Rockville, March 09, 2023 (GLOBE NEWSWIRE) -- The global preimplantation genetic testing market is projected to grow at a staggering 9% value CAGR, reaching US$ 1,420 Million, following an assessment period ranging from 2022-2032. As per a newly published report on this industry by Fact.MR, a valuation of US$ 653.52 Million has been anticipated during FY 2022.
From 2017-2021, demand for preimplantation genetic testing flourished at a growth rate of 8%, concluding at US$ 599.53 Million. An increasing number of people suffering from genetic diseases due to changing lifestyles has heightened growth prospects.
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The biggest benefit offered by preimplantation testing is it offers an opportunity to conceive a pregnancy unaffected by genetic conditions. Researchers and healthcare institutes are trying to find new methods and techniques using the latest technology to minimize various risks associated with preimplantation genetic testing.
Increasing Prevalence of Genetic Screening across Specialized Clinics to Fuel Global Demand
According to the Centers for Disease Control and Prevention (CDC), chronic ailments such as cancer, heart disorders, and diabetes are the leading cause of disability and death in people across the United States.
Every year, the nation's healthcare system spends close to US$ 3 billion on direct and indirect expenses. Additionally, it is anticipated that in the upcoming years, market expansion would be aided by healthcare professionals' growing awareness of the efficacy of genetic testing techniques.
Key Takeaways from the Market Study
- Global demand for genetic screening to gain 2/3rd market share through 2032.
- Maximum application found in embryo HLA typing for stem cell therapy, yielding 40% revenue.
- North America remains the highest consumer, contributing a CAGR of around 7%
- U.K contributing to the bulk of preimplantation genetic testing market expansion, growing at a CAGR of 8%
- India and China to collectively generate around 60% of demand across Asia through 2032
- NGS is likely to emerge as the most popular technology, surpassing US$ 200 Million in revenue
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Competitive Landscape
The global market is highly fragmented with the presence of a large number of local and regional players. Market players are concentrating on product launches to broaden their market footprints.
- In May 2021, United Airlines and Abbott Laboratories announced a collaboration to use Abbott’s BinaxNOW™ COVID-19 Home Test and Abbott’s NAVICA app to help make the international travel experience more seamless.
- In March 2021, Agilent Technologies Inc., entered into a definitive agreement to acquire Resolution Bioscience Inc., a leader in the development and commercialization of next-generation sequencing (NGS)-based precision oncology solutions.
- In June 2021, Thermo Fisher Scientific and First Genetics JCS, a manufacturer of diagnostic equipment and IVD kits intended to advance molecular genetic technologies into clinical practice, today announced a strategic partnership focused on commercializing next-generation sequencing (NGS)–based diagnostics in Russia. The agreement enables First Genetics to market its F-Genetics NGS System and IVD assays to Russian labs for reproductive health testing and cancer diagnostics. The F-Genetics System is based on Thermo Fisher's Ion GeneStudio S5 System.
Key Companies Profiled In Preimplantation Genetic Testing Market Report
- Agilent Technologies Inc.
- Abbott Laboratories
- CooperSurgical Inc.
- Oxford Gene Technology IP
- Illumina Inc.
- Thermo Fisher Scientific Inc.
- PerkinElmer Inc.
- Genea Limited
- Natera Inc.
- Rubicon Genomics Inc.
- CombiMatrix Corporation
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Key Segments of Preimplantation Genetic Testing Market
- By Test Type:
- Preimplantation Genetic Diagnostics
- Preimplantation Genetic Screening
- By End User:
- Hospitals
- Diagnostic Labs
- Research & Academic Institutions
- Specialized Clinics
- Preimplantation Genetic Testing by Other End Users
- By Application:
- Embryo HLA Typing for Stem Cell Therapy
- IVF Prognosis
- Late-Onset Genetic Disorders
- Inherited Genetic Diseases
- Other Applications
- By Technology:
- NGS-based Preimplantation Genetic Testing
- PCR-based Preimplantation Genetic Testing
- FISH-based Preimplantation Genetic Testing
- CGH-based Preimplantation Genetic Testing
- SNP-based Preimplantation Genetic Testing
- By Region:
- North America
- Latin America
- Europe
- Japan
- APEJ
- Middle East Africa
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global preimplantation genetic testing market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period 2022-2032.
The study reveals essential insights based on Test Type (Diagnostics, Screening) End User (Hospitals, Diagnostic Labs, Research & Academic Institutions, Specialized Clinics, Other End Users) Application (Embryo HLA Typing for Stem Cell Therapy, IVF Prognosis, Late-Onset Genetic Disorders, Inherited Genetic Diseases, Others) Technology (NGS-based, PCR-based, FISH-based, CGH-based, SNP-based) across six major regions (North America, Latin America, Europe, Japan, APEJ, and the Middle East & Africa).
Check out more related studies published by Fact.MR Research:
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Genetic Testing Services Market: Genetic testing service demand is valued at US$ 40 billion in 2023. North America accounts for 40% share of the global genetic testing services market.
Epigenetics Market: The global epigenetics market to attain an estimated revenue total of US$ 2.79 at an impressive CAGR of 10.9% from 2022 to 2032. North America to lead.
Genetic Disorder Therapeutics Market: The increase in the prevalence of genetic disorders across the globe focused on the need of these therapies. Treatment of diseases in less time during emergencies.
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