Preimplantation Genetic Testing Market worth $1.2 billion | MarketsandMarkets

CHICAGO, Oct. 10, 2023 /PRNewswire/ -- The preimplantation genetic testing (PGT) industry is poised for remarkable growth in the near future. Advancements in reproductive technology, coupled with increasing awareness and demand for genetic screening, are driving this expansion. PGT will continue to play a pivotal role in assisted reproductive procedures, ensuring healthier and genetically sound embryos for implantation. With the integration of cutting-edge genomic sequencing techniques and improved accessibility to PGT services, the industry is expected to witness a surge in applications, making it an indispensable component of fertility treatments worldwide. This growth not only promises to enhance the success rates of in vitro fertilization but also brings us closer to a future where genetic diseases can be significantly reduced, paving the way for healthier generations to come.

Preimplantation Genetic Testing Market in terms of revenue was estimated to be worth $0.7 billion in 2023 and is poised to reach $1.2 billion by 2028, growing at a CAGR of 11.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by the high risk of chromosomal abnormalities with advancing maternal age, and the rising number of fertility clinics. Furthermore, the use of fertility treatment options by single parents and same-sex couples is expected to drive the growth of the preimplantation genetic testing market.

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Preimplantation Genetic Testing Market Scope:

The preimplantation genetic screening segment is expected to account for the largest share in 2022.

Preimplantation genetic screening, or aneuploidy screening, involves screening embryos for the assessment of aneuploidy. This segment is expected to dominate the global preimplantation genetic testing market during the forecast period, driven by a decrease in female fertility with rising maternal age, better implantation rate and reduced IVF cycle times.

The fertility clinics segment held the largest market share in the preimplantation genetic testing market.

By end user, the global preimplantation genetic testing market is broadly segmented into hospitals, diagnostic labs, fertility clinics, and other end users. The large share of this segment can be attributed to factors such as the increasing number of fertility centers globally, the high success rate of treatment in fertility centers, and growing medical tourism in developing countries.

North America dominates the global preimplantation genetic testing market.

Based on the region, the preimplantation genetic testing market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American market is driven by high incidence of chromosomal disorders, and an increasing number of awareness programs. Europe is the second-largest market for the preimplantation genetic testing market due to the low fertility rates and increasing maternal age in the region. Asia Pacific will observe high growth during the forecast period with its growing medical tourism for infertility treatment in the region's countries.

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Preimplantation Genetic Testing Market Dynamics:

Drivers:

1. Declining fertility rate

Restraints:

1. Alternative therapies and medications

Opportunities:

1. Use of fertility treatment options by single parents and same-sex couples

Challenge:

1. Socioethical concerns surrounding preimplantation genetic testing

Key Market Players of Antibody Drug Conjugates Industry:

Major players in the preimplantation genetic testing market include Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), Agilent Technologies, Inc. (US), Revvity (US), and The Cooper Companies, Inc. (US).

Recent Developments:

• In 2023, Thermo Fisher Scientific Inc. (US) launched two new NGS-based test kits to support preimplantation genetic testing-aneuploidy (PGT-A), commonly used in vitro fertilization (IVF) and intracytoplasmic sperm injection (ICSI) research.
• In 2022, The Cooper Companies, Inc. (US) released the addition of Parental QC, Genetic PN check, and Origin of Aneuploidy to PGT-A testing as PGT-Complete.
• In 2021, Vitrolife (Sweden) acquired Igenomix (Spain), a leader in reproductive genetic testing services primarily for IVF clinics.

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Preimplantation Genetic Testing Market Advantages:

• Enhanced Reproductive Success: PGT helps identify genetically healthy embryos, increasing the chances of a successful pregnancy during in vitro fertilization (IVF) procedures. This leads to higher implantation rates and reduced chances of miscarriage, improving overall reproductive outcomes.
• Genetic Disease Prevention: PGT allows for the screening of genetic abnormalities and mutations, enabling the selection of embryos free from inheritable genetic disorders. This helps prevent the transmission of diseases like cystic fibrosis, sickle cell anemia, or Huntington's disease to future generations.
• Improved Family Planning: PGT provides valuable information about the genetic makeup of embryos, allowing parents to make informed decisions about family planning and the number of children they wish to have while minimizing the risk of genetic diseases.
• Reduced Emotional and Financial Burden: By selecting genetically healthy embryos, PGT reduces the emotional toll and financial burden associated with multiple IVF cycles, miscarriages, and caring for children with severe genetic conditions.
• Ethical Considerations: PGT allows couples to avoid the difficult decisions and moral dilemmas that can arise when faced with the prospect of having a child with a debilitating genetic condition, promoting ethical choices in family planning.
• Improved IVF Cost-Effectiveness: PGT can make IVF more cost-effective in the long run by increasing the chances of a successful pregnancy in the first cycle, reducing the need for repeated and costly IVF attempts.
• Personalized Medicine: PGT contributes to the emerging field of personalized medicine by tailoring embryo selection to the specific genetic profile of each couple, optimizing the chances of a successful pregnancy.
• Expanded Access to Fertility Treatments: As PGT technology advances and becomes more accessible, it opens up opportunities for a wider range of couples and individuals to pursue assisted reproductive technologies and fulfill their desire for parenthood.

In summary, the Preimplantation Genetic Testing market offers numerous advantages, ranging from improved reproductive outcomes and disease prevention to enhanced family planning and ethical considerations, ultimately providing hope and options for individuals and couples seeking to start or expand their families.

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Veterinary Reference Laboratory Market - Global Forecasts to 2027

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