Global Hereditary Testing Market is expected to grow at a CAGR of 6.4% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Hereditary Testing Market by Disease Type (Hereditary Cancer Testing and Hereditary Non-cancer Testing), End-users (Hospitals, Diagnostics, Academics & Research and Laboratories), Region and Global Forecast 2020-2027.
The global hereditary testing market is expected to grow from USD 5.76 billion in 2019 to USD 9.46 billion by 2027, at a CAGR of 6.4% during the forecast period 2020-2027. Europe holds the largest market share. It is projected to sustain its dominance during the forecasted years. The availability of a large number of market players offering advance test kits and treatment is the primary reason for the penetration of the product in the region. Further, the increasing initiative by the government for promoting a healthy population has helped the market players in increasing their revenues.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the hereditary testing market are Illumina Inc., Laboratory Corporation of America Holdings, Myriad Genetics Inc., F. Hoffmann-La Roche Ltd., Quest Diagnostics Incorporated, CooperSurgical Inc., Agilent Technologies Inc., Thermo Fisher Scientific Inc., Twist Bioscience, Sophia Genetics, Medgenome, Fulgent Genetics Inc., Invitae Corporation, Natera Inc., CENTOGENE N.V. and others. In 2019 September, Blueprint Genetics, which is a Finnish company, made a partnership with ARCHIMEDlife, which specializes in rare disease diagnostics to provide the biochemicals testing of rare diseases.
The disease type segment includes hereditary cancer testing and hereditary non-cancer testing. The cancer testing segment further includes breast cancer testing, lung cancer testing, colorectal cancer testing, ovarian cancer testing, cervical cancer testing, stomach/gastric cancer testing, prostate cancer testing, sarcoma testing, melanoma testing, pancreatic cancer testing, urine cancer testing and others. The non-cancer testing segment includes genetic tests, newborn genetic screening, preimplantation genetic diagnosis & screening and non-invasive prenatal testing (NIPT) & carrier screening tests. Further, the genetic tests sub-segment includes cardiac diseases, rare diseases and other diseases. The cancer test constitutes the majority of the market shares. The number of patients suffering from cancer is increasing worldwide. Most forms of cancer are inheritable. The increasing prevalence of cancer has been a significant factor for the market growth. The probability of recovery is higher in the initial stages, and thus consumers are becoming more aware of the diagnosis. Moreover, breast cancer testing dominates the hereditary cancer testing segment. The occurrence of breast cancer has increased in the women in the recent years. It has a high probability of transferability and has high penetration characteristics. Further, in the hereditary non-cancer testing segment, non-invasive prenatal testing is expected to be growing at a fast rate due to the increased acceptability across the world. There has been a majority of the cases where the cause of breast cancer has been found to be genetic. The end-user segment includes hospitals, diagnostics, academics & research and laboratories. Among these, hospitals dominate the market share. The increasing infrastructural developments are the major reason for the growth of the segment. Also, hospitals have more magnificent facilities for better treatment of the patients.
Hereditary testing has gained importance in the recent decade owing to the rising prevalence of genetic diseases. The hereditary testing provides detailed information about the patients’ conditions which helps in the effective treatment and fast recovery. It has also contributed to identify the chances of occurrence of diseases in an individual which has previously occurred in their family. The market is continuously expanding because of the availability of innovative tests and developing healthcare system.
About the report:
The global hereditary testing market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire