Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "Global Hereditary Genetic Testing Market: Focus on Product, Sample Type, Technology, Genetic Testing Type, Application Area, Region, and Competitive Landscape - Analysis and Forecast, 2024-2033" report has been added to ResearchAndMarkets.com's offering.
The global hereditary genetic testing market, initially valued at $24.78 billion in 2023, is poised for substantial growth, projected to surge to $81.95 billion by 2033, marking a remarkable compound annual growth rate (CAGR) of 12.73% over the period from 2024 to 2033.
The base year considered for the calculation of the market size is 2023. A historical year analysis has been done for the period FY2019-FY2021. The market size has been estimated for FY2024 and projected for the period FY2024-FY2033.
The market is witnessing double-digit growth, driven by continuous technological advancements. Innovations in genetic sequencing technologies, such as next-generation sequencing (NGS), have made genetic testing more accurate, efficient, and cost-effective. Increased awareness among the public and healthcare professionals about the benefits of genetic testing for diagnosing and managing hereditary conditions has led to higher demand.
The landscape of hereditary genetic testing is rapidly evolving, fuelled by strategic collaborations and innovative advancements in technology. Initiatives such as the Inter-Organization Cancer Genetics Clinical Evidence Coalition (INTERACT) Collaboration, led by Konica Minolta, Inc. (Ambry Genetics), are pivotal in promoting access to hereditary cancer testing, while partnerships such as that between Quest Diagnostics Incorporated and Broad Clinical Labs are demonstrating the clinical utility of whole genome sequencing (WGS) for diagnosing developmental delay disorders post-birth. Moreover, strategic alliances such as the one between Konica Minolta, Inc. (Ambry Genetics) and Tempus are enhancing the provision of comprehensive germline and somatic testing services.
These developments are complemented by product approvals and launches, such as Agilent Technologies, Inc.'s GenetiSure Dx Postnatal Assay and Laboratory Corporation of America Holdings' independent blood biomarker test for phosphorylated tau 217 (pTau217), each contributing to the expanding toolkit of genetic testing options. With acquisitions such as Myriad Genetics, Inc.'s acquisition of assets from Intermountain Precision Genomics, the industry is poised for sustained growth and innovation, promising improved healthcare outcomes through personalized genetic insights.
The hereditary genetic testing market in the North America region is expected to witness a significant growth rate of 11.41% during the forecast period. This notable growth can be attributed to several key factors. Continuous advancements in genetic testing technologies are enhancing the accuracy and accessibility of hereditary genetic tests, driving market expansion. Growing awareness about the importance of genetic testing for early diagnosis and management of inherited conditions is leading to higher adoption rates among healthcare providers and patients.
Supportive government policies and funding for genetic research and testing are fostering a conducive environment for market growth in the region. However, the Asia-Pacific region is expected to reach $21.97 billion in 2033 from $5.36 billion in 2023, at a CAGR of 15.18% during the forecast period 2024-2033.
Services Segment to Dominate the Hereditary Genetic Testing Market (by Product)
Based on product, the global hereditary genetic testing market was led by the services segment, which held a 69.33% share in 2023. This substantial market share indicates the high demand for services related to hereditary genetic testing, which includes genetic counseling, testing, and result interpretation.
Blood Segment to Dominate the Hereditary Genetic Testing Market (by Sample Type)
Based on sample type, the global hereditary genetic testing market was led by the blood segment, which held a 41.79% share in 2023. This dominant market share underscores the preference for blood samples in hereditary genetic testing due to their reliability and ease of collection.
Next-Generation Sequencing Segment to Dominate the Hereditary Genetic Testing Market (by Technology)
Based on technology, the global hereditary genetic testing market was led by the next-generation sequencing segment, which held a 32.08% share in 2023. This significant market share highlights the advanced capabilities and growing adoption of NGS technology in hereditary genetic testing.
Breast Cancer Segment to Dominate the Hereditary Genetic Testing Market (by Oncology Genetic Testing Type)
Based on oncology genetic testing type, the global hereditary genetic testing market was led by the breast cancer segment, which held a 41.97% share in 2023. This significant market share underscores the high demand for genetic testing for breast cancer, reflecting the critical importance of early detection and risk assessment in managing this prevalent condition.
Cardiomyopathy Segment to Dominate the Hereditary Genetic Testing Market (by Cardiology Genetic Testing Type)
Based on cardiology genetic testing type, the global hereditary genetic testing market was led by the cardiomyopathy segment, which held a 33.47% share in 2023. This substantial market share underscores the growing recognition of the importance of genetic testing in diagnosing and managing cardiomyopathies, which are often hereditary and can lead to severe cardiac conditions if not detected early.
Epilepsy Segment to Dominate the Hereditary Genetic Testing Market (by Neurology Genetic Testing Type)
Based on neurology genetic testing type, the global hereditary genetic testing market was led by the epilepsy segment, which held a 35.55% share in 2023. This significant market share highlights the critical role of genetic testing in diagnosing and managing epilepsy, a neurological disorder with various hereditary forms.
Rare Disease Testing Segment to Dominate the Hereditary Genetic Testing Market (by Other Genetic Testing Type)
Based on other genetic testing type, the global hereditary genetic testing market was led by the rare disease testing segment, which held a 39.13% share in 2023. This substantial market share highlights the crucial role of genetic testing in diagnosing rare diseases, which often have a hereditary component.
Clinical Diagnostics Segment to Dominate the Hereditary Genetic Testing Market (by Application Area)
Based on application area, the global hereditary genetic testing market was led by the clinical diagnostics segment, which held a 40.99% share in 2023. This substantial market share highlights the crucial role of clinical diagnostics in hereditary genetic testing, emphasizing the importance of accurate and early detection of genetic conditions for effective medical intervention.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 113 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value (USD) in 2024 | $27.88 Billion |
| Forecasted Market Value (USD) by 2033 | $81.95 Billion |
| Compound Annual Growth Rate | 12.7% |
| Regions Covered | Global |
Hereditary Genetic Testing: Industry Outlook
Current State of Hereditary Genetic Testing
Market Drivers
- Rising Prevalence of Genetic Disorders along with Rare Diseases
- Increasing Inorganic Growth Activities in the Field of Hereditary Genetic Testing
- Increasing Number of Hereditary Genetic Tests
Trends: Current and Future Impact Assessment
- Increasing Demand for Direct-to-consumer Testing
- Increasing Launch of Innovative Products and Regulatory Approvals in Genetic Testing Ecosystem
Market Restraints
- High Cost Associated with Testing
- Shortage of Genetic Counselors
Market Opportunities
- Expansion into Emerging Markets
Market Footprint and Future Potential
R&D Review
- Patent Filing Trend (by Year, Country)
Total Addressable Market and Penetration
Legal and Regulatory Framework
- U.S.
- Europe
- Germany
- France
- Italy
- Asia-Pacific
- China
- Japan
- Australia
Reimbursement Scenario
Company Profiles: Overview, Top Products/Product Portfolio, Top Competitors, Target Customers, Key Personnel, Analyst View
- 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.
Competitive Benchmarking
- Key Strategies and Development
- Mergers and Acquisitions
- Product Launches
- Synergistic Activities
- Business Expansion Activities and Others
- Company Share Analysis
For more information about this report visit https://www.researchandmarkets.com/r/1thkz0
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