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Key Emerging Trends in the Human Genetics Market
A genetic test is a medical examination that assesses mutations in genes, chromosomes, or proteins, utilizing samples such as blood, hair, skin, amniotic fluid, or other tissues. These samples are sent to laboratories where technicians examine them for specific alterations in chromosomes, DNA, or proteins based on the suspected disease. The test results are then communicated to either a doctor or the patient directly, depending on the requirement. Various types of genetic tests, including predictive & pre-symptomatic testing, carrier testing, prenatal & neonatal testing, diagnostic testing, pharmacogenomic testing, and other genetic tests, aid in diagnosing genetic disorders and determining the risk of developing one in the future. These tests play a crucial role in detecting genetic conditions, initiating treatment, implementing prevention measures, and influencing life decisions such as career choice and family planning. The increased awareness of health and well-being, advancements in genetic testing technologies, and a rise in healthcare expenditure have led to the widespread adoption of genetic testing. For example, Spain's health expenditure accounted for 8.9% of the total expenditure in 2018, marking an increase from 6.7% in 2000, according to the World Bank. The surge in overall healthcare spending has resulted in more patients opting for insurance, with insured consumers generally exhibiting higher awareness of genetic testing compared to those without insurance. Industry associations, virtual events, and conferences also contribute to raising awareness about the benefits of genetic testing. The Spanish Familial Hypercholesterolemia Foundation Conference held in October 2020, for instance, focused on the "utility of genetics in the clinical and therapeutic management of Familial Hypercholesterolemia (FH)." The event aimed to highlight the importance of early discovery, treatment, and control in families to prevent cardiovascular deaths in individuals with Familial Hypercholesterolemia (FH). Moreover, the Spanish government's increased focus on regulating and raising awareness about genetic diseases has accelerated the adoption of genetic tests across the country. The Centre for Genomic Regulation (CRG), a non-profit organization in Spain, supported by various government departments and foundations, plays a pivotal role in improving societal knowledge, creating awareness about genetic diseases and rare conditions, and enhancing public health and economic prosperity. The combination of heightened adoption of genetic testing and favorable government support is driving significant growth in the market. Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Developments in Gene Therapy and Gene Editing |
| Market Dynamics | The industry is being driven by increased education and awareness of the human genetics market. |
Human Genetics Market Highlights:
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