US Hereditary Genetic Testing Market Analysis and Forecast, 2022-2032
The US Hereditary Genetic Testing Market was valued at USD 7.57 Billion in 2021 and is projected to grow with a CAGR of 13.09% and reach USD 29.28 Billion by 2032. diseases is expected to be driven by the growing demand for and preventive care and the increase in the prevalence and associated disease burden related to various cancers, among others.
Market life cycle stage
The U.S. hereditary genetic testing market appears to be very dynamic at present, with companies focusing on adopting advanced technologies to meet the demand for big data processing as well as efforts to ensure that genetic testing reaches a wider population.
Segment 1: by product
Among the product segment, the service segment in the US hereditary genetic testing market occupies the largest market share and is also expected to dominate in the coming years. Indeed, companies are actively providing services to hereditary testing labs in addition to providing genetic testing kits and consumables.
Segment 2: per sample
3. Tumor tissue
4. Bone marrow
5. Other sample types
Among the samples segment, blood samples are mainly used to perform hereditary genetic testing in the United States.
Segment 3: by application area
1. Clinical diagnosis
2. Academics and research
3. Drug Discovery
4. Surveillance and screening
Among application areas, the four sub-segments make up an almost equal share of the US hereditary genetic testing market. However, drug discovery currently occupies a relatively large share, and the share of academics and research is expected to increase in the coming years.
Recent Developments in the US Hereditary Genetic Testing Market
On October 3, 2022, Laboratory Corporation of America Holdings completed the transactions, establishing a long-term laboratory connection with Ascension. This partnership with Ascension enhances access to Laboratory Corporation of America Holdings’ clinical laboratory services, testing and laboratory network for communities served by Ascension, improving productivity and improving healthcare services.
On September 29, 2022, Illumina, Inc. announced the launch of the NovaSeq X series (NovaSeq X and NovaSeq X Plus), the new production-scale sequencers. These production-scale sequencers are designed to deliver faster, more powerful, and longer-lasting sequencing. Using this technology, the company aims to advance genomic research and clinical understanding, thereby improving the lives of patients.
On September 14, 2022, Qiagen, NV entered into a partnership with Neuron23 to provide a companion diagnostic for Neuron23’s brain-penetrating leucine-rich repeat kinase (LRRK2) inhibitor for Parkinson’s disease.
Demand Drivers and Constraints
Following are the identified demand drivers for the US hereditary genetic testing market
Growing demand for early and preventive care
Increased number of new cases of cancer indications and associated disease burden
Increase in technological advancements leading to better outcomes
Growing prevalence of genetic diseases
The US hereditary genetic testing market is expected to face some challenges due to the following reasons
Patient hesitancy towards genetic testing
High capital requirement holds back expansion
Lack of accurate risk assessment in neuromuscular disorders
How can this report add value to an organization?
Product/Innovation Strategy: The report highlights the approaches being considered for the test to reach a wider population. Companies are integrating data analytics and various software applications that can help them get a more accurate result from a large genomic database available to the company. The report also provides an epidemiological forecast of selected cancer indications in different regions of the United States, which again helps in assessing the expected market opportunity for hereditary genetic testing.
Growth/Marketing Strategy: The many growth strategies identified in the report include an increased focus on technological advancements to make testing more accurate and faster, making testing more accessible to a wider population, either by reducing the price, or by having them approved for reimbursement.
Competitive Strategy: The report provides an overview of the existing competition in the US hereditary genetic testing market. Major players along with their contributions and market shares have been identified and profiled in the report. Additionally, detailed competitive benchmarking analysis of players operating in the US Hereditary Genetic Testing market has been included to help the reader understand how the players stack up against each other, presenting a clear market landscape. The report also highlights the major activities the companies have engaged in over the past three years. This will further help to gauge the dynamics of the market with respect to business growth and sustainability.
Key Market Players and Competition Summary
The profiled companies have been selected based on input collected from primary experts and analysis of company coverage, product portfolio and market penetration.
The US hereditary genetic testing market in 2021 was dominated by the following key players with a total market share of 51.45%:
1. Laboratory Corporation of America Holdings
2. Quest Diagnostics Incorporated
3. F. Hoffmann-La Roche Ltd.
The following companies had a total market share of more than 25% in 2021 and were very active in the US hereditary genetic testing market:
2. Illumina, Inc.
3. Eurofins Scientific SE
4. Myriad Genetics, Inc.
5. Natera, Inc. Please see more details: https://www.marketresearchdirect.com/report/us-hereditary-genetic-testing-market-analysis-and-forecast-2022-2032/
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