New York, USA, June 20, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global carrier screening market is envisioned to generate a revenue of $7,157.60 million and grow at a noteworthy CAGR of 16.20% over the estimated timeframe from 2021 to 2028.
With the increasing pervasiveness of genetic disorders globally due to the mutation in genes or chromosomes, the carrier screening market is predicted to see striking growth during the forecast period. Besides, the rising consciousness among individuals regarding the benefits of early detection and diagnosis of genetic diseases is expected to foster the growth of the market over the analysis timeframe. Moreover, the growing trend of next-generation sequencing technology in carrier screening is predicted to augment the growth of the market during the forecast period. However, the high cost associated with carrier screening may hinder the growth of the market throughout the estimated timeframe.
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Segments of the Carrier Screening Market
The report has divided the market into segments based on type, technology, end-user, and region.
Type: Expanded Carrier Screening Sub-Segment to be Most Lucrative
The expanded carrier screening type sub-segment is expected to generate a revenue of $3,879.70 million over the analysis timeframe. This s mainly because the expanded carrier screening test uses a single sample to diagnose the genetic disorders. Furthermore, the increasing usage of this type of screening among women planning for pregnancy and having a family history of genetic disorders is expected to magnify the growth of the carrier screening market sub-segment during the forecast period.
Technology: DNA Sequencing Sub-Segment to be Most Productive
The DNA sequencing sub-segment is expected to garner a revenue of $2,911.20 million over the estimated period. The increasing demand for technologies such as sequencing because of its enhanced accuracy is projected to magnify the growth of the market sub-segment during the analysis period.
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End-User: Hospitals Sub-Segment to be Most Beneficial
The hospital sub-segment is projected to generate a revenue of $2,924.40 million over the forecast period. This is mainly due to the availability of highly qualified doctors and technicians in hospitals worldwide. In addition, the increased chances of medical reimbursement and offerings of advanced diagnostic tests in hospitals are expected to upsurge the growth of the market sub-segment during the estimated timeframe.
Region: North America Region to Have the Largest Share of the Market
The North America region is expected to generate a revenue of $2,834.40 million during the analysis period. This is majorly due to the increasing prevalence of advanced screening tests in many countries in this region. Moreover, the increasing awareness of using mass genetic testing programs among people of this region and the strong existence of leading players are expected to drive the regional growth of the market during the estimated period.
Covid-19 Impact on the Carrier Screening Market
The outbreak of the Covid-19 pandemic has had a negative impact on the carrier screening market, likewise various other industries. This is mainly due to the closure of the laboratories for a longer period during the pandemic period. In addition, the health counselors are unable to see patients personally due to the spontaneous spread of the virus, which is the major factor that declined the growth of the market during the period of a health crisis.
Key Players of the Market
The major players of the carrier screening market include
- Fulgent Genetics Inc.
- Natera Inc.
- Opko Health
- Myriad Genetics
- Thermo Fisher Scientific Inc.
- Invitae Corporation
- Illumina Inc
- Eurofins Scientific
- Luminex Corporation
- Quest Diagnostics Incorporated
These players are working on the development of new business tactics such as partnerships and collaborations, mergers and acquisitions, and product development to gain leading positions in the global industry.
For instance, in March 2022, Thermo Fisher Scientific Inc., a leading American supplier of scientific instrumentation, reagents and consumables, and software services, announced its collaboration with the National Institutes of Health (NIH), a renowned United States medical research agency, Helix, leading population genomics and viral surveillance company and Rosalind, a platform for learning bioinformatics and programming through problem-solving. With this collaboration, the companies aimed to develop a new genotyping method for SARS-CoV-2 that could speedily detect the new variants when they emerge.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic developments.
More about Carrier Screening Market:
- A Short Guide for Carrier Screening Technology: Definition, Working, and Benefits
- Why is Performing Carrier Screening Important for Parents Before they Have their First Child?
- Global Carrier Screening Market to Surpass $7,157.6 Million by 2028, Owing to Rising Prevalence of Genetic Disorders across the Globe
