Market Overview: Rare Disease Testing Market FY2021-26
According to MarkNtel Advisors, the Global Rare Disease Testing Market is anticipated to grow at a CAGR of around 9.29% during the forecast period, i.e., 2021-26. The market growth primarily attributes to the increasing prevalence of genetic disorders & various types of cancer. In addition to this, the paradigm shifts from reaction to prevention on a global level, increasing research funding, and surging usage of new techniques & developments are other crucial factors driving the market.
The research report “Global Rare Disease Testing Market Analysis, 2021” also states that the global market is expected to grow significantly due to various opportunities that lie within its domain. These include the massive scope toward adopting NGS (Next-Generation Sequencing) in emerging nations and technological advancements in molecular techniques for the whole genome & exome sequencing.
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Key Driver: Rising Prevalence of Genetic Disorders
Rare diseases are not rare since there are more than 7000 of them, affecting 350 million people worldwide. Around 30 million people are affected by rare diseases in the U.S. About 10.00% of the world’s population suffers from rare diseases. Each year, the last day of February (28th or 29th) is celebrated as World Day for Rare Diseases to increase awareness about them so that early diagnosis and treatment are possible.
In the U.S., a disease is considered rare if it affects less than 200,000 people. In Europe, near 150 million people are affected by rare diseases. It is also to say that if all people with rare diseases live in a country, it would be the 3rd most populous country in the world. The research and development, product launches, funding, collaborations are on the way as companies have started focusing on rare disease diagnosis & therapeutics.
This segment delves into the futuristic outlook of the Rare Disease Testing Market, offering insights for competitors and investors regarding the industry’s anticipated growth. For a better understanding of what could be briefed in this section, please review the summary:
Rare Disease Testing Market Segmentation Analysis – FY2021-26
Discover a comprehensive evaluation of every segment and its subdivisions, allowing our clients to gain a deep understanding of the Rare Disease Testing Market (2021-26). We prioritize uncovering the pivotal factors that presently drive and will shape the industry’s growth moving forward. Our goal is to empower our esteemed clients by optimizing their end-user positioning and revenue generation through a thorough analysis of market size, share and all the latest market scope across diverse segmentation categories.
The Rare Disease Testing Market segmentation is enlisted below:
- By Type
- Cardiovascular
- Ophthalmological
- Neurological
- Oncological
- Hematological
- Endocrine and Metabolism
- Gastroenterologist
- Others
- By Acquisition
- Genetic
- Externally Acquired
- By Technology
- Next Generation Sequencing
- Complete Genome
- Complete Exome
- Micro Arrays
- Others
- By Age Group
- 0-15 yrs.
- 16-30 yrs.
- 31-45 yrs.
- Others
- By Products
- Kits & Assays
- Panels
- Others
- By End User
- Hospitals
- Diagnostics Laboratories
- Clinical Laboratories
- Contract Research Organizations
- Others
- By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Rare Disease Testing Market Competitive Landscape
The competitive landscape of a Rare Disease Testing market involves an extensive analysis of the competitive dynamics within the industry. It comprises assessing key players, rising competitors, their strategies, and the overall competitive structure within the market.
Essential characteristics of the competitive landscape typically encompass:
- Dominant Market Players: Well-established companies or organizations holding substantial market share, boast strong brand recognition, and often offer diverse products or services. They set industry benchmarks and trends.
- Rising Challengers: Newcomers or startups gaining momentum in the market are discussed in this section. These entities might introduce innovative solutions, target niche segments, or challenge established norms with fresh approaches.
- Market Strategies: This includes strategies used by companies to gain an edge. It encompasses technological innovations, customer-centric approaches, pricing strategies, and market positioning.
- Shifting Patterns: This involves analyzing technological advancements, shifts in consumer behavior, and emerging market needs.
- Forthcoming Outlooks: This entails predicting the impact of emerging players, technological advancements, and evolving market demands.
- Collaborative Ventures: This includes joint ventures, mergers, acquisitions, or partnerships aimed at leveraging strengths and resources.
Let us know the Key Companies of the Rare Disease Testing Market:
Quest Diagnostics Inc., Centogene N.V., Invitae Corporation., 3billion, Inc., Arup Laboratories., Eurofins Scientific., Strand Life Sciences., Ambry Genetics., Color Genomics, Inc., Health Network Laboratories, PreventionGenetics, Progenity, Inc., Myriad Genetics, Inc., Laboratory Corporation of America Holdings, OPKO Health, Inc
Key Report Highlights
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
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