North America Genetic Testing Market 2020 Driving Factors, Industry Growth, Key Vendors and Forecasts to 2026

Market Study Report adds new research on North America Genetic Testing market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, North America Genetic Testing market also includes an in-depth study of the industrys competitive scenario.

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. North America Genetic Testing Market ShareA Estimated To Exceed USD 15.0 Billion By 2026.

A 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.

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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. 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.

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.

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 companyas product portfolio resulting into increased customers and revenue.

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