Global Hereditary Genetic Testing Market Forecast to 2030
The comprehensive and significant market research study on Hereditary Genetic Testing offers business strategies, qualitative and quantitative analyses, and emerging trends. The report provides in-depth examination and analysis of the key elements of the global Hereditary Genetic Testing market. By conducting extensive primary and secondary research and analysing the drivers, constraints, challenges, trends, and opportunities of the Hereditary Genetic Testing Market, the research analysts created this report.
According to the most recent report by Emergen Research, the global hereditary genetic testing market size reached USD 21.35 billion in 2021 and is anticipated to experience a revenue CAGR of 13.4% over the projected period. One of the main factors driving the revenue growth of the hereditary genetic testing market is the rising prevalence of cancer and genetic cardiac diseases among the population, the rapid advancement of genetic research and sequencing technologies, as well as the rising demand for direct-to-consumer genetic testing for developing personalised medicine specifically targeted to individuals.
Genetic tests can detect these differences and prove the existence of a disease. Given that most diseases are affected by changes in the patient's Deoxyribonucleic Acid (DNA), if not directly caused by them, there is a huge range of possible applications for genetic testing. The ability to translate genetic testing into medical applications is being greatly driven by advances in technology, human genome research, and rising consumer demand for direct-to-consumer genetic testing. By providing individuals with tailored information on their health, illness risk, and other traits without needing consent from a healthcare professional or health insurance provider, direct-to-consumer genetic testing helps people become more aware of inherited disorders. Development of clinical tests for the diagnosis of current disease and the prediction of future disease risk, together with automation, which is driving revenue growth of the hereditary genetic testing market, are also helping to advance genetically focused treatments and prevention measures. In the future, it is expected that researchers will be able to do genetic analysis for any genetically encoded aspect of a person in order to identify less medically significant qualities and detect existing illnesses as well as accurately predict disease risk.
Rapid advancement of genetic research and sequencing technologies is one of the main factors supporting revenue growth of the market. The cost of genetic testing has fallen during the past 10 years, genomic sequencing technology has evolved significantly, and knowledge of gene-phenotype connections has increased. These advancements have raised awareness of the concept of genetic screening in the general population, and recent publication of practice recommendations for screening in these populations is driving revenue growth of the market. The most recent notable advancement in genetic technology has been the sharp rise in sequencing capacity brought about in the last 10 years by the high-throughput platforms developed by Illumina, Roche 454, ABI SOLiD, and Complete Genomics, thereby driving demand for those products and revenue growth of the market.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Hereditary Genetic Testing market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Companies Profiled in the Report are:
Mybrid Genetics, Inc., Invitae Corporation, Illumina, Inc.., F Hoffmann-La Roche Ltd, Quest Diagnostics Incorporated, Thermo Fisher Scientific, Inc., Ambry Genetics, NeoGenomics Laboratories, MedGenome, and Aetna Inc
Research Report on the Hereditary Genetic Testing Market Addresses the Following Key Questions:
- Who are the dominant players of the Hereditary Genetic Testing market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Hereditary Genetic Testing market?
- What are the key growth drivers and restraining factors of the Hereditary Genetic Testing market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Hereditary Genetic Testing market and its key segments?
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Some Key Highlights From the Report
- The academic research centers segment accounted for largest revenue share in 2021. The objectives of research testing include discovering new genes, understanding how genes function, creating tests for potential therapeutic application, and improving our knowledge of genetic disorders. Patients and their medical professionals typically do not have access to the findings of testing conducted as part of a research study. For instance, the National Institutes of Health (NIH) contribute to the funding of various sizable centers managed by the Johns Hopkins Institute of Genetic Medicine. These resources have a long history at Johns Hopkins and serve as the basis for innovative research in addition to offering assistance and knowledge to scientists across the globe. Furthermore, more research centers are opening up in developing countries to offer genetic testing to patients with low economic background is driving revenue growth of the segment.
- The presymptomatic and Predictive testing segment is expected to grow at a steady CAGR during the forecast period. Tests that are predictive and presymptomatic are used to find gene variants linked to disorders that manifest after birth, frequently later in life. These tests can be useful for those who do not yet exhibit any symptoms of the genetic disease but have a family relative who does. This kind of genetic testing is available for a number of heritable genetic disorders, such as hereditary cancer syndromes, inherited heart problems, and genetic neurodegenerative disorders. Presymptomatic Testing (PST) for a variety of genetic disorders has been made available by recombinant DNA technology that made testing samples through linkage analysis practicable. PST was made available to people with Lynch syndrome, familial adenomatous polyposis, and elevated risk of breast and ovarian cancer as knowledge of familial cancer syndromes grew. PST can now be administered by medical experts outside of specialized genetic institutes and is now available for a much larger spectrum of ailments owing to the information that is now known about individual disease-causing genes, which is driving revenue growth of this segment.
- The market in North America accounted for significant revenue share in 2021. Rising prevalence of cancer and cardiac genetic diseases in the U.S. and Canada along with increased funding and genetic screening services offered by major companies, especially in the U.S. have resulted in revenue growth of the market in this region. For instance, on 23 February 2022, Fulgent Genetics, Inc., which is a company that uses technology to perform genetic tests and is dedicated to improving patient care in oncology, infectious and rare diseases, and reproductive health, announced a strategic investment in Spatial Genomics, Inc., which is a pioneer in the sequential fluorescence in situ hybridization (seqFISH) field, is driving revenue growth of the market in this region.
Market Segmentations of the Hereditary Genetic Testing Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2022 and 2030. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Hereditary Genetic Testing market on the basis of product, application, and region:
Segments Covered in this report are:
- Type Outlook (Revenue, USD Billion; 2019-2030)
- Diagnostic testing
- Presymptomatic and Predictive testing
- Carrier testing
- Prenatal Testing & Newborn Screening
- Others
- Technology Type Outlook (Revenue, USD Billion; 2019-2030)
- Biochemical testing
- Cytogenetic testing
- Molecular testing
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Oncology Genetic Testing
- Cardiology Genetic Testing
- Neurology Genetic Testing
- Others
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Regional Landscape section of the Hereditary Genetic Testing report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key reasons to buy the Global Hereditary Genetic Testing Market report:
- The latest report comprehensively studies the global Hereditary Genetic Testing market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
In conclusion, the Hereditary Genetic Testing Market report is an exhaustive database that will help readers formulate lucrative strategies. The Hereditary Genetic Testing Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
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