“Significant growth in the number government funded projects is expected to drive growth of the market during the forecast period”, says RNCOS.
Increasing government initiatives are one of the major factors driving the genetic testing market globally. The government has identified roadblocks hampering growth of the genetic testing industry, and is making considerable efforts to curb them. The US Government continues to play a major role in the development of a comprehensive genetic testing market, capable of coordinating the collective efforts of the various regulators to achieve the strategic objectives. It is making considerable investments in the infrastructure, and is endorsing more contemporary approach to undertake inherited disorders that were once out of control in the region.
According to a new research report by RNCOS entitled, “Global Genetic Testing Market Outlook 2022”, favorable government initiatives with respect to genetic diagnosis and its application in in-vitro fertilization are major factors which are driving growth of the North American region. At present, government initiatives are focused towards launching a large number of PGx test & drugs, controlling the increasing level of genetic disorders, and integrating advanced technologies to fulfill the unmet needs of the patients.
In addition, personalized genomic medicine will also advance as government and private forces simultaneously identify, explore, and promote attractive and patient benefiting investment opportunities. For instance, in January 2015, the Obama Administration released an ambitious US$ 215 Million plan known as “Precision Medicine Initiative” to accumulate genetic data on one million or more volunteers, analyze people’s full genetic makeup, and identify genetic causes for diseases. Another advantage to the president’s proposal may be that genetic testing turns out to be less expensive.
Further, in Feb 2016, Health Minister in UK allocated £190,000 (US$ 1796.7) new investment to ensure that patients from Northern Ireland have full access to new genetic tests for rare diseases. In 2015, the UK Genetic Testing Network alone introduced 11 new tests for conditions such as heptology, metabolic disorders, neurology and ophthalmology. The Minister also welcomed a report produced by the UK Rare Disease Forum, which highlights progress across England, Scotland, Wales and Northern Ireland in regard to meeting the recommendations of the UK Strategy for Rare Diseases since its publication two years ago.
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