Hereditary Genetic Testing Market Size By 2030 | Market Segmentation By Type, Application, Regions, Important News, And Profiles Of Leading Companies

The “Global Hereditary Genetic Testing Market” research by Emergen Research is a thorough compilation of analytical data regarding the Hereditary Genetic Testing sector. The research contains a market segmentation for Hereditary Genetic Testing as well as a thorough evaluation of the market’s size (both in terms of volume and value). The study analyzes the present Hereditary Genetic Testing market and provides a detailed prediction for the years 2022–2030.

The global hereditary genetic testing market size reached USD 21.35 Billion in 2021 and is expected to register a revenue CAGR of 13.4% during the forecast period, according to the latest analysis by Emergent Research. The increasing prevalence of cancer and genetic cardiac diseases among the population, the rapid advancement of genetic research and sequencing technologies, and the rising demand for direct-to-consumer genetic testing for developing personalized medicine specifically targeted to individuals are some of the key factors driving revenue growth o in the hereditary genetic testing market.

Genetic tests can detect these differences and prove the existence of a disease. Given that most diseases are affected by changes in the patient’s Deoxyribonucleic Acid (DNA) if not directly caused by them, there is a huge range of possible applications for genetic testing. The ability to translate genetic testing into medical applications is being greatly driven by advances in technology, human genome research, and rising consumer demand for direct-to-consumer genetic testing. By providing individuals with tailored information on their health, illness risk, and other traits without needing consent from a healthcare professional or health insurance provider, direct-to-consumer genetic testing helps people become more aware of inherited disorders. The development of clinical tests for the diagnosis of current disease and the prediction of future disease risk, together with automation, which is driving revenue growth in the hereditary genetic testing market, are also helping to advance genetically focused treatments and prevention measures. In the future, it is expected that researchers will be able to do genetic analysis for any genetically encoded aspect of a person to identify less medically significant qualities, detect existing illnesses, and accurately predict disease risk.

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Competitive Landscape:

The latest study provides an insightful analysis of the broad competitive landscape of the global Hereditary Genetic Testing market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Hereditary Genetic Testing market and pinpoint the fundamental growth trends.

Some Key Highlights From the Report

The academic research centers segment accounted for the largest revenue share in 2021. The objectives of research testing include discovering new genes, understanding how genes function, creating tests for potential therapeutic applications, and improving our knowledge of genetic disorders. Patients and their medical professionals typically do not have access to the findings of testing conducted as part of a research study. For instance, the National Institutes of Health (NIH) contribute to the funding of various sizable centers managed by the Johns Hopkins Institute of Genetic Medicine. These resources have a long history at Johns Hopkins and serve as the basis for innovative research in addition to offering assistance and knowledge to scientists across the globe. Furthermore, more research centers are opening up in developing countries to offer genetic testing to patients with low economic backgrounds is driving revenue growth of the segment.

The presymptomatic and Predictive testing segment is expected to grow at a steady CAGR during the forecast period. Tests that are predictive and presymptomatic are used to find gene variants linked to disorders that manifest after birth, frequently later in life. These tests can be useful for those who do not yet exhibit any symptoms of the genetic disease but have a family relative who does. This kind of genetic testing is available for several heritable genetic disorders, such as hereditary cancer syndromes, inherited heart problems, and genetic neurodegenerative disorders. Presymptomatic Testing (PST) for a variety of genetic disorders has been made available by recombinant DNA technology that made testing samples through linkage analysis practicable. PST was made available to people with Lynch syndrome, familial adenomatous polyposis, and elevated risk of breast and ovarian cancer as knowledge of familial cancer syndromes grew. PST can now be administered by medical experts outside of specialized genetic institutes and is now available for a much larger spectrum of ailments owing to the information that is now known about individual disease-causing genes, which is driving revenue growth of this segment.

The market in North America accounted for a significant revenue share in 2021. The rising prevalence of cancer and cardiac genetic diseases in the U.S. and Canada along with increased funding and genetic screening services offered by major companies, especially in the U.S. have resulted in revenue growth of the market in this region. For instance, on 23 February 2022, Fulgent Genetics, Inc., which is a company that uses technology to perform genetic tests and is dedicated to improving patient care in oncology, infectious and rare diseases, and reproductive health, announced a strategic investment in Spatial Genomics, Inc., which is a pioneer in the sequential fluorescence in situ hybridization (seqFISH) field, is driving revenue growth of the market in this region.

Market Overview:

The report bifurcates the Hereditary Genetic Testing market based on different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Key Reasons To Buy The Global Hereditary Genetic Testing Market Report:

The latest report comprehensively studies the global Hereditary Genetic Testing market size and provides useful inferences on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.

The report offers an insightful analysis of the regional outlook of the market.

It offers a detailed account of the end-use applications of the products and services offered by this industry.

The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.

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