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Biometric ID and Authentication Security Provider BIO-key Reports Q2 Results

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WALL, N.J., Aug. 14, 2019 (GLOBE NEWSWIRE) — BIO-key International, Inc. (Nasdaq: BKYI), an innovative provider of biometric authentication and security solutions, today reported results for its second quarter (Q2’19) ended June 30, 2019 and will host a conference call tomorrow at 10:00 a.m. EDT (details below) to review its results and outlook.

Recent Highlights:

BIO-key CEO Michael DePasquale commented, “Our second quarter results reflect progress engaging with foreign government institutions and companies operating in highly regulated industries such as financial services.  These areas represent the fastest growing verticals for our solutions.

“Our new sales and marketing initiatives are generating an increasing level of requests for demonstrations and proofs of concept from customers looking to incorporate the security and convenience of biometrics into their existing workflow. These initiatives include a range of enhancements to our website and sales & marketing collateral intended to better target and illustrate BIO-key’s value-add for key verticals. During the second quarter, we advanced several new customer dialogues which provide promise for revenue in the second half of 2019.

“Unfortunately, our results continue to be negatively impacted by ongoing delays in anticipated cash payments from a large contract we closed with a Chinese customer in Q4 2018. To support BIO-key through this period, we have taken steps to provide sufficient working capital for our operations, including completing a convertible debt financing early in Q3’19.”

2019 Financial Guidance
Reflecting its current outlook for the balance of 2019, including ongoing uncertainty regarding the timing of monthly software license payments from a $5 million order with a Chinese customer, which includes two annual extensions for an additional $7 million, BIO-key has revised its full-year 2019 revenue guidance to a range of $6.0M to $12.0M.  The upper end of the range assumes the receipt of all software license payments contractually due in 2019, totaling $6.0M, and the bottom end of the range excludes all such payments.

Within this guidance range, BIO-key expects to deliver significant top and bottom line improvements for full year 2019, and would expect to achieve positive cash flow and net income on full year revenues of $8M and above.  BIO-key will revise this guidance as warranted when it reports its Q3 results.

Q2 2019 Results

Q2’19 revenue declined 2.7% to $728,383 versus 748,141 in Q2’18, due principally to lower license fees and services revenues related to delays in timing of large orders.

Service revenues decreased 7% to $231,993 in Q2’19 as compared to $249,121 in Q2’18, principally due to a decline in non-recurring services revenue and recurring service revenue pending customer renewals.

Software license revenue decreased 61% to $60,300 in Q2’19 from $154,251 in Q2’18 principally due to the Company’s transition to software as a service (SaaS) model from its historical license sale model. The net effect of this transition is to decrease the upfront revenue realized from a new software engagement and replace it with a recurring revenue stream with the potential to be significantly larger.

Hardware sales increased 26% to $436,090 from $344,769 in Q2’18 as a result of a large order from an existing customer in addition to several new customer deployments.

Gross margin was 7% in Q2’19 compared to negative 38% in Q2’18, reflecting the impact of a larger amount of non-cash software license amortization expense in Q2’18. Excluding amortization of software license rights, adjusted gross margin would have been 45% in Q2’19 versus 51% in Q2’18, with the decrease attributable to a reduction in software license revenue and an increase in hardware sales in Q2’19 compared to the year ago period.

Q2’19 operating expenses decreased 1% to $1,359,888 from $1,373,817 in Q2’18, due primarily to lower SG&A expenses principally related to reduction in payroll and non-cash compensation offset by increased factoring fees.

BIO-key’s Q2’19 net loss improved to $(1,425,743), or $(0.10) per basic share, as compared to $(1,697,335), or $(0.15) per basic share after preferred dividends, in Q2’18.

Per share results are based on 14,117,062 and 11,375,320 weighted average basic shares outstanding in Q2’19 and Q2’18, respectively.

For the first six-months of 2019, total revenue was $1,280,006 versus $1,589,596 in the first half of 2018, a decline of $309,590 or 19%, reflecting both the impact of the Company’s SaaS sales strategy and the variable timing of software and hardware deals.

Net loss improved to $(3,229,251), or $(0.23) per basic share in the first half of 2019 versus $(4,045,489), or $(0.42) per basic share after preferred dividends, in the corresponding period in 2018.

Per share results are based on 14,048,570 and 9,623,151 weighted average basic shares outstanding in the first six months of 2019 and 2018, respectively.

At June 30, 2019, BIO-key had net working capital of $1.1 million compared to $3.0 million at December 31, 2018. Net working capital included $687,023 of cash and cash equivalents at June 30, 2019 versus $323,943 at December 31, 2018.

In July 2019, BIO-key completed a $3.06M convertible note financing generating $2.55M in gross proceeds to be used for general working capital purposes, including repayment of outstanding indebtedness. The note is convertible at the option of the investor into common stock at $1.50 per share and is subject to redemption at any time by BIO-key.

Conference Call and Webcast Replay
Date/Time: Thursday, August 15, 2019 at 10 am ET
Dial-In number: 1-877-418-5460 U.S. or 412-717-9594 (Intl.)
Webcast Replay: BIO-key Q2’19 Webcast – Available for 30 days
Call Replay: 1-877-344-7529 U.S. or 412-317-0088; Replay access code 10134247#


About BIO-key International, Inc. (
www.bio-key.com)
BIO-key is revolutionizing authentication with biometric solutions that enable convenient and secure access to information and high-stakes transactions. We offer software-based alternatives to passwords, PINs, tokens, and cards to make it easy for enterprises and consumers to secure their devices as well as information in the cloud. Our premium finger scanning devices offer market-leading quality, performance and price. BIO-key also brings the power and ease of use of biometric technology to its TouchLock line™ of biometric and Bluetooth enabled padlocks – providing more ways to BIO-key your world!

BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to expand into the Asian market; delays in the development of products and statements of assumption underlying any of the foregoing, as well as other factors set forth under the caption see “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key  
Facebook – Corporate: BIO-key International
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor & Media Contacts
William Jones, David Collins
Catalyst IR
212-924-9800
bkyi@catalyst-ir.com

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

    Three months ended
June 30,
    Six months ended
June 30,
 
    2019     2018     2019     2018  
Revenues                                
Services   $ 231,993     $ 249,121     $ 473,603     $ 551,570  
License fees     60,300       154,251       143,508       256,970  
Hardware     436,090       344,769       662,895       781,056  
Total revenues     728,383       748,141       1,280,006       1,589,596  
Costs and other expenses                                
Cost of services     58,421       120,841       149,250       275,573  
Cost of license fees     372,327       766,637       749,543       1,540,102  
Cost of hardware     248,678       142,325       384,683       393,573  
Total costs and other expenses     679,426       1,029,803       1,283,476       2,209,248  
Gross profit (loss)     48,957       (281,662 )     (3,470 )     (619,652 )
                                 
Operating Expenses                                
Selling, general and administrative     1,058,671       1,076,184       2,435,704       2,538,038  
Research, development and engineering     301,217       297,633       675,335       689,787  
Total Operating Expenses     1,359,888       1,373,817       3,111,039       3,227,825  
Operating loss     (1,310,931 )     (1,655,479 )     (3,114,509 )     (3,847,477 )
Other income (expense)                                
Interest income     54       14       124       21  
Interest expense     (114,866 )           (114,866 )      
Total other income (expense) net     (114,812 )     14       (114,742 )     21  
Net loss     (1,425,743 )     (1,655,465 )     (3,229,251 )     (3,847,456 )
Convertible preferred stock dividends           (41,870 )           (198,033 )
Net loss available to common stockholders   $ (1,425,743 )   $ (1,697,335 )   $ (3,229,251 )   $ (4,045,489 )
                                 
Basic and diluted loss per common share attributable to   $ (0.10 )   $ (0.15 )   $ (0.23 )   $ (0.42 )
common stockholders                                
Weighted Average Common Shares Outstanding:                                
Basic and diluted     14,117,062       11,375,320       14,048,570       9,623,151  


BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

    June 30,
2019
    December 31,
2018
 
    (Unaudited)          
ASSETS                
Cash and cash equivalents   $ 687,023     $ 323,943  
Accounts receivable, net     689,900       1,574,032  
Due from factor     138,568       56,682  
Inventory     1,011,703       998,829  
Resalable software license rights     1,125,000       1,125,000  
Prepaid expenses and other     161,997       150,811  
Total current assets     3,814,191       4,229,297  
Resalable software license rights, net of current portion     6,193,417       6,790,610  
Equipment and leasehold improvements, net     137,458       148,608  
Capitalized contract costs, net     278,286       319,199  
Deposits and other assets     8,712       8,712  
Operating lease right-of-use assets     532,757        
Intangible assets, net     191,014       195,906  
Total non-current assets     7,341,644       7,463,035  
TOTAL ASSETS   $ 11,155,835     $ 11,692,332  
                 
LIABILITIES                
Accounts payable   $ 864,879     $ 481,269  
Accounts payable – related party     142,623        
Accrued liabilities     714,250       548,232  
Convertible notes payable, net of debt discount and debt issuance costs     541,667        
Deferred revenue     294,261       196,609  
Operating lease liabilities, current portion     141,068        
Total current liabilities     2,698,748       1,226,110  
Operating lease liabilities, net of current portion     383,028        
Total non-current liabilities     383,028        
TOTAL LIABILITIES     3,081,776       1,226,110  
                 
Commitments                
                 
STOCKHOLDERS’ EQUITY                
                 
Common stock — authorized, 170,000,000 shares; issued and outstanding; 14,295,923 and 13,977,868 of $.0001 par value at June 30, 2019 and December 31, 2018, respectively     1,429       1,398  
Additional paid-in capital     86,436,197       85,599,140  
Accumulated deficit     (78,363,567 )     (75,134,316 )
TOTAL STOCKHOLDERS’ EQUITY     8,074,059       10,466,222  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 11,155,835     $ 11,692,332  


BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

    Six Months Ended June 30,  
    2019     2018  
                 
CASH FLOW FROM OPERATING ACTIVITIES:                
Net loss   $ (3,229,251 )   $ (3,847,456 )
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:                
Depreciation     39,903       44,596  
Amortization of intangible assets     6,628       8,966  
Amortization of resalable software license rights     562,150       1,318,559  
Amortization of debt discount     15,467        
Amortization of capitalized contract costs     67,774       59,044  
Amortization of debt issuance costs     56,200        
Share and warrant-based compensation for employees and consultants     635,077       676,454  
Stock based directors’ fees     22,011       23,021  
Change in assets and liabilities:                
Accounts receivable     884,132       2,424,295  
Due from factor     (81,886 )     82,202  
Operating leases right-of-use assets     70,180        
Capitalized contract costs     (26,861 )     (160,649 )
Inventory     (12,874 )     16,369  
Resalable software license rights     35,043       9,543  
Prepaid expenses and other     (23,781 )     (4,041 )
Accounts payable     526,233       (168,799 )
Accrued liabilities     166,018       (203,445 )
Deferred revenue     97,652       (179,683 )
Operating lease liabilities     (66,246 )      
Net cash provided by (used for) operating activities     (256,431 )     98,976  
CASH FLOWS FROM INVESTING ACTIVITIES:                
Purchase of intangible assets     (1,736 )      
Capital expenditures     (28,753 )     (68,479 )
Net cash used for investing activities     (30,489 )     (68,479 )
CASH FLOW FROM FINANCING ACTIVITIES:                
Issuance of convertible debentures     667,000        
Costs to issue notes, preferred and common stock     (17,000 )     (15,212 )
Net cash provided by (used for) financing activities     650,000       (15,212 )
NET INCREASE IN CASH AND CASH EQUIVALENTS     363,080       15,285  
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD     323,943       288,721  
CASH AND CASH EQUIVALENTS, END OF PERIOD   $ 687,023     $ 304,006  

 

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IT Industry

Next-Generation Sequencing (NGS) Market 2019 Global Insights Type of Sequencing, Product Type, End User, Application, Competitive Landscape, Key Strategies & Growth Prospect: Orbis Research

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Orbisresearch.com has published “Next-generation Sequencing (NGS)-Growth, Trends, and Forecast (2019-2024)” research study to its database. Genetic Screening is the Segment Expected to Grow Fastest During the Forecast Period

Dallas, Texas, Aug. 24, 2019 (GLOBE NEWSWIRE) — As per the scope of this report, NGS is a technology in which millions of DNA strands can be sequenced through massive parallelization; this technique is also known as high throughput sequencing. The low cost, high accuracy and speed, and precise results even from low sample input are the main advantages NGS offers over Sanger’s sequencing method. NGS is, therefore, being used to execute various applications, such as biomarker discovery, oncology studies, personalized medicine, and agricultural and animal research, among others. Thus, the NGS market has transformed the genomics and molecular diagnostics landscape.

The major factors, such as increasing applications of NGS, speed, cost, and accuracy, efficient replacement for traditional technologies, and drug discovery applications demanding NGS technology are expected to drive the growth of the overall market.

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The rapid speed, cost, and accuracy of the NGS technology help in the growth of the market. This is attained with the help of modern DNA sequencing technology, which has contributed to the sequencing of complete DNA sequences of numerous types and species of life. It is also found that NGS is significantly cheaper, quicker, and needs significantly lesser DNA, which helps in the overall growth of the market.

The NGS has the potential to accelerate the early detection of disorders and the identification of pharmacogenetics markers to customize its treatments.

There are various technological advancements in the field of medicine that are growing at a rapid pace and has led to the development of personalized medicine. There are a huge number of applications of next-generation sequencing in personalized medicine. Thus, the development of personalized medicine has opened many avenues for the application of NGS, which could accelerate the market growth.

The current market is also facing challenges, owing to the difficulty in management of large data and complications, associated with Big Data management. In addition, some of the ethical issues associated with whole-genome sequencing, coupled with the lack of awareness among people, are pulling back the growth of the market.

Key Market Trends

Genetic Screening is the Segment Under Application that is Expected to Grow Fastest During the Forecast Period

In genetic screening, the NGS is highly useful in identifying monogenic diseases with locus heterogeneity, such as blindness, deafness, movement disorders, mitochondrial disease, hereditary cancers, etc. Therefore, NGS has a large number of varied applications through genetic screening in multiple disorders, but their affordability and availability in high-income and low-income countries may differ a lot. The entire genomes are being mapped at affordable costs. Thus, steady growth is expected in the forecast period.

The NGS is also emerging as a powerful promising pathogen-detection method for infectious-disease diagnostics. It helps in the identification and genomic characterization of bacteria, fungi, parasites, and viruses, without the need for prior knowledge of a specific pathogen, directly from clinical specimens. As the diseases caused by infections are increasing in the less-developed countries, the NGS-powered diagnosis of these infections has become the most promising method to detect these infectious diseases. The NGS also has applications in personalized medicine that has started becoming a reality and has been under application by various biotechnology companies.

Browse the full report@https://www.orbisresearch.com/reports/index/next-generation-sequencing-ngs-growth-trends-and-forecast-2019-2024

Asia-Pacific is the Fastest-growing Market and is Expected to Follow the Same Trend over the Forecast Period

The market studied is expected to grow at the fastest pace in Asia-Pacific. The rising focus of the major market players is on delivering advanced, efficient NGS technology to the developing countries, in order to cater to the need for genomic medicines and whole genome sequencing for personalized medicine. In addition, the increasing adoption of NGS technology by the non-government and government bodies, along with increased investment of the private players, is expected to drive the Asian market.

Competitive Landscape
There are major biotech industries that are making large investments on evolving preventive vaccines and therapeutic vaccines that can stop or cure diseases, varying from viruses to cancers. The biotech industry, thus, uses the NGS to develop advanced diagnostic kits, in order to screen for pathological conditions and infectious diseases.

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Major points from Table of Contents:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
 Continued…

About Us:
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IT Industry

Cosmeceuticals Market to grow at 8.81% CAGR to hit $85 billion by 2024 – Global Insights on Emerging Trends, Product Type (Skin Care, Hair Care & Lip Care), Distribution Channel, Key Strategies & Growth Prospect: Orbis Research

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Orbisresearch.com has published “Cosmeceuticals Market-Growth, Trends and Forecasts (2019-2024)” research study to its database. Geographically, Asia-Pacific Dominates the Global Cosmeceuticals Market

Dallas, Texas, Aug. 24, 2019 (GLOBE NEWSWIRE) — Huge growth in necessary drugs to lessen the several skin problems and improve the appearance has increasingly supported the cosmeceuticals market growth since the past few years. Likewise, anti-ectoparasites and shampoos are the key cosmeceuticals products which are helping to increase consumer interest majorly in Europe and North America regions. In addition, rising demand for animal-friendly products is expected to contribute to the growth of the cosmeceuticals market over the forecast period.

The global cosmeceuticals market offers a wide range of products broadly categorised under skin care, hair care, lip care, and oral care. Also, the market covers the products available across distribution channels Supermarket/Hypermarkets, Convenience stores, online stores, speciality stores, others. Moreover, the study provides an analysis of the cosmeceuticals market in the emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, Middle East & Africa.

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The global cosmeceuticals market is forecasted to reach USD 85 billion by 2024 growing at a CAGR of 8.81% during the forecast period (2019-2024).

– Countries, such as the United States, Canada, United Kingdom, Germany, and other European countries held a prominent share in the global cosmeceuticals market. China, India, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population.
– Furthermore, raising awareness regarding cosmeceutical and cosmetics products, such as anti-aging, sun care, and hair care products, is expected to drive the growth potential in the near future. The introduction of new products with bio-active ingredients play a crucial role in driving the demand for cosmeceutical products across the world, especially in the Asia-Pacific region.

Key Market Trends

Growing Ageing Population
Consumers, especially the ageing population, are increasingly looking for methods and products to maintain and improve their appearance to look youthful and beautiful, more so with the rising awareness about anti-ageing products. The middle-aged people are increasingly witnessing ageing anxiety, due to the high prevalence of extrinsic signs of ageing. Anti-ageing skin products are known as cosmeceuticals, as they overlap the distinction between cosmetics and pharmaceuticals. Over the past two decades, declining fertility and mortality rate has resulted in a sustained rise in ageing population across the region, especially in China and Japan. Strong desire among men and women to retain youthful appearances has groomed and nurtured the cosmetic industry across the region.

Browse the full report@https://www.orbisresearch.com/reports/index/cosmeceutical-market-growth-trends-and-forecasts-2019-2024

Competitive Landscape
The most active companies in the market include key players, such as Procter & Gamble, Unilever, L’Oréal SA, Shiseido Co. Ltd, and The Estée Lauder Companies Inc. L’Oréal SA is one of the most active companies, with numerous brands offering a broad range of cosmeceuticals, across the world. The company has spent considerably on improving quality, product innovation in terms of ingredients, functionality, and packaging. Moreover, these active companies have adopted strategic acquisition as their key strategy, to increase their geographical presence and customer base.

Asia-Pacific Dominates the Global Cosmeceuticals Market
Though the term ‘cosmeceuticals’ started gaining momentum in China recently, it has now become one of the most preferred product categories in the country. Busier and stressful lifestyles of consumers in the country, as well as worsening environmental conditions, created more concern around skin conditions amid consumers who seek products for skin rejuvenation. This has led to an increase in sales of cosmeceuticals. Moreover, the population of Japan is among the most prolific consumers of cosmetics, placing it among the top five national markets for personal care products. From the viewpoint of not only size but also the trends and market demand, Japan can be regarded as a gateway to other Asian markets. Success in the Japanese market can raise product/brand profile and visibility, particularly in other Asian markets.

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Major points from Table of Contents:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
 Continued…

About Us:
Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements. We have vast database of reports from the leading publishers and authors across the globe. We specialize in delivering customized reports as per the requirements of our clients. We have complete information about our publishers and hence are sure about the accuracy of the industries and verticals of their specialization. This helps our clients to map their needs and we produce the perfect required market research study for our clients.

Contact Us:
Hector Costello
Senior Manager – Client Engagements
4144N Central Expressway,
Suite 600, Dallas,
Texas – 75204, U.S.A.
Phone No.: +1 (214) 884-6817; +91 895 659 5155
Email ID: enquiry@orbisresearch.com   
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IT Industry

Carrier Screening Market Global Insights on Test Type, Disease Type, Restraints, Competitive Landscape and 2019 Top Trends: Orbis Research

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Orbisresearch.com has published “Carrier Screening Market-Growth, Trends, and Forecast (2019-2024)” research study to its database.

Dallas, Texas, Aug. 24, 2019 (GLOBE NEWSWIRE) — The major factors for the growth of the carrier screening market include the increasing emphasis on early disease detection and prevention, rising demand for personalized medicine, and increasing application of screening tests in genetic disorders, which is expected to experience a boost during the forecast period.

The earlier a disease is diagnosed, the more likely it can be cured or successfully managed. Treating the disease early could also make the disease easier to live with. Early disease detection helps people plan ahead, while they are still able to make important decisions regarding their health and support needs and on financial and legal matters. Genetic diseases, such as cystic fibrosis, sickle cell anemia, and Tay-Sachs disease, are inherited disorders. Carrier testing for such diseases can provide information about a couple’s risk of having a child with a genetic condition. Identification of the risk, prior to the onset of symptoms, is called predictive/presymptomatic testing. Many genetic disorders can be detected early during pregnancy. So, the consumer demand for safe and effective carrier tests is fueling the growth of this market. In addition, the adoption of carrier tests into regular clinical care offers a commercial advantage to the market. According to many studies, early detection of diseases can prevent them completely or at least decrease the complications of the diseases. Healthcare organizations in several countries are funding newborn screening to predict diseases, like cancers, which may occur later in adulthood.

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Scope of the Report

As per the scope of the report, carrier screening is a type of genetic test to identify the autosomal recessive genetic disorders, before or during a pregnancy stage. Further, it helps in identifying a child with a genetic disorder. The market is segmented on the basis of screening test type (molecular screening test/biochemical screening test), disease type (cystic fibrosis, Tay-Sachs disease, sickle cell disease, gaucher disease, spinal muscular atrophy, and other autosomal recessive genetic disorders). In developed countries, such as the United States, Germany, and France, among others, the demand for screening tests to detect the risk of genetic diseases is driving the market’s growth.

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Key Market Trends

Molecular Screening Test Segment by Test Type is Expected to Register Fastest Growth Rate during the Forecast Period

A molecular screening test identifies DNA mutations, which are variations in the genetic code that lead to decreased production of enzymes. It focuses on the mutations seen in one ethnic group. It involves a step-wise process of testing for common alleles, and if required, extensive gene analysis. Sequencing is a method of molecular screening, which is accomplished by reading across the DNA code of a specific gene to know if there are any known mutations. If the test results are negative, it reduces the chances that the individual is a carrier, however, it does not eliminate the chance of having a carrier gene, since it is possible that the mutation might not have been discovered yet through the current technology.

Some of the prominent recessive disorders for which molecular testing is beneficial are Canavan disease, Cystic fibrosis, GM1 gangliosidosis, spinal muscular atrophy, etc. With advancements in genetic analysis tools, like assays based on next-generation sequencing and microarray technologies, molecular diagnostics are revolutionizing the practice of medicine, by improving the prenatal and reproductive care, enabling earlier disease detection, and advancing the treatment for heritable diseases. There is an expansion of molecular testing, as it has the potential to increase testing accuracies through technical benefits for many targeted disorders that may not be suggested to biochemical testing.

North America accounted for the Largest Share in the Global Market

North America is found to hold a major share of the carrier screening market and is expected to show a similar trend over the forecast period, without significant fluctuations. Genetic disease is the leading cause of infant deaths in the United States, accounting for approximately 20% of the total annual infant mortality. Many advances in genomic medicine and technological platforms have made possible low-cost, pan?ethnic, expanded carrier screening that enables obstetric care providers to offer screening for over 100 recessive genetic diseases. However, the rapid integration of this genomic medicine into the routine obstetric practice has raised some concerns about the practical implementation of carrier testing. According to the Cystic Fibrosis Foundation, more than 30,000 people suffer from cystic fibrosis in the United States, and approximately 1,000 new cases of cystic fibrosis are diagnosed each year in the country. Thus, as the prevalence of genetic diseases is increasing every year, the usage of carrier screening is also expected to increase during the forecast period.

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Competitive Landscape

The presence of major market players, such as Abbott, F. Hoffmann-La Roche AG, Cepheid (Danaher Corporation), Illumina Inc., and Thermo Fisher Scientific Inc, in turn, is increasing the overall competitive rivalry of the market. Most of the market players are expanding their technologies through acquisitions and partnerships. For instance, in January 2017, Philips and Illumina collaborated to offer the integrated genomics solutions for oncology.

Major points from Table of Contents:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
 Continued…

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