Global Hereditary Genetic Testing Markets, 2020-2030 - Technological Advancements for Exome Sequencing, Rise of DTC Testing Services & Massive Scope for Adoption of NGS-Based in Emerging Nations

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Feb 05, 2021, 11:15 ET

DUBLIN, Feb. 5, 2021 /PRNewswire/ -- The "Global Hereditary Genetic Testing Market: Focus on Product, Sample, Technology, Genetic Testing Type, Application Area, Country Data (16 Countries), and Competitive Landscape - Analysis and Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.

Global Hereditary Genetic Testing Market to Reach $67.39 Billion by 2030

Global market for hereditary genetic testing is predicted to grow at a CAGR of 13.59% over the forecast period of 2020-2030.

Hereditary genetic testing has grown significantly since the technology was first commercialized, but it is important to quantify that growth and describe future trends. The genome testing industry is proliferating, and its growth is expected to continue at its torrid pace. However, there are significant challenges that may dampen future growth if not addressed.

The unmet clinical needs for better tools to predict, diagnose, treat, and monitor disease are acting as significant factors driving the growth of the sequencing industry. Other factors driving the growth include the increased understanding of the molecular basis of disease, patient demand, industry investment, and regulations that allow marketing of tests without FDA approval.

Despite rapid advanced sequencing industry growth, there are several key issues that are needed to be addressed to facilitate future growth. The relatively high total costs of delivering sequencing test results compared with other technology platforms, and limited coverage by payers, are the key challenges to the growth of this industry. Whole-genome and exome sequencing remain relatively costly requiring initial equipment investment, specialized workforce requirements, and time-intensive variant interpretation.

Within the research report, the market is segmented on the basis of oncology genetic testing, cardiology genetic testing, neurology genetic testing, product, sample, application area, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.

Competitive Landscape

The exponential rise in the application of next-generation sequencing on the global level has created a buzz among companies to invest in the products and services of whole-genome and exome sequencing. Due to the diverse product portfolio and intense market penetration, whole-genome and exome has been a pioneer in this field and been a significant competitor in this market.

On the basis of region, North America holds the largest share, due to improved healthcare infrastructure, rise in per capita income, and improvised reimbursement policies in the region. Apart from this, Latin America and the Asia-Pacific region are anticipated to grow at the fastest CAGR during the forecast period.

Growth Drivers

Rising Prevalence of Genetic Disorders
Increasing Prevalence of Various Types of Cancer, Globally
Increasing Research Funding in the Field of Genomics

Market Challenges

Expensive Sequencing Procedures and Their Applications in Medical Treatments
High Capital Requirement Hampering the Expansion of Global Reach
Stringent Regulatory Standards

Market Opportunities

Technological Advancements for Exome Sequencing
Rise of Direct-to-Consumer (DTC) Testing Services
Massive Scope for Adoption of NGS-Based in Emerging Nations

Companies Mentioned

Agilent Technologies, Inc.
Ambry Genetics
Beijing Genomics Institute (BGI)
CENTOGENE AG
Eurofins Scientific SE
F. Hoffmann-La Roche Ltd
Illumina, Inc.
Laboratory Corporation of America Holdings
Myriad Genetics, Inc.
PerkinElmer, Inc.
Quest Diagnostics Incorporated
Thermo Fisher Scientific Inc.

For more information about this report visit https://www.researchandmarkets.com/r/8yu1vc

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