SAN FRANCISCO, March 10, 2020 /PRNewswire/ -- The global hereditary testing market size is expected to reach USD 8.9 billion by 2026, expanding at a CAGR of 6.3% over the forecast period, according to a new report by Grand View Research, Inc. Key factors driving the market are declining cost of sequencing and availability of genetic tests at a lower price. Furthermore, the availability of niche and fragmented point-solutions across genomics value chain, namely sequencing, analytics, interpretation, aggregation, and marketplace, is anticipated to propel the market growth over the forecast period.
Key suggestions from the report:
A substantial number of CLIA-certified laboratories perform tests to determine whether an individual carries an inherited mutated gene that can cause cancer. This has led to increased hereditary testing market share of hereditary testing for cancer in 2019
Breast cancer testing segment has dominated the hereditary cancer testing market owing to its high penetration and increased inheritability
On the other hand, most of the cases of cervical cancer are non-hereditary, resulting in the lowest revenue share of this segment
Emergence of high-throughput sequencing has resulted in commercial availability of a significant number of sequencing assays for cardiomyopathies, thereby driving the cardiac diseases segment
Non-invasive Prenatal Testing (NIPT) and newborn genetic screening continue to witness lucrative growth due to increased adoption across the globe
Moreover, the newborn screening program has been made mandatory in several regions and countries, resulting in large share of these test types among the hereditary non-cancer testing segment
Europe and North America collectively accounted for nearly 70% of the revenue generated in 2019 owing to assisted reproductive technology space coupled with high penetration of newborn genetic screening
Myriad Genetics, Inc.; Quest Diagnostics Incorporated; Invitae Corporation; Illumina, Inc.; and Natera, Inc. are some of the major key players operating in the marketplace
These companies are engaged in securing regulatory approval in the emerging countries to expand their business footprint
A substantial number of diagnostic companies have collaborated with technology developers to obtain technology license and deliver high value services to their customers.
The advent of direct-to-consumer genetics is anticipated to play a major role in the genetic testing market by enabling individuals to carry out self-testing. This expands the role of genetic counselors, which further aids in understanding the importance of genetic tests and helps in the selection of appropriate tests. A growing number of registered genetic counselors is anticipated to boost the adoption of hereditary genetic tests in the coming years.
Technology developers are introducing advanced products to enhance the efficiency of genetic tests by diagnostic companies. For example, in June 2019, QIAGEN launched a new QIAseq Expanded Carrier Screening Panel, a novel Next-generation Sequencing (NGS) panel integrated with advanced bioinformatics solutions for rare and inherited diseases testing. Such ongoing developments in the market space are expected to boost revenue growth to a large extent in the coming years.
Grand View Research has segmented the global hereditary testing market on the basis of disease type and region:
Hereditary Testing Disease Type Outlook (Revenue, USD Million, 2015 - 2026)
C-Reactive Protein Testing Market – The initiatives undertaken by government agencies to increase awareness as well as uptake of point-of-care are factors driving the c-reactive protein testing market.
Biomarkers Market– Factors, such as increasing collaborations and funds for R&D activities, rising consumer awareness, a widening patient base, and technological advancements collectively augmenting biomarkers market growth.
Blood Collection Market– Rising incidence of infectious and non-communicable diseases is a major factor anticipated to propel the blood collection market growth during the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.