Generic Industry Today
Hereditary Genetic Testing Market to Soar to $81.95 Billion by 2033: BIS Research
With a projected growth rate of 12.73% from 2024 to 2033, the global hereditary genetic testing market, valued at $24.78 billion in 2023, is expected to reach $81.95 billion by 2033. This expansion is driven by advancements in genetic sequencing technologies, such as next-generation sequencing (NGS), which have enhanced the accuracy, efficiency, and cost-effectiveness of genetic testing. Increased awareness among the public and healthcare professionals about the benefits of genetic testing for diagnosing and managing hereditary conditions is also fueling market growth.
The rising prevalence of genetic disorders and hereditary cancers underscores the need for early diagnosis and personalized treatment, further boosting demand for genetic testing. The expanding applications of genetic testing, including oncology, prenatal and newborn screening, and personalized medicine, are broadening the market's scope. Regulatory support and favorable guidelines ensure the quality and reliability of genetic tests, facilitating market growth.
Strategic partnerships and innovative advancements are transforming the hereditary genetic testing landscape. Initiatives like the INTERACT Collaboration, led by Konica Minolta, Inc. (Ambry Genetics), aim to enhance access to hereditary cancer testing. Collaborations such as the one between Quest Diagnostics and Broad Clinical Labs demonstrate the clinical utility of whole genome sequencing (WGS) for diagnosing developmental delay disorders. Additionally, new product approvals and launches, such as Agilent Technologies' GenetiSure Dx Postnatal Assay and Laboratory Corporation of America's pTau217 blood biomarker test, are expanding genetic testing options.
Access Insights: Global Hereditary Genetic Testing Market
Hereditary Genetic Testing Market Analysis: Drivers, Challenges, and Opportunities
Following are the drivers for the Hereditary Genetic Testing Market:
• Advancements in Genetic Sequencing Technologies
• Increased Incidence of Genetic Disorders and Rare Diseases
• Rising Demand for Accurate Genetic Diagnostics
• Growing Awareness and Need for Genetic Testing
Following are the challenges for the Hereditary Genetic Testing Market:
• Risk of Security Breaches and Data Privacy
• Complexities of Ethical Considerations in Genetic Testing
• Implications of Unauthorized Access to Genetic Information
• Ethical Concerns Surrounding Genetic Data Usage
Following are the opportunities the Hereditary Genetic Testing Market:
• Expansion of Direct-to-Consumer (DTC) Genetic Testing
• Streamlined Testing Processes and Reduced Barriers
Download Complete TOC
Hereditary Genetic Testing Market Segments
Segmentation 1: by Product
• Kits and Consumables
• Services
Segmentation 2: by Sample Type
• Tumor Tissue
• Bone Marrow
• Saliva
• Blood
• Other Sample Types
Segmentation 3: by Technology
• Next-Generation Sequencing (NGS)
• Polymerase Chain Reaction (PCR)
• Immunohistochemistry (IHC)
• In-Situ Hybridization (ISH)
• Microarray Techniques
• Other Technologies
Segmentation 4: by Oncology Genetic Testing Type
• Breast Cancer
• Lung Cancer
• Prostate Cancer
• Colorectal Cancer
• Melanoma
• Other Oncology Hereditary Genetic Testing
Segmentation 5: by Cardiology Genetic Testing Type
• Cardiomyopathy
• Aortopathy
• Arrhythmia
• Other Cardiology Hereditary Genetic Testing
Segmentation 6: by Neurology Genetic Testing Type
• Epilepsy
• Neurodegenerative Disorders
• Neuromuscular Disorders
• Other Neurology Hereditary Genetic Testing
Segmentation 7: by Other Genetic Testing Type
• Newborn Screening
• Prenatal Screening (NIPT) and Preimplantation Testing
• Rare Disease Testing
• Direct-to-Consumer Testing
Segmentation 8: by Application Area
• Academic and Research
• Clinical Diagnostics, Monitoring and Screening
• Drug Discovery
Segmentation 9: by Region
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Spain
o Netherlands
o Rest-of-Europe
• Asia-Pacific
o Japan
o India
o China
o Singapore
o Australia
o Rest-of-Asia-Pacific
• Latin America
o Brazil
o Mexico
o Rest-of-Latin America
• Middle East and Africa
To Conclude the global hereditary genetic testing market, growing at a 12.73% CAGR, is set to expand from $24.78 billion in 2023 to $81.95 billion by 2033. Key drivers include advancements in sequencing technologies and rising awareness of genetic testing benefits. Despite challenges like data privacy concerns, opportunities in direct-to-consumer testing and innovative partnerships promise significant market growth and enhanced diagnostic capabilities.
Access Free Sample Report (Including Full TOC, List of Tables, Figures, and Chart)
Key Players in the Hereditary Genetic Testing Market
• Agilent Technologies, Inc.
• BGI Group (Beijing Genomics Institute (BGI))
• Centogene AG
• Eurofins Scientific SE
• F. Hoffmann-La Roche Ltd
• Illumina, Inc.
• Konica Minolta, Inc. (Ambry Genetics)
• Laboratory Corporation of America Holdings
• Myriad Genetics, Inc.
• Revvity, Inc. (PerkinElmer, Inc.)
• Quest Diagnostics Incorporated
• Thermo Fisher Scientific Inc.
Schedule a Call with Industry Experts
Other Related Reports from BIS Research
Cell Line Characterization Market - A Global and Regional Analysis and Forecast, 2024-2033
Mass Spectrometry and Chromatography in Diagnostics Market
About BIS Research
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.
Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate and custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
Contact
Head of Marketing
Email: media@bisresearch.com
BIS Research Inc.
39111 PASEO PADRE PKWY STE 313,
FREMONT, CA 94538-1686
Visit our Blog @https://bisresearch.com/insights
Get Expert Insights @https://community.insightmonk.com
Connect with us on LinkedIn @ https://www.linkedin.com/company/bis-research
Connect with us on Twitter@ https://twitter.com/BISResearch
Share on Social Media
Other Industry News
Ready to start publishing
Sign Up today!