July 18, 2024

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Hereditary Genetic Testing Market Revenue Analysis, Company Revenue Share, Global Forecast Till 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 latest analysis by Emergen Research. Increasing prevalence of cancer and genetic cardiac diseases among the population, rapid advancement of genetic research and sequencing technologies as well as 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 of 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. 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 of 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 in order to identify less medically significant qualities and detect existing illnesses as well as accurately predict disease risk.

Rapid advancement of genetic research and sequencing technologies is one of the main factors supporting revenue growth of the market. The cost of genetic testing has fallen during the past 10 years, genomic sequencing technology has evolved significantly, and knowledge of gene-phenotype connections has increased. These advancements have raised awareness of the concept of genetic screening in the general population, and recent publication of practice recommendations for screening in these populations is driving revenue growth of the market. The most recent notable advancement in genetic technology has been the sharp rise in sequencing capacity brought about in the last 10 years by the high-throughput platforms developed by Illumina, Roche 454, ABI SOLiD, and Complete Genomics, thereby driving demand for those products and revenue growth of the market.

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Some Key Highlights From the Report

  • The academic research centers segment accounted for largest revenue share in 2021. The objectives of research testing include discovering new genes, understanding how genes function, creating tests for potential therapeutic application, 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 background 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 a number of 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 significant revenue share in 2021. 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.
  • Some major companies in the global market report include Mybrid Genetics, Inc., Invitae Corporation, Illumina, Inc.., F Hoffmann-La Roche Ltd, Quest Diagnostics Incorporated, Thermo Fisher Scientific, Inc., Ambry Genetics, NeoGenomics Laboratories, MedGenome, and Aetna Inc.

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Emergen Research has segmented the global hereditary genetic testing market on the basis of type, technology type, application, end-use, and region:

  • Type Outlook (Revenue, USD Billion; 2019-2030)
    • Diagnostic testing
    • Presymptomatic and Predictive testing
    • Carrier testing
    • Prenatal Testing & Newborn Screening
    • Others
  • Technology Type Outlook (Revenue, USD Billion; 2019-2030)
    • Biochemical testing
    • Cytogenetic testing
    • Molecular testing
  • Application Outlook (Revenue, USD Billion; 2019-2030)
    • Oncology Genetic Testing
    • Cardiology Genetic Testing
    • Neurology Genetic Testing
    • Others
  • End-use Outlook (Revenue, USD Billion; 2019-2030)
    • Academic research centers
    • Clinical Diagnostic Laboratories
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019-2030)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. U.A.E.
      3. South Africa
      4. Turkey
      5. Rest of MEA

Key Parameters Analyzed in This Section:

Company Profiles

Gross Revenue

Profit margins

Product sales trends

Product pricing

Industry Analysis

Sales & distribution channels

Regional Segmentation:

North America

Latin America

Europe

Middle East & Africa

Asia Pacific

Key Points Covered in This Section:

Regional contribution

Estimated revenue generation

Vital data and information about the consumption rate in all the leading regional segments

An expected rise in market share

Forecast growth in the overall consumption rate

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Key Offerings of the Report:

Detailed overview of market dynamics including drivers, restraints, opportunities, challenges, and growth prospects

Analysis of the key strategic initiatives and competitive landscape including mergers & acquisitions, joint ventures, collaborations, product launches, and brand promotions, and partnerships, among others

Comprehensive analysis of the industry outlook and analysis of the industrial chain

Market forecast based on global, regional, and country-level market analysis

Competitive landscape benchmarking

In-depth analysis of the key market players with their product portfolios, financial positions, unique selling points, market share and size, and a comprehensive overview of their business

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors