Rare diseases are genetically inherited and difficult to diagnose due to the availability of fewer treatment options. These diseases come under a heterogeneous group of diseases that can be characterized by a wide diversity of symptoms and affects a small percentage of the population. In addition to this, rare diseases are also called those diseases that are ignored or underappreciated by drug companies and the medical community. Misdiagnosis can lead to medical issues that could later be resulted in serious issues for the underlying disorder. Thus, it creates a need for timely and accurate diagnosis for rare conditions that drive significant demand for genetic testing.
The increasing prevalence of rare diseases globally and its consequences have fostered the demand for special treatments, thereby positively influencing the global market for rare disease treatment. In addition to this, the growing patient pool for rare disease cancer, increasing efforts by pharmaceutical companies for manufacturing diagnostic devices, and huge government funding to accelerate research activities are among key factors creating a positive outlook for the market. Furthermore, growing awareness among the global population related to rare diseases coupled with rapid technological advancements in data collection for clinical practices contributing to the substantial growth of the market.
Ongoing research advances in healthcare have created lucrative opportunities for market players to develop solutions that can provide support in the management of rare conditions. Strategic collaborations are taken place among medical domains, scientific domains, and also various stakeholder groups such as patients, researchers, and regulators, thereby contributing to market growth. Arup Laboratories, Color Genomics, Inc., Health Network Laboratories, Opko Health, Inc., Centogene N.V., Invitae Corporation, Myriad Genetics, Inc., Perkin Elmer, Inc., Quest Diagnostics Inc., Coopersurgical, Inc., Strand Life Sciences, Eurofins Scientific, Fulgent Genetics Inc., and 3billion, Inc., are among the list of top players operating in the global rare disease genetic testing market.
Deep-dive Insights on Rare Disease Genetic Testing Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/rare-disease-genetic-testing-market
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