Global Hereditary Genetic Testing Market: Analysis and Forecast, 2020-2030
Global Hereditary Genetic Testing Market to Reach $67.39 Billion by 2030
Market Report Coverage - Hereditary Genetic Testing
- Product Type:Kits, Consumables, and Services
- Sample Type: Tumor Tissue, Blood, Saliva, Bone Marrow
- Technology: Next Generation Sequencing, Polymerase Chain Reaction,Immunohistochemistry, In-situ Hybridization, Microarray Techniques
- Oncology Genetic Testing: Breast, Colorectal,Prostate, Lung, Melanoma
- Cardiology Genetic Testing: Cardiomyopathy,Aortopathy, Arrythmia
- Neurology Genetic Testing: Epilepsy, Neurodegenerative Disorders, Neuromuscular Disorders
- Other Genetic Testing: Newborn Screening, NIPT, Rare Disease Testing, Direct to Consumer Testing
- Application Area: Academia and Research Centers, Clinical Diagnostics, Drug Discovery, Monitoring and Screening
- North America – U.S., Canada
- Europe – Germany, France, Italy, U.K., Spain, Russia, Netherlands
- Asia-Pacific – Japan, China, India, Australia, Singapore
- Latin America – Brazil, Mexico
- Rest-of-the-World – Kingdom of Saudi Arabia (K.S.A.), U.A.E., Palestine, Algeria
- North America – Genetic Testing Type (Oncology Genetic Testing, Cardiology Genetic Testing, Neurology Genetic Testing, Newborn Screening, NIPT, Rare Disease Testing, Direct to Consumer Testing
- Europe – Genetic Testing Type (Oncology Genetic Testing, Cardiology Genetic Testing, Neurology Genetic Testing, Newborn Screening, NIPT, Rare Disease Testing, Direct to Consumer Testing
- Asia-Pacific - Genetic Testing Type (Oncology Genetic Testing, Cardiology Genetic Testing, Neurology Genetic Testing, Newborn Screening, NIPT, Rare Disease Testing, Direct to Consumer Testing
- Latin America – Genetic Testing Type (Oncology Genetic Testing, Cardiology Genetic Testing, Neurology Genetic Testing, Newborn Screening, NIPT, Rare Disease Testing, Direct to Consumer Testing
- Rest-of-the-World – Genetic Testing Type (Oncology Genetic Testing, Cardiology Genetic Testing, Neurology Genetic Testing, Newborn Screening, NIPT, Rare Disease Testing, Direct to Consumer Testing
- Rising Prevalence of Genetic Disorders
- Increasing Prevalence of Various Types of Cancer, Globally
- Increasing Research Funding in the Field of Genomics
- Expensive Sequencing Procedures and Their Applications in Medical Treatments
- High Capital Requirement Hampering the Expansion of Global Reach
- Stringent Regulatory Standards
- Technological Advancements for Exome Sequencing
- Rise of Direct-to-Consumer (DTC) Testing Services
- Massive Scope for Adoption of NGS-Based in Emerging Nations
Key Companies Profiled
- Agilent Technologies, Inc., Ambry Genetics, Beijing Genomics Institute (BGI), CENTOGENE AG, Eurofins Scientific SE, F. Hoffmann-La Roche Ltd, Inc. Illumina, Inc. , Laboratory Corporation of America Holdings, Myriad Genetics, Inc., PerkinElmer, Inc., Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc.
Key Questions Answered in this Report:
- What are the possible long-term and short-term impacts of hereditary genetic testing on the human health continuum?
- What are the major market drivers, challenges, and opportunities in the hereditary genetic testing?
- What are the key development strategies which are being implemented by the major players in order to sustain in the competitive market?
- What are the key regulatory implications in the developed and developing regions for the global hereditary genetic testing market?
- How are service-based companies impacting the growth of the global hereditary genetic testing industry and further shaping up future trends?
- How each segment of the market is expected to grow during the forecast period from 2020 to 2030?
- Who are the leading players with significant offerings to the global hereditary genetic testing market? What is the expected market dominance for each of these leading players?
- Which companies are anticipated to be highly disruptive in the future, and why?
- What are the needs that are yet to be met by the global hereditary genetic testing market with respect to the application area?
- What are the dynamics of various application areas and countries are impacting the global hereditary genetic testing market?
- What are the new market opportunities of various technologies influencing the growth of the global hereditary genetic testing market?
The hereditary genetic testinghas grown significantly since the technology was first commercialized, but it is important to quantify that growth and describe future trends. The genome testing industry is proliferating, and its growth is expected to continue at its torrid pace. However, there are significant challenges that may dampen future growth if not addressed.
Our healthcare experts have found hereditary genetic testing to be one of the most rapidly evolving technologies, and the global market for hereditary genetic testing is predicted to grow at a CAGR of 13.59% over the forecast period of 2020-2030.
The unmet clinical needs for better tools to predict, diagnose, treat, and monitor disease are acting as significant factors driving the growth of sequencing industry. Other factors driving the growth include the increased understanding of the molecular basis of disease, patient demand, industry investment, and regulations that allow marketing of tests without FDA approval.
Despite rapid advanced sequencing industry growth, there are several key issues that are needed to be addressed to facilitate future growth. The relatively high total costs of delivering sequencing test results compared with other technology platforms, and limited coverage by payers, are the key challenges to the growth of this industry. Whole genome and exome sequencing remain relatively costly requiring initial equipment investment, specialized workforce requirements, and time-intensive variant interpretation.
Within the research report, the market is segmented on the basis of oncology genetic testing, cardiology genetic testing, neurology genetic testing, product, sample, application area, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
The exponential rise in the application of next generation sequencing on the global level has created a buzz among companies to invest in the products and services of whole genome and exome sequencing. Due to the diverse product portfolio and intense market penetration, whole genome and exome has been a pioneer in this field and been a significant competitor in this market.
On the basis of region, North America holds the largest share, due to improved healthcare infrastructure, rise in per capita income, and improvisedreimbursement policies in the region. Apart from this, Latin America and the Asia-Pacific region are anticipated to grow at the fastest CAGR during the forecast period.
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