Genetic Analysis Services Market – Global Industry Trends and Forecast – 2020
There is a huge potential for uptake of genetic analysis services with the increasing understanding of genes among individuals. Over the past few years, the technology involved in genetic analysis has evolved and advanced to an extent where amateur, aspiring, or experienced scientists can easily acquire the materials required to conduct a genetic analysis of their own. A new research report by Transparency Market Research (TMR) titled “Genetic Analysis Services Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” offers insights into historical data and expected future trends of the market. It also discusses the factors influencing the growth of the market throughout the forecast period.
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The rising awareness regarding genetic studies is primarily driving the global genetic analysis services market. There is an increasing adoption of these services in judiciary sciences to confirm a person/suspect’s identity and in the healthcare sector to determine the prevalence of diseases and errors in metabolic functioning of the body. This factor is likely to augment the growth of the market. Other factors such as increasing prevalence of life-threatening diseases such as Alzheimer and cancer and the abundant availability of primers, chemicals, and equipment required for genetic tests are fuelling the growth of the market.
On the flip side, the absence of conducive regulations prevents private institutes from evaluating patients or consumers health in the foreseeable future on the mere reports of these services. Furthermore, the high cost of instruments required to perform genetic analysis is impeding the adoption of genetic analysis services. Other factors adversely affecting the growth of the market are the economic slowdown in certain regions coupled with the lack of favorable reimbursement policies.
Some of the applications of genetic analysis services are drug discovery, biomarkers, and diagnostics. Geographically, North America is estimated to be the leading market throughout the forecast period. The presence of well-developed healthcare infrastructure, increasing awareness regarding genetic studies and rising per capita expenditure on healthcare are propelling the growth of this region. Asia Pacific is estimated to rise at an impressive growth rate during the same period owing to rising healthcare expenditure levels, increasing research and development activities pertaining to genomics, and improving healthcare facilities.
In the recent times, there has been an upswing in the number of new players offering these services at various price ranges depending upon their degree of accuracy, type of service, and details. Some of the key companies in the global genetic analysis services market are 23andMe, Affymetric Inc., Agilent Technologies, Bio-Rad Laboratories, GE Healthcare, Illumina, Inc., Life Technologies, Roche Diagnostics Corporation, and Qiagen N.V.
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