In a report released earlier this year on the genetic testing market, Research and Markets noted that the genetic testing industry has seen the launch of several new products, active research innovations, strategic activities, new DTC tests and wider therapeutic applications.
The research firm notes that genetic testing is seeing growth in developing, as well as developed countries. The genetic testing market is expected to grow at a CAGR of 9% between 2013 and 2018, according to Research and Markets.
According to a separate report by MarketsandMarkets, the worldwide molecular diagnostics market is expected to grow at a CAGR of 9.7% between 2013 and 2018. The market is expected to reach almost $8 billion by 2018, the research firm notes in its report.
The global molecular diagnostics market is divided on the basis of application, technology, end user and geography, according to MarketsandMarkets. In terms of geography, North America is the biggest market for molecular diagnostics. In 2013, North America accounted for the largest share of the market. Importantly, the North American market is forecast to grow at a robust pace between 2013 and 2018.
Asia is another solid market for molecular diagnostics. According to MarketsandMarkets, Asia holds the most promise among all the markets during the forecast period.
The expected growth in both, genetic testing and molecular diagnostics, augurs well for Omaha, Nebraska-based Transgenomic Inc. (NASDAQ:TBIO), which is focused on advancing personalized medicine in cardiology, oncology, and inherited diseases through advanced diagnosed technologies and its unique genetic tests provided through its Patient Testing business.
Tuesday morning, TBIO announced the launch of the most comprehensive genetic test for diagnosis of leukodystrophy. Leukodystrophy is a group of rare progressive genetic disorders that affect the central nervous system. The disease has been difficult to diagnose. One of the shortcomings of existing tests is that they can take many years to diagnose the disease. TBIO’s Transgenomic Leukodystrophy NGS Panel could meet many of the shortcomings of existing tests.
Paul Kinnon, President and CEO of Transgenomic, said this morning that leukodystrophy comprises a group of devastating genetic diseases that have been difficult to diagnose and almost impossible to treat. Kinnon further said that the company is happy to launch its Leukodystrophy NGS Panel, which will allow clinicians to pinpoint the genetic source of the disorder earlier in the disease.
Kinnon added that this way, the test will enable better disease management and facilitate the development of more effective therapies using new technologies.
