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(Medical-NewsWire.com, September 26, 2017 ) As the need to provide superior healthcare owing to the advancements in healthcare is increasing, the genetic testing has become a highly attractive segment in molecular diagnostics market. The slightest of the modifications with the inherited disease condition like chromosomes, genes or proteins can be identified through genetic testing. The Asia-Pacific Genetic testing market is estimated to be $7.502 million in 2016 and is forecasted to reach $10.845 Million by 2021 growing at a CAGR of 7.65%.
Genetic testing which is an analysis of genes, chromosomes, or proteins helps predicting the risk of diseases, its diagnosis, likely course of the disease and also identifying carriers (individuals not having the disease but have a copy of the disease gene) of disease. Genetic testing has also helped in easily diagnosing the diseases like sickle cell anaemia, haemophilia, and cystic fibrosis, and helping patients living a normal life
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The main reasons for the growth in the genetic testing market is due to growing awareness among the individuals regarding the potential benefits in genetic testing. In addition, advancements and huge investments in the genetic testing space, growing aging population and a rise in the number of chronic diseases, and increasing cancer cases are the other factors aiding the growth in the genetic testing market.
However, there are few factors affecting the growth of genetic testing market like, the authenticity of genetic reports is being questioned due to lack of credible standard procedure. And also, many individuals are concerned about the high cost associated with testing.
The Asia-Pacific genetic testing market is categorized 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 estimated to witness high growth, and is most likely to dominate the genetic testing market over 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 in the future.
Furthermore, on the basis of geography, the Asia-Pacific Market is analysed under various regions namely, India, China, Japan, and South Korea.
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The growing frequency of genetic diseases unravels new opportunities for genetic testing and its related applications. It is anticipated that the transformation of genetic testing from a service-driven market to a product-driven market will provide a push to the diagnostic companies for the expansion of their operations.
Some of the major companies in the Asia-Pacific genetic testing market include, Abbott Laboratories, Roche Molecular Diagnostics Inc., AutoGenomics Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., 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
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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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