Site icon pharmaceutical daily

Worldwide Rare Disease Diagnostics Industry to 2030 – Rising Prevalence of Genetic Disorders is Driving Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Rare Disease Diagnostics Market: Focus on Disease, Trait Type, Products, Age Group, Test Type, Technology, End User, Country Data (15 Countries), and Competitive Landscape – Analysis and Forecast, 2020-2030” report has been added to ResearchAndMarkets.com’s offering.

The global market is predicted to grow at a CAGR of 8.57% over the forecast period of 2020-2030.

Rare disease diagnostics has grown significantly since the technology was first commercialized with whole-genome and exome sequencing, but it is important to quantify that growth and describe future trends. The genome testing industry is proliferating, and its growth is expected to continue at a torrid pace. However, there are significant challenges that may dampen future growth, if not addressed.

The unmet clinical needs for better tools to predict, diagnose, treat, and monitor diseases are acting as significant factors driving the growth of the sequencing industry. Other factors fueling the growth include increased understanding of the molecular basis of diseases, patient demand, industry investment, and regulations that allow marketing of tests without the FDA approval.

Despite rapid advanced sequencing industry growth, there are several key issues that need to be addressed to facilitate future growth. The relatively high total costs of delivering sequencing test results compared with other technology platforms, and limited coverage by payers, are the key challenges to the growth of this industry. Whole-genome and exome sequencing remain relatively costly, requiring initial equipment investment, specialized workforce requirements, and time-intensive variant interpretation.

Within the research report, the market has been segmented on the basis of disease type, product, sample, age group, testing type, technology, end user, and region. Each of these segments cover the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.

Competitive Landscape

The exponential rise in the application of next-generation sequencing on the global level has created a buzz among companies to invest in the products and services of next-generation sequencing used for rare disease diagnostics. Due to the diverse product portfolio and intense market penetration, whole-genome and exome have been pioneers in this field and significant competitors in this market.

Based on region, North America holds the largest share, owing to improved healthcare infrastructure, rise in per capita income, and improvised reimbursement policies in the region. Apart from this, Latin America and the Asia-Pacific are anticipated to grow at the fastest CAGR during the forecast period.

Market Dynamics

Drivers

Challenges

Opportunities

Key Questions Answered in this Report:

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/jxj3rr

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

Exit mobile version