Genetic Testing Market to Surpass USD 27.53 billion by 2028 owing to Key Technological Breakthroughs
The genetic testing market was valued at USD 16.41 Billion in 2021. SkyQuest projects that the market will touch a value of USD 27.53 billion by 2028, with an impressive CAGR of 11.3% during the forecast period (2022-2028).
Westford, USA, Jan. 11, 2023 (GLOBE NEWSWIRE) — The growing requirements for personalized medicine, combined with an increase in demand for genetic testing for cancer, are propelling the worldwide genetic testing market forward. In addition, growing concerns about genetic illnesses highlight the necessity and importance of genetic testing. Furthermore, hospitals and clinics are rapidly adopting genetic testing, fueling the growth of the worldwide market over the forecast period. Genetic testing is commonly used to discover disorders linked to genotype, phenotype, or mutation. In addition, genetic testing is performed for clinical purposes to diagnose karyotype.
The popularity of genetic testing is growing due to its numerous benefits, such as the discovery of genetic disorders in the early stages of pregnancy (about 8 to 10 weeks). According to SkyQuest’s findings, about 77,000 genetic tests are currently in use, representing approximately 10,000 unique test types, with more being created in other parts of the world.
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Rising Cases of Genetic Disorders Globally to Boost the Adoption of the Genetic Testing
At a global stage, it is observed that around 2%-5% of all live births face genetic disorders and congenital abnormalities. Such complications account for up to 30% of pediatric hospital admissions and cause about 50% of childhood deaths in industrialized countries. The increased prevalence of illnesses such as cancer, cystic fibrosis, Alzheimer’s disease, and other genetic disorders likely increase the number of individuals undergoing genetic testing for early diagnosis, fuelling the growth of the genetic testing market. As a result, patients are expected to be more aware of the need for early illness detection, leading to faster treatment and a lower death rate.
The latest research report by SkyQuest will give an insight into the global genetic testing market as a whole, proceeding to lend a descriptive overview of this industry, factors that could determine further growth, or lack thereof, possible opportunities, and existing trends. The report findings are validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies.
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Cancer Segment to Dominate the Genetic Testing Market under Disease Category
According to SkyQuest’s market research, in the U.S., a projected 1,806,590 new cancer cases were identified in 2020, with 6, 00,920 people dying from the disease. Such statistics indicate that the rate of cancer is rising rapidly globally. Furthermore, as per the report of the International Agency for Research on Cancer, the world is expected to be hit by 30.2 million cases by 2040. As a result, an increase in cancer incidence is likely to contribute significantly to the segment’s growth in the coming years.
The market report provides an in-depth analysis of market trends, macroeconomic indicators, governing factors, and market attractiveness per segment. In addition, the report offer insights and statistics about the market area, which is further divided into regions, sub-regions, and countries.
Major Technological Advancements and Product Launches to Revolutionized the Genetic Testing
The rapid expansion of the worldwide genetic testing market has offered chances for leading industry players to firm their foothold in the market and grow their businesses. Furthermore, the adoption of modern technologies has also enabled businesses to profit by providing cost-efficient and effective genetic testing goods. Recent methodologies for genome-scale engineering in microbiological systems include (CRISPR)-Cas9, multiplex automated genome engineering (MAGE), CRISPR-based regulators, promoter engineering, and synthetic short regulatory RNA (sRNA)-based knockdown.
For instance, F. Hoffmann-La Roche Ltd launched the AVENIO Tumor Tissue CGP Kit, a complete genomic profiling kit designed to make personalized cancer research more accessible. This kit allows for the thorough genomic profiling of solid tumors derived from formalin-fixed paraffin-embedded (FFPE) tissue samples. Furthermore, a leading diagnostic platform Redcliffe Labs, has announced a USD 10 million investment to extend its genetic and specialty testing range.
The most authentic research report by SkyQuest aims to cover key developments, technological innovations, and other crucial industry insights to make it easy for market participants to understand the actual market dynamics. The report also helps track how leading market players plan their future strategies to dominate the market.
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Key Advancements in Genetic Testing Market
- Nest Genomics raises $8.5 million to improve patient access to genetic information. The company provides the software infrastructure required for health systems, pharmaceutical companies, and clinics to initiate and grow genomic initiatives. More and more healthcare providers recognize the importance of genomics software in advancing precision medicine. As a result, they are focusing more on R&D initiatives to improve solution efficacy.
- Qiagen, a Dutch analytics and research services conglomerate, has bought forensic genetics firm Verogen for $150 million. Verogen tests DNA at crime scenes, war zones, natural disasters, and other non-clinical or scientific situations. In addition, criminal investigators and amateur sleuths have employed genetic testing in recent years to solve cold cases that have been inactive for years, frequently using genetic tests along with vast DNA databases to track down suspects.
- Illumina has partnered with Nashville Biosciences and Amgen’s deCODE Genetics subsidiary for whole-genome sequencing of the largest-ever dataset of African-American genomes from around 35,000 DNA samples. DeCODE has agreed to use Illumina sequencing technology to perform whole-genome sequencing on the 35,000 samples and will upload the results to the Illumina Connected Analytics platform.
- Avesthagen Limited formed a four-year strategic agreement with Wipro Limited to commercialize its genetic testing portfolio. According to the company’s statement, the portfolio comprises genome panels that provide highly targeted, disease-centric analysis for ailments such as malignancies, neurological diseases, autoimmune disorders, and rare diseases.
The market analysis covered in the report includes market competition examination, business description, product portfolio, key financials, etc. In addition, the report also includes market probability scenarios, Porter’s Five Forces analysis, a PEST analysis, a supply-chain analysis, as well as market expansion strategies. As a result, players, stakeholders, and other participants in the global market will be able to take a competitive advantage as they use such in-depth research reports as a powerful resource.
Prominent Players in the Genetic Testing Market
- Abbott Laboratories
- Myriad Genetics, Inc. (Myriad RBM, Inc.)
- Bio-Rad Laboratories, Inc. (RainDance Technologies, Inc.)
- F. Hoffmann-La Roche Ltd.
- Danaher Corporation (Cepheid)
- Illumina, Inc.
- Eurofins Scientific
- Thermo Fisher Scientific, Inc.
- Qiagen N.V.
- PerkinElmer, Inc.
- CSL Ltd.
- Sonic Healthcare
- Natera
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