analyses the genetic testing market based on the type, technology, application and geography. Various type of genetic testing are covered in the genetic testing market are predictive and presymptomatic testing, carrier testing, prenatal and new born testing, diagnostic testing, pharmacogenomic testing and other. By technology, the market is segmented into cytogenetic testing, biochemical testing and molecular testing. Based on application, the market is segmented into alzheimer’s diseases, cancer, cystic fibrosis, sickle cell anaemia, duchenne muscular dystrophy, thalassemia, huntington’s diseases, rare diseases and other. The report analyses the impact of COVID-19 on the genetic testing market and it is found that the COVID-19 has almost affected every market is healthcare industries positively or negatively. The genetic testing market is got hampered in somewhat manner as the COVID-10 is declared as global pandemic by World Health Organization and in various countries there is complete shutdown and guidelines regarding the social distancing are applied for prevention against the COVID-19 pandemic. Additionally, clinics are operating at limited capacities and reduced face to face genetic counselling for preventing against the COVID-19 viruses. Thus, the COVID-19 pandemic have the negative impact on the genetic testing market. The report also analysed major key players operating in the region.
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