Pune, India, April 27, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America genetic testing market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 15 billion by 2026.
North America genetic testing market is all set to record tremendous gains in the overall healthcare and medical devices sector, given the rising pervasiveness of genetic disorders and cancers in the region. In 2015, the U.S National Library of Medicine had rolled out statistics that around 12,00 patients succumbed to death due to syndrome.
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On the other hand, the National Institutes of Health (NIH), has put forth estimates that one in 15,000 children suffer from phenylketonuria almost every year. These numbers have laid emphasis on the early detection of genetic disorders, paving way for the development and adoption of genetic testing instruments and devices in the North American countries.
It would be essential to note that genetic testing offers a sense of relief from uncertainty providing the possibilities of early treatment and planning; given the prominence of the below mentioned trends:
Proliferation of advanced technologies
Technological innovations are the take of the current era. Almost every industrial vertical around the globe today is adopting to advanced technologies to keep up with the rapidly moving world. Genetic testing is no exception to this. Technological innovations like chromosomal microarray analysis (CMA) and biochip for detection of genetic disorders is expected to upscale the growth profile of overall North America genetic testing market. While CMA is used to detect genetic duplication with help of high sensitivity for microscopic anomalies, biochip helps in detecting genetic aberrations on a glass slide.
Increased inclination towards predictive testing
Considering which genetic testing types is expected to expand prolifically in the upcoming years, it would be crucial to note that predictive testing segment is looking forward to depicting a CAGR of 9.5% through 2026. The tests offer insights about hereditary disorders like cystic fibrosis, sickle cell anemia, thalassemia, and others. Predictive testing generally involves detection of gene mutations associated with genetic disorders after birth or much later in life. What makes the test type highly preferable amongst the Americans is its ability to tackle the risk of genetic diseases.
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Rising count of cancer patients in Canada
The need for genetic testing is being currently felt in the Canadian states due to the rising cases of cancer in the country. According to the Canadian Cancer Society, the nation had witnessed around 220,400 cancer cases in 2019. This indeed enunciated the demand for genetic testing solutions, enabling the Canada genetic testing industry to grow at a rate of 9% over the forthcoming years. Canada is working closely on providing reimbursement policies and spreading cognizance about genetic testing to its people.
Given the increasing cases of cancer in and around the North American region, it is no surprise that the genetic testing market would observe notable gains in the ensuing years. Hereditary cancers are usually caused due to gene mutation and are diagnosed with genetic testing in thyroid, breast, colon, and other cancers. How genetic testing helps in cancer detection is that they estimate the chances of cancer development. Various doctors and healthcare professional have been, over the years, recommending these genetic tests on grounds of its successful outcomes.
Browse Related Report:
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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.
