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Global genetic testing market: 9% CAGR forecast between 2012-2016

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Global Genetic Testing Market 2012- 2016 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-29 04:09:01
The Global Genetic Testing market is to grow at a CAGR of 9.45 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing global aging population. The Global Genetic Testing market has also been witnessing the increasing availability of Direct to Consumer (DTC) tests. However, the absence of credible standard procedures could pose a challenge to the growth of this market.

Currently, DTC genetic testing is the buzz word in the Global Genetic Testing market. DTC genetic testing refers to genetic tests that are marketed directly to consumers through television, print advertisements, or the internet. This form of testing, which is also called at-home genetic testing, provides access to a person´s genetic information without the involvement of the consumer´s healthcare provider. The DTC test typically includes collecting a DNA sample at home, often by swabbing the inside lining of the cheek, and mailing the sample back to the laboratory. Consumers are notified of their results by e-mail, over the phone, or the results are posted online on the websites of the offering companies. DTC genetic tests are expected to have a positive impact on the growth of the market during the forecast period.

One of the main drivers in this market is the increase in the aging population worldwide. The increasing prevalence of diseases such as diabetes, obesity, and cancer among the elderly population is contributing to the growth of the market.

One of the major challenges in the market is the lack of a credible standard procedure to evaluate the analytic and clinical validity of genetic tests.

The key vendors dominating this space include Abbott Laboratories, Roche Holding AG, Quest Diagnostics Inc., and Qiagen N.V. The other vendors mentioned in the report are Agilent Technologies Inc., bioMérieux SA, Clarient Inc., Genomic Health Inc., Hologenic Inc., Myriad Genetics Inc., Sequenom Inc., and Transgenomic Inc.

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Mike King
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