The most recent study conducted by Report Ocean, titled “Global Rare Disease Genetic Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Rare Disease Genetic. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Rare Disease Genetic Testing Market is valued approximately USD 0.9186 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 10.9% over the forecast period 2021-2027. Rare Disease Genetic Testing is a test which presents the range of all the genes which are currently known to cause human disease. There are about 6000 genes which reported to be clinically relevant.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
These genes contains a select set of genes or gene region which are suspected to have relationship with certain diseases. This lead to a rise in the number of already present genes and as a result it further increased the market growth opportunity for this sector as it allows to collect sufficient amount of data which enables to continue clinical research for future discoveries. These diseases possess a threat to the mankind and needs to be diagnosed timely and accurately.
This proves to be a driving factor for the market. The lack of awareness to these conditions is a primary challenge for the market. The Misdiagnosis of the diseases can result in interventions which could later be considered inappropriate for the underlying disorder. Therefore there is an urgent need to raise awareness about the aspects of these diseases like the challenges concerning with regard to diagnosis and clinical implementation of available diagnostic ways.
Along with all the above stated factors technological advancements in collection of data and interpretation for clinical practice has also driven the market. Various efforts have been made by the market players in order to collect data from different ethnicities.
The regional analysis of global Rare Disease Genetic Testing Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leader in Genetic Testing Market with an overall share of 47% of the total market in 2019.There will be a surge in the number of patients in the coming years this will further allow the market to grow. On the other hand, Asia Pacific is expected to grow more significantly in the coming years due to the increased awareness and rising populations in the Asian countries.
Major market player included in this report are:
Quest Diagnostics Inc.
Centogene N.V.
Invitae Corporation
3billion, Inc.
Arup Laboratories
Eurofins Scientific
Strand Life Sciences
Ambry Genetics
Perkin Elmer, Inc.
Macrogen, Inc.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Neurological Disorders
Immunological Disorders
Hematology Diseases
Endocrine & Metabolism Diseases
Cancer
Musculoskeletal Disorders
Cardiovascular Disorders
Dermatology Diseases
Other Rare Diseases
By Technology:
Next Generation Sequencing
Array Technology
PCR – based Testing
FISH
Sanger Sequencing
Karyotyping
By Specialty:
Molecular Genetic Tests
Chromosomal Genetic Tests
Biochemical Genetic Tests
By End-use:
Research Laboratories & CROs
Hospitals & Clinics
Diagnostic Laboratories
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By Region:
– North America
o U.S.
o Canada
– Europe
o UK
o Germany
o France
o Spain
o Italy
o ROE
– Asia Pacific
o China
o India
o Japan
o Australia
o South Korea
o RoAPAC
– Latin America
o Brazil
o Mexico
– Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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