Global Pediatric Genetic Testing Market in Asia-Pacific to Grow at the Highest CAGR During the Forecast Period
Genetic testing nowadays is carried out on newborns, infants, and adolescents to identify the cause of developmental delay, multiple malformations, intellectual disability, and dysmorphic features, among other conditions. These genetic tests are also used to rule out chromosomal abnormalities and single genes via various molecular and cytogenetic genetic techniques.
These tests can further help the parents understand the reason behind the disorders and manage it at an early stage. Today, several pediatrics opt for several technologies for conducting genetic testing. These include chromosome analysis, fluorescence in situ hybridization (FISH), chromosomal microarray, PCR (DNA) fragment size analysis, and single-gene analysis by sanger sequencing.
According to the market intelligence published by BIS Research, the global pediatric genetic testing market generated a revenue of $2,782.8 million in 2019 and is expected to grow at a CAGR of 14.30% during the forecast period 2020–2030.
The market’s growth is accredited to the market factors, such as a significantly increasing number of pediatric genetic disorders causing congenital disabilities and advancements within molecular techniques for clinical diagnostics.
At the same time, some opportunities can enable the market to grow further when appropriately utilized. These include increasing awareness for newborn genetic testing and counseling, along with rising funding and innovations.
The pediatric genetic testing market by technology has been segmented majorly into in-situ hybridization, polymerase chain reaction (PCR), sequencing, microarray, and others. The sequencing sub-segment holds the maximum market share and in 2019 and is expected to continue that dominance in the future as well.
Based on the region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa, and Rest-of-the-World. Wherein the region of North America held the maximum market share in terms of revenue in 2019. However, the region of Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
In the past five years i.e., from Jan’15 to May ’20, the pediatric genetic testing market has witnessed 16 strategic moves opted by the companies operating in the market. Some of these major players include Quest Diagnostics, Centogene AG, Opko Health, Inc., Eurofins Scientific, Abbott Laboratories, Invitae Corporation, Fulgent Genetics., and Agilent Technologies, Inc., among others.