Global Hereditary Genetic Testing Market Predicted to Grow at CAGR of 13.4% By 2030 with Revenue $66.11 Billion
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Rising demand for direct-to-consumer for developing personalized medicine specifically targeted to individuals is one of the factors driving the market growth
VANCOUVER, BC, CANADA, January 12, 2023 /EINPresswire.com/ -- The global hereditary genetic testing market size reached USD 21.35 Billion in 2021 and is expected to register a revenue CAGR of 13.4% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of cancer and genetic cardiac diseases among the population, rapid advancement of genetic research and sequencing technologies as well as rising demand for direct-to-consumer genetic testing for developing personalized medicine specifically targeted to individuals are some of the key factors driving revenue growth of the hereditary genetic testing market.
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.
However, high costs of genetic testing and shortage of skilled practitioners in developing countries are some of the major factors, which could hamper revenue growth of the market. The intricacy of the processes required is mostly responsible for high cost of genetic testing. The price varies on a number of variables, including the test's type. In some particular circumstances, the price is also influenced by the patient's age. The three main factors in genetic testing include labor-intensive procedures, a lengthy process, and need for high-tech medical equipment. In comparison to other types of tests, these considerations make genetic testing more expensive.
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Competitive Landscape:
The Hereditary Genetic Testing report turns the spotlight on the major challenges faced by the key players in the global market and the growth strategies currently adopted by them. The report is a granular assessment of this particular business sphere and entirely covers the dynamic competitive landscape of the market. The document offers key insights into the market positions of these players alongside their gross earnings. Furthermore, it elaborates on each of the market segments, with detailed scrutiny of the development scope and competitive scenario of the regional fragments of the market.
The major companies Covered 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.
The latest research study endows the reader with a comprehensive analysis of the product types of the global Hereditary Genetic Testing market, categorizing the relevant information into the market share, production growth rate, and profit valuation of each product type. The study focuses on the wide-ranging application landscape of the market, segmenting it into the market share, estimated growth rate, and the forecast product demand for each application type.
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Emergen Research has segmented the global hereditary genetic testing market on the basis of type, technology type, application, end-use, and region:
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
End-use Outlook (Revenue, USD Billion; 2019-2030)
Academic research centers
Clinical Diagnostic Laboratories
Others
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Geographical Overview:
The latest report broadly categorizes the global Hereditary Genetic Testing market into several geographical terrains, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The study is inclusive of essential information relevant to each region in this broad industry segment, along with the key drivers of the regional market growth.
The report further estimates the revenue accumulated by these regions over the forecast period.
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Hereditary Genetic Testing Market Size Worth USD 66.11 Billion in 2030
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