Genome molecular diagnostics specialist LabGenomics is accelerating its efforts to secure a leading position in the overseas market with its NGS (Next-Generation Sequencing)-based genetic testing services.
On the 16th, LabGenomics announced that it has signed contracts with numerous overseas clinical labs (CL) and distribution agencies in countries including Saudi Arabia, Vietnam, and T?rkiye, and is currently providing genetic testing services. The number of contracts signed in the first quarter of this year is more than double the cumulative number signed last year. The main testing services include ▲prenatal anomaly screening (MamGuard) ▲newborn genetic testing (Anfanguard, IMS) ▲personal genetic testing services (WithGene) ▲cancer genetic testing (XenoPack), among others.
Recently, LabGenomics has been actively conducting local marketing for personal genetic testing services to proactively enter the global genetic testing market. In countries such as Vietnam and Thailand, where the population continues to grow, they are providing test results in local languages to attract the interest of test-takers and exploring various business strategies. This diversification of sales channels aims to secure genetic data from diverse ethnic groups and establish a monopolistic position.
A LabGenomics representative stated, “Our company has been recognized domestically for the stability and accuracy of NGS-based genetic testing, holding a dominant No. 1 market share in the NGS and DTC (Direct-to-Consumer) markets.” They added, “Through numerous NGS clinical data achievements, we are currently negotiating additional contracts in Southeast Asia and Europe within the first half of the year.”
They continued, “We have already achieved more than double the number of contracts signed last year in just the first quarter of this year,” and “In addition to genetic testing services, exports of diagnostic kit products such as FRAXA, which diagnoses Fragile-X syndrome, are scheduled for the second half of the year.”
Meanwhile, according to Verified Market Research and the Biological Research Information Center (BRIC), the NGS-based genetic testing service and DTC genetic testing markets are expected to grow at an average annual rate of over 20.5% by around 2025, reaching approximately 22 trillion KRW in scale.
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