LONDON, March 01, 2018 (GLOBE NEWSWIRE) — The global clinical genomics market will grow at a CAGR of 22.1% during the forecast period to reach USD 1,305.1 million by 2023, primarily driven by “growing significance of early disease detection and prevention, rising insistence for precision medicine, increasing application of genetic testing in oncology, and favourable reimbursement scenario related to genetic testing”, Meticulous Research™ noted in a press release today.
The global clinical genomics market is mainly segmented by test type (diagnostic testing, genetic testing, newborn screening, prenatal testing, preimplantation testing, carrier screening and other tests), software, method (molecular tests, chromosomal tests, biochemical tests), end user (hospitals & clinics, government laboratories & research centers, academics and research institutes and other end users), and geography.
The report notes that, based on methods the molecular tests held the largest share, owing to “the advancement in technology, which helps to detect the single nucleotide resolution with cheaper, faster, and with utmost accuracy by using WGS and WES technologies.”
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Geographically, the global clinical genomics market is segmented into four major regions, namely North America, Europe, Asia-Pacific, and Rest of World. North America accounted for the major share of this market in 2017, followed by Europe and Asia-Pacific region. The major share of the North American region is mainly attributed to “the high burden of chronic and infectious diseases, increasing R&D expenditure, and various government initiatives”. However, the Asia-Pacific region is projected to grow at fastest CAGR during the forecast period, due to “increasing population, rising prevalence of various diseases, availability of funding, and developing healthcare infrastructures in the region”.
The key players in the clinical genomics market are Quest Diagnostics Incorporated, Eurofins Scientific SE, Illumina, Inc., PerkinElmer, Inc., NeoGenomics Inc., Foundation Medicine, Inc., Rosetta Genomics Ltd., Invitae Corporation, Myriad Genetics, Inc., Natera, Inc., Genomic Health, Inc., OPKO Health, Inc., Centogene AG, Clinical Genomics Pty Ltd., 23andMe, Inc., Iverson Genetic Diagnostics, Inc., Veritas Genetics, Gene by Gene, Ltd., GenomeDx Biosciences, Inc., MedGenome, Strand Life Sciences Pvt. Ltd., Beijing Genomics Institute (BGI), Retrogen, Inc., Personalis, Inc., PathGroup.
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