Pune, India, Nov. 16, 2021 (GLOBE NEWSWIRE) -- The “US Genetic Testing Market” size is expected to experience significant growth by reaching USD 10.29 billion by 2027. Fortune Business Insights in its latest report, titled, “US Genetic Testing Market, 2020-2027.”, observes that the market stood at USD 4.11 billion in 2019 and is projected to exhibit an astounding CAGR of 13.0% between 2020 and 2027.
This is attributable to the favorable reimbursement policies and the increasing focus on introducing advanced genetic testing procedures by companies operating within the market during the forecast period. For instance, in November 2020, Visible Genomics launched a new saliva-based test for age-related macular degeneration. The test efficiently integrates genetic information with demographic, clinical, and lifestyle characteristics for assessment of risk in patients.
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Disruption in Supply Chain amid COVID-19 to Affect Testing Procedures
Significant supply chain disruption and low footfall of the patients has led to a lower demand for testing methods across healthcare facilities in the U.S. In addition to this, the growing focus of the healthcare industry to attain COVID-19 patients has led to postponement of non-COVID-19 medical procedures. This has further impacted the market leading to a slower growth in 2020. The market is expected to exhibit a growth rate of 6.7% in 2020.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2021 to 2028 CAGR | 13.0% |
| 2027 Value Projection | USD 10.29 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 4.11 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 117 |
| Segments covered | Technique, Application, Payer, Geography |
| Growth Drivers | Strong Demand for Early and Preventive Care to Aid Growth |
| Increased and Improved Awareness to Drive Growth | |
| The market report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth |
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Market Segmentation:
Based on technique, the market has been divided into PCR, DNA Sequencing, Microarrays, and Others. On the basis of application, the market has been segregated into Cardiology, Oncology, Pharmacogenomics, Cognitive Dysfunction, Pathogenomics, and Others. Moreover, based on payer, the market has been segmented into Public Health Insurance, Private Health Insurance, and Out-of-Pocket. Lastly, on the basis of end-user, the market is bifurcated into Hospitals and Independent Laboratories.
DRIVING FACTORS
Favorable Reimbursement Policies to Promote Market Growth
UnitedHealthcare, the largest insurer in the U.S., extended its insurance coverage for psychiatric medications from October 1, 2019 for over 27 million individuals, along with innovative group plans.
The increasing focus of the companies to provide favorable insurance and smooth reimbursement facilities for the patients is expected to boost the product’s adoption in the U.S. Moreover, the growing focus on preventive care and early diagnosis of life-threatening diseases through effective testing methods is anticipated to contribute to the US Genetic Testing Market growth in the forthcoming years.
Further Report Findings:
- Based on technique, the PCR segment is expected to hold the largest US Genetic Testing Market share in terms of revenue in the forthcoming years. This is ascribable to factors such as the growing adoption of polymerase chain reaction (PCR) to enable several copies of specific DNA samples for studying purposes. The segment held a market share of about 29.7% in 2019.
- Based on application, the oncology segment is anticipated to showcase considerable growth during the forecast period. This is attributable to the growing focus on launching advanced oncology genetic testing methods by healthcare companies.
- On the basis of payer, the private health insurance segment is likely to experience exponential growth backed by the rising number of private insurers in the U.S. in the forthcoming years.
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COMPETITIVE LANDSCAPE
Industry Players Focus on Facility Expansion to Brighten Their Market Prospects
The market is experiencing stiff competition from major industry players focusing on adopting organic and inorganic strategies to gain a competitive edge over their rivals. The expansion of facilities to develop novel testing procedures and cater to the increasing demand from the healthcare sector by companies such as Quest Diagnostics, Invitae Corporation, BioReference Laboratories, Myriad Genetics, and Ambry Genetics, among other will bode well for the market’s growth between 2020 and 2027.
Industry Development:
January 2021 – Decibel Therapeutics along with Invitae Corporation launched the Amplify Genetic Testing Program. The companies report that the program aims to provide effective screening of monogenic and congenital hearing loss in children suffering from auditory neuropathy.
List of the Companies Profiled in this Market:
- Invitae Corporation (San Francisco, U.S.)
- Ambry Genetics (Aliso Viejo, U.S.)
- BioReference Laboratories, Inc. (Elmwood Park, U.S.)
- Progenity, Inc. (San Diego, U.S.)
- Quest Diagnostics Incorporated (Secaucus, U.S.)
- Myriad Genetics, Inc. (Salt Lake City, U.S.)
- Fulgent Genetics (Temple City, U.S.)
- Burning Rock Biotech Limited (Guangzhou, China)
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Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Regulatory Overview
- Overview: Funding Raised by Genetic Testing focused Start-up Companies
- Key Industry Developments - Mergers, Acquisitions, and Partnership
- Porter’s Five Forces Analysis
- SWOT Analysis
- Impact of COVID-19 Pandemic on the US Genetic Testing Market
- Analysis of Transactions in the Molecular Diagnostic Clinical Laboratory Market
- Overview: Personalized Medicine Market Size (USD billion), U.S., 2019
- Reimbursement Scenario
- US Genetic Testing Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technique
- PCR
- DNA Sequencing
- Microarrays
- Others
- Market Analysis, Insights and Forecast – By Application
- Cardiology
- Oncology
- Pharmacogenomics
- Cognitive Dysfunction
- Pathogenomics
- Others
- Market Analysis, Insights and Forecast – By Payer
- Public Health Insurance
- Private Health Insurance
- Out-of-Pocket
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Independent Laboratories
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