Market Size USD 21.35 Billion in 2021, Market Growth at a CAGR of 13.4%, Market Trends Rapid advancement of genetic research and sequencing technologies

The Global Hereditary Genetic Testing Market Research Report by Emergen Research was developed via analysis of key commercial data and a broad geographic distribution. The study provides comprehensive coverage of the qualitative and quantitative analyses of the Hereditary Genetic Testing market in addition to significant market statistical data. Both current estimates through 2022 and historical data from 2018 to 2019 are provided in the research paper. The study also examines established and emerging market players, providing a broad overview of the company, its product line, commercial alliances, and expansion ambitions.

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. The 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 in 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, detect existing illnesses, and accurately predict disease risk.

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Competitive Landscape:

The latest study provides an insightful analysis of the broad competitive landscape of the global Hereditary Genetic Testing market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the markets competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porters Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Hereditary Genetic Testing market and pinpoint the fundamental growth trends.

The leading market contenders listed 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

Global Hereditary Genetic Testing Market Highlights:

Regional demand estimation and forecast

Product Mix Matrix

R&D Analysis

Cost-Benefit Analysis

Pre-commodity pricing volatility

Supply chain optimization analysis

Technological updates analysis

Raw Material Sourcing Strategy

Competitive Analysis

Mergers & Acquisitions

Location Quotients Analysis

Carbon Footprint Analysis

Patent Analysis

Vendor Management

Key Parameters Analyzed in This Section:

Company Profiles

Gross Revenue

Profit margins

Product sales trends

Product pricing

Industry Analysis

Sales & distribution channels

Regional Segmentation:

North America

Latin America

Europe

Middle East & Africa

Asia Pacific

Key Points Covered in This Section:

Regional contribution

Estimated revenue generation

Vital data and information about the consumption rate in all the leading regional segments

An expected rise in market share

Forecast growth in the overall consumption rate

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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 Overview:

The report bifurcates the Hereditary Genetic Testing market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

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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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.

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Hereditary Genetic Testing Market Study on Investment Possibilities, Industry Share, and Trends through 2030 - EIN News