Research details developments in the Genetic Testing Market future scenario by 2027

 Growing urbanization and industrialization around the world has increased the number of road accidents considerably. As per the Association for Safe International Road Travel (ASIRT) statistics, every year, nearly 1.3 million people die due to road accidents and around 20-30 million individuals get injured or disabled. These daunting numbers have evoked the adoption of trauma fixation procedures which is anticipated to propel Genetic Testing market growth over the forthcoming years. Factors like growing geriatric population who are vulnerable to hip fractures coupled with rising prevalence of degenerative bone diseases like osteoporosis and arthritis are also likely to support the adoption of bone fixation devices further.

According to Global Market Insights Inc., Genetic Testing market size is estimated to surpass USD 14.8 Billion by 2021, given the prominence of below mentioned trends:

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Novel product development initiatives by industry players

Considering the increasing product demand, major players operating in Genetic Testing industry are focusing on new product development to effectively serve growing consumer demand. For instance, in 2021, Orthofix Medical Inc. a renowned medical device company focusing on spine and extremities, announced the launch of its intramedullary lengthening system FITBONE® in European and the U.S. markets. According to the company, this product has been designed for limb lengthening and correction of deformity in femur and tibia bones. Such initiatives are expected to open new growth opportunities for the industry in the years to come.

Browse key industry insights spread across 327 pages with 612 market data tables & 28 figures & charts from the report, “Genetic Testing Market Size By Test Type (Predictive Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing), By Application (Cancer, Genetic Disease, Cardiovascular Disease), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/genetic-testing-market 

Burgeoning demand for internal fixators

Rising popularity of internal fixating devices is credited to their superior features including flexibility, durability, stability, better bone fixation and cost-effectiveness. These fixators offer necessary support to the bones and help in rapid recovery from medical conditions. They also help in reducing the duration of hospital stays by enhancing the bone healing process. Taking the advantages offered by these devices into consideration, internal fixators segment is expected to grow substantially over coming years. In 2021, the segment had secured a significant market share by recording a valuation of around USD 14.8 billion.

Heightened adoption of stainless steel for internal fixation implants

Stainless steel is one of the most widely used biomaterials for internal fixation implants owing to its excellent features like resistance to corrosion and cost-effectiveness as compared to other biomaterials. Countries with lower income largely prefer the usage of stainless steel primarily due to its cost-effectiveness, tensile properties and biocompatibility which is augmenting the growth of stainless-steel segment. Reportedly, in 2018, the segment had accounted for the largest market share of 54%.

Rising incidences of disorders related to upper extremities

Significant rise in the incidences of sports-related injuries and other orthopedic disorders is propelling the demand for Genetic Testing for upper extremities. In addition, increase in baby boom generation across the world who are prone to injuries is driving the product demand further, positively influencing the business space. According to the report, upper extremities segment across Genetic Testing market is expected to register a robust CAGR of 11.6% through 2027.

Mounting preference for hospitals among patients                       

Enhanced infrastructure for providing improved and advanced trauma fixation procedures in hospitals has increased the preference for these healthcare settings among patients. In addition, availability of cost-effective treatments at several government hospitals across developing countries is increasing the inclination for patients further. Apart from these factors, increasing cases of sports related injuries and rise in number of road accidents are impelling the demand for Genetic Testing in hospitals. This is driving the growth of hospital segment across Genetic Testing industry. For the records, in 2021, the segment had recorded a notable valuation of USD 14.8 billion.

Increasing prevalence of bone related diseases in the U.S.

Increasing pervasiveness of numerous medical conditions in the U.S. such as osteoporosis and other bone related disorders is fostering the adoption of Genetic Testing in the country. According to a report by the National Osteoporosis Foundation, in 2014, around 10.2 million residents in the U.S. suffered from osteoporosis and over 43.4 million people had low bone mass. These factors have increased the adoption of Genetic Testing in the country. According to the report, Genetic Testing market in the U.S. had secured a sizeable share in 2021 by registering an appreciable valuation of around 14.8 billion.

Growing healthcare expenditure in India

India provides lucrative growth opportunities for trauma fixation industry on account of growing awareness among the population about health and internal Genetic Testing, increasing healthcare expenditure and higher proclivity for minimally invasive procedures. Besides, rising elderly population in the country who are susceptible to various disorders is also a prominent factor fueling the product demand. Considering the elevating product demand in the country, Genetic Testing market in India is estimated to observe a substantial CAGR of 16.2% through 2027.

Notable participants in the Genetic Testing Market include: Few of the notable companies operating in the market are Notable key companies operating in the market are 23andMe, Inc., Abbott Laboratories, Ambry Genetics (Konica Minolta), BGI, Biocartis Group NV, Bio-Helix Co., Ltd., bioMérieux SA, Blueprint Genetics, Cepheid (Danaher Corporation), and Eurofins Scientific. These market leaders are undertaking several growth strategies such as collaboration, partnership, merger and acquisitions to gain competitive edge and broaden their industry presence. These industry participants implemented various strategies such as mergers and acquisitions, collaborations, new product launch, etc. in order to capture high revenue share.

Chapter 1   Methodology

1.1    Methodology

1.2    Market definition

1.3    Forecast parameters

1.4    Data sources

1.4.1    Secondary

1.4.1.1    Paid sources

1.4.1.2    Unpaid sources

1.4.2    Primary

Chapter 2   Executive Summary

2.1    Genetic testing industry 360° synopsis, 2016 – 2027

2.1.1    Business trends

2.1.2    Test type trends

2.1.3    Application trends

2.1.4    Regional trends

Chapter 3   Genetic Testing Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2016 – 2027

3.3    Industry impact forces

3.3.1    Growth drivers

3.3.1.1    Physician adoption of genetic tests into clinical care

3.3.1.2    Technological advancements and availability of new tests

3.3.1.3    Growing application of genetic testing in oncology and genetic diseases in North America

3.3.1.4    Consumer interest in personalized medicines in Europe

3.3.1.5    Growing demand for direct-to-consumer genetic testing

3.3.2    Industry pitfalls and challenges

3.3.2.1    High costs of genetic testing

3.3.2.2    Dearth of experienced professionals and advanced infrastructure in developing and underdeveloped economies

3.4    Growth potential analysis

3.4.1    By test type

3.4.2    By application

3.5    Regulatory scenario

3.5.1    U.S.

3.5.2    Europe

3.6    Porter’s analysis

3.7    Competitive landscape, 2020

3.8    PESTEL analysis

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