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.
The genetic testing is primarily a simple process in which our DNA is collected and pass through the bloodlines of all living beings is extracted and put under through inspection. Through this, changes in the structure of chromosomes are unfolded and it is easier to predict the kind of diseases a person has affected. Genetic testing is also useful in prediction of level of susceptibility that a person has towards diseases in order for prevent it from materializing. According to the world health organization, around 10,000 diseases in the world are monogenetic. Which is caused due to modification or mutation in a single gene present in every single cell of the body.
The United States genetic testing market is witnessing lucrative growth during forecast period of 2021 to 2027. As per the record of World Health Organization there are 9.6 million deaths worldwide due to cancer in the year 2018. These statistics are set an alarm as this alarm is on all time affecting the entire world and is at the borderline epidemic. The dynamic factors such as increasing emphasis on early disease detection and prevention is propelling growth United States genetic testing market. The growing demand for personalized medicines is also boosting growth of United States genetic testing market. The increasing application of genetic testing in oncology is also boosting growth of United States genetic testing market. However, the high cost of genetic testing along with social and ethical implication of genetic testing is hampering the growth of United States 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 United States 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 United States genetic testing is bifurcated into type, technology and application.
Based on type, the United States genetic testing market is segmented into the 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.
Based on technology, the United States genetic testing is bifurcated into the cytogenetic testing, biochemical testing and molecular testing. In which cytogenetic testing is also contributing to the growth of United States genetic testing market. Cytogenetic testing covers the evaluation of samples of tissue, blood or bone marrow in a laboratory for examining changes in chromosomes which comprises the broken, missing, rearranged or extra chromosome. The changes in certain chromosomes is a sign of genetic disease or conditions or some type of cancers.
Based on application, the United States genetic testing market is categorised into the alzheimer’s disease, cancer, cystic fibrosis, sickle cell anaemia, duchenne muscular dystrophy, thalassemia, huntington’s disease, rare diseases and other. In which thalassemia is also contributing to the growth of United States genetic testing market. The thalassemia is a inherited blood disorder which decreases the level of haemoglobin than the normal level of haemoglobin. The haemoglobin activates the red blood cells to carry oxygen. Thalassemia may cause anaemia, fatigue.
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 and application. 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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