Global Hereditary Genetic Testing Market Size to Reach USD 66.11 Billion in 2030 | Emergen Research

Rising demand for direct-to-consumer genetic testing for developing personalized medicine specifically targeted to individuals is one of the major factors driving the hereditary genetic testing market revenue growth

Vancouver, Aug. 21, 2023 (GLOBE NEWSWIRE) — The global market for hereditary genetic testing achieved a value of USD 21.35 Billion in 2021, and it is projected to maintain a revenue Compound Annual Growth Rate (CAGR) of 13.4% throughout the forecast period, as per the latest analysis conducted by Emergen Research. The driving forces behind the expansion of this market include the growing incidence of cancer and genetic heart ailments in the population, rapid advancements in genetic research and sequencing technologies, and the increasing demand for direct-to-consumer genetic testing. This form of testing is aimed at tailoring personalized medicine for individuals.

Genetic tests are capable of identifying variations in genetic material, confirming the presence of certain diseases. Given that many diseases are influenced by modifications in a patient’s Deoxyribonucleic Acid (DNA), if not directly caused by them, there exists a wide array of potential applications for genetic testing. The integration of genetic testing into medical contexts is being propelled by technological breakthroughs, extensive human genome research, and the rise in consumer interest in direct-to-consumer genetic testing. This approach furnishes individuals with customized insights about their health, susceptibility to illnesses, and other characteristics, all without necessitating approval from a healthcare professional or health insurer. This, in turn, enhances awareness regarding inherited disorders.

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The advancement of clinical tests for the present diagnosis of diseases and the anticipation of future disease risks, in conjunction with the growth of automation, is fueling the rise of the hereditary genetic testing market. These trends are also facilitating the progression of genetically targeted therapies and preventive measures. Moving forward, researchers are anticipated to carry out genetic analysis pertaining to any genetically encoded facet of an individual, thereby identifying less medically significant attributes and detecting existing illnesses, all while accurately predicting disease vulnerabilities.

The rapid progression of genetic research and advancements in sequencing technologies constitute significant drivers behind the market’s revenue growth. Over the past decade, the cost of genetic testing has declined, genomic sequencing techniques have undergone substantial enhancement, and understanding of gene-phenotype correlations has expanded. These developments have cultivated broader awareness regarding genetic screening within the general populace. Additionally, recently published guidelines for screening practices within these populations have further stimulated market growth.

A notable stride in genetic technology has materialized through the substantial escalation in sequencing capacity witnessed over the last decade. This surge is attributed to the emergence of high-throughput platforms by prominent players like Illumina, Roche 454, ABI SOLiD, and Complete Genomics. This rise in sequencing capability has consequently driven demand for these products and, in turn, bolstered the market’s revenue.

Nevertheless, certain deterrents such as elevated genetic testing costs and a shortage of proficient practitioners in developing nations have the potential to impede revenue growth. The intricacy of the requisite processes is chiefly responsible for the higher expenses associated with genetic testing. Costs vary based on a range of factors, encompassing the specific type of test being conducted. In certain scenarios, the patient’s age may also influence pricing. Genetic testing is characterized by labor-intensive procedures, a time-consuming protocol, and the necessity for cutting-edge medical equipment. When juxtaposed with other testing methods, these aspects contribute to the relatively higher expenses associated with genetic testing.

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Scope of Research

Major Companies and Competitive Landscape

The global hereditary genetic testing market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective hereditary genetic testing solutions. Some major players included in the global hereditary genetic testing market 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
• Aetna Inc.

Strategic Development

• On 2 May 2022, Oncologix Tech, Inc., which is an OTC Market company, and DNAGO.Ai, a biopharmaceutical firm offering clinical genetic testing on all 20,000+ genes covering 7,000+ rare genetic illnesses at an accessible price for patients in need with DNAGO’s AI System, announced they have agreed into a legally binding business combination agreement. After this merger is completed, OCLG will become DNAGO, and its common stock and warrants are anticipated to continue being traded on the OTC Market under the ticker letters OCLG.
• On 20 April 2021, Invitae Corporation, which is a prominent medical genetics company, announced plans to develop a significant testing and laboratory facility in Wake County over the next decade, creating 374 employees and investing USD 114.6 million in Morrisville. The objective of Invitae is to combine all genetic testing available worldwide into a single, more affordable service with better quality and quicker turnaround. The Wake County project will construct an advanced genetic testing facility on the east coast of the U.S. to assist Invitae’s rapidly expanding business.

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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.

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Emergen Research has segmented the global hereditary genetic testing market on the basis of type, technology type, application, end-use, and region:

• 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

• End-use Outlook (Revenue, USD Billion; 2019-2030)

• • Academic research centers
  • Clinical Diagnostic Laboratories
  • Others

• Regional Outlook (Revenue, USD Billion; 2019-2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. U.A.E.
    3. South Africa
    4. Turkey
    5. Rest of MEA

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