Excessive Growth Opportunities of 10.8% CAGR Estimated to be Experienced by North America Genetic Testing Market During 2020-2026 – 3rd Watch News

Posted: June 12, 2020 at 12:52 am

According to the Graphical Research new growth forecast report titled North America Genetic Testing Market Size By Test Type, Application, Industry Analysis Report, Regional Outlook, Estimated To Exceed USD 15.0 Billion By 2026. Growing incidences of genetic disorders and cancer will serve to be a key factor for North America genetic testing market growth over the upcoming years. Moreover, technological advancement has been a boon in the industry for early detection and treatment of diseases and disorders. According to the National Institutes of Health (NIH), one in 15,000 children suffer from phenylketonuria every year. The early detection of genetic disorders is helpful and essential for further treatment and hence, the increase in genetic testing demand will upsurge the genetic testing market growth in the forecast period.

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Technological advancement such as biochip microarray and chromosomal array will augment the industry growth. The test is easily accessible and adopted by doctors and patients to avoid uncertainty of the disorders and genetic aberrations. The techniques help to detect the chromosomal defects with highlighted parts on glass slide and give proper analysis. Moreover, the information associated with the gene alterations can be indicative to lifestyle changes and early treatments thus, will spur the regional industry size.

However, the anxiety and stress associated with uncertain results may hamper the North America genetic testing industry growth in the forthcoming years.

Predictive testing segment held substantial revenue share in 2019 and is estimated to witness around 9.5% CAGR over the analysis timeframe. Predictive testing involves detection of gene mutations associated with genetic disorders after birth or later in life. Usually, this test type of testing provides insights about hereditary disorders such as cystic fibrosis, hemochromatosis, alpha- and beta-thalassemia, sickle cell anemia and others. The early detection has helped the patient to make quick decision about medical treatment. The procedure helps to reduce genetic disease risk thus will further augment the segmental growth.

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Cardiovascular diseases were valued over USD 680.0 million in 2019. The detection of cardiovascular diseases is important for a patient as it is fatal in nature. The test helps with clinical diagnosis, identifies at risk asymptomatic and pre-symptomatic patients in the family. The hereditary cardiovascular disease includes hypertrophic cardiomyopathy, dilated and glycogen storage cardiomyopathy, arrhythmogenic right ventricular dysplasia, Wolff-Parkinson-white syndrome, long QT syndrome another. The segment growth is attributed to information regarding usage and implantation of cardiac defibrillator, enzyme replacement therapy or heart transplantation if required and thereby will escalate the product demand.

Canada genetic testing market is estimated to experience around 9.0% CAGR during the forecasting years. According to the Canadian Cancer Society, around 220,400 cases of cancer are estimated in Canada in 2019. The country is working on providing reimbursement policies and spreading awareness about genetic testing. The testing would help patients for proper treatment and increasing healthcare expenditure will prove beneficial for the Canada genetic testing industry growth.

Major market players in North America genetic testing market are Acumed LLC, CONMED Corporation, DePuy Synthes, Integra LifeScience Holdings Corporation, and Stryker Corporation, among others. These market players have undertaken strategies such as product improvisations and collaborations and mergers to maintain the market competition. For instance, in March 2017, Myriad Genetics launched the Endo Predict Test in the U.S. This product has helped patients suffering from breast cancer and enhanced companys product portfolio resulting into increased customers and revenue.

North America genetic testing market research report includes in-depth coverage of the industrywith estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:

North America Genetic Testing Market Share, By Test Type, 2015-2026 (USD Million)

North America Genetic Testing Market Size, By Application, 2015-2026 (USD Million)

Browse key industry insights along with Full TOC @ https://www.graphicalresearch.com/table-of-content/1330/north-america-genetic-testing-market

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About Graphical Research:

Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

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Excessive Growth Opportunities of 10.8% CAGR Estimated to be Experienced by North America Genetic Testing Market During 2020-2026 - 3rd Watch News

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