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Owing to the abnormalities in the genomic structure of a person it can lead to various genetic diseases. It usually occurs when the chromosome is damaged or mutations occurring in one or numerous genes at a time, and is usually triggered by factors in the surroundings, which also involves the genes and viruses coming into play. In the past few years, the mechanism of genetic disorders and its significance has increased a lot. Diagnostic methods advances have been very functional in new treatment discovery for various genetic disorders. Effective interventions have been widely instrumental during the development for preventing the onset of different genetic diseases and minimizing the severity of the disease.
Risk of the genetic disorders has been increasing and leading to the demand for the need for diagnosis and testing. These tests are run by primary caretakers. In the past few years, genetic testing has improved at a substantial rate.
COVID-19 scenario analysis:
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicines supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as Hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are short of these drugs. Owing to the demand for vaccine and treatment drugs for COVID-19, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future
Owing to such factors, COVID 19 is expected to have a significant impact on the Rare Disease Genetic Testing market.
During the testing, misdiagnosis can lead to interceding and can even cause inappropriate underlying genetic disorder. Timely and accurate diagnosis is required for the detection of rare conditions is creating demand for genetic testing.
At the moment there has been a scarcity observed in the awareness in regards to the current conditions is one of the biggest challenges for the market. Various efforts have been implemented for creating awareness for the various characteristics of both the ultra-rare as well as rare diseases.
There has also been an increase in the number of registries available which helps in enabling the pool data for getting the sample size for clinical or epidemiological research. Additionally, upgrades in the data collection technology and clinical practice interpretation are helping the market growth.
On February 7th, 2020, Dante Labs took up a new initiative which allowed the patients which full WGS who suffered from rare diseases at the price of US$299.
On January 22nd, 2020, Blueprint Genetics was acquired by Quest Diagnostics which helped in magnify their expertise in rare diseases and genetic disorders.
On June 5th, 2018, Centogene introduced their diagnostic laboratory in Cambridge, Massachusetts.
Research laboratories, CROs, hospitals, Diagnostic Laboratories, and clinics are the major end-users of the rare disease genetic testing market. Laboratories provide various counseling services for the genetic testing.
Key benefits of the report:
Questions answered in the Rare Disease Genetic Testing Market research report:
Key Market Segments
Key Market Players
