Hereditary Testing Market By Disease Type Outlook (Hereditary Cancer Testing, Hereditary Non-cancer Testing) By Technology Outlook (Cytogenetic, Biochemical, Molecular Testing) - Growth, Future Prospects & Competitive Analysis, 2016 – 2028

The global Hereditary Testing market report explores the critical analysis of the industry using key parameters. The report consists of investment strategies, the need for investments in the Hereditary Testing industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the Hereditary Testing industry and how economic and non-economic barriers are helping the Hereditary Testing market grow. Moreover, the report analyses the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses such as porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

Key Highlights of the report

How are the major segments performing in the Hereditary Testing market?

In 2021, the hereditary cancer testing segment dominated the market due to the increased affordability of tests and the rising demand for DNA test kits. In 2021, the molecular testing segment dominated and accounted for the largest share of the hereditary testing market. Genetic analysis is mostly utilized techniques of hereditary genetic counseling, which requires molecular testing equipment.

Which region dominated the Hereditary Testing market?

In 2021, North America region dominated the global Hereditary Testing market with the largest market share. The rapid growth of tubes due to awareness, the high incidence rate of cancer and favorable compensation policies have supported the growth of the hereditary testing market in North America. In addition, the growing government support and advanced healthcare sector also grow hereditary testing in the North American region. Furthermore, with the increasing number of manufacturing facilities, the product is available at the lowest cost. Technological advancements have also aided the growth of the North American region's Hereditary Testing market.

What is the competitive environment of the Hereditary Testing market?

The hereditary testing industry's competitive environment offers information on the total economic profit made by suppliers and businesses, the sales and revenues produced in this sector, the hereditary testing market share globally, the business organization overview, the introduction of new products, and the opportunities for the hereditary testing market. For instance, in January 2020, Blueprint Genetics was acquired for full cash by Quest Diagnostics, a provider of diagnostic information services. Blueprint Genetics interprets gene variants through next-generation sequencing (NGS) and proprietary algorithms. Quest and Blueprint Genetics will improve patient care and pharmaceutical medicine research and development by improving access to actionable insights into genetic and uncommon illnesses.

Executive Summary

What are all technical developments being developed in the Hereditary Testing Market?

Technical development for hereditary testing in cancer treatments. The global hereditary testing market's expansion is driven by increased demand for cancer testing kits to boost productivity and efficiency. For instance, in June 2022, Myriad Genetics and Epic collaborated to provide genetic testing more accessible to patients through EHR integration. Similarly, in June 2022, Illumina launched a research test developed in collaboration with Merck to gain deeper insights into the tumor genome.

Which are the key investments by the players in the Hereditary Testing Market?

Hereditary testing solutions have been used in various industries due to their exceptional flexibility and capacity to be adaptable in any setting. Various investments are made among the key player. For instance, in August 2021, DnaNudge announced the successful completion of a USD 60 million Series A financing round headed by Ventura Capital. Similarly, in August 2021, Maven Capital, an active private equity firm, increased its investment in GENinCode, a genetic testing company specializing in risk assessment and predicting cardiovascular disease.

Some major market players are Myriad Genetics, Inc.; Invitae Corporation; Illumina, Inc.; Natera, Inc.; Laboratory Corporation of America Holdings; F. Hoffmann-La Roche Ltd; Quest Diagnostics Incorporated; CooperSurgical, Inc.; Agilent Technologies, Inc.; Thermo Fisher Scientific, Inc.

What are the Major Driving Factors for the Hereditary Testing market?

The major factor for the Hereditary Testing market is the rising prevalence of genetic disorders such as cancer and rising awareness of the benefits of genetic testing. The increasing need to find a cure for cancer creates demand for global genetic testing, which is expected to drive the hereditary testing market. The advancement in hereditary technology and rapid expansion in the biotechnology sector is expected to increase the growth. Additionally, there are many better product manufacturers and suppliers across the globe. Furthermore, the increasing adoption of inorganic growth of the market and decreasing cost sequences are also expected to increase the hereditary testing market growth.

What are the Major Risks for the Hereditary Testing market?

With the rising occurrence of cancer diseases, the equipment of hereditary panel testing created many issues, such as the criteria that patients have to meet to undergo tests and patient clinical management. The use of tests must be compliant with or recommended for genetic testing, which can be a limited number of tests. These factors are expected to hamper the hereditary tests market growth during the forecast period. Furthermore, the lack of trained technicians has also hampered the market growth.

Which is the key Disease type in the Market Hereditary Testing market

The disease type outlook is classified into hereditary cancer testing and hereditary non-cancer testing. Hereditary cancer testing dominated and accounted for the largest market share of the hereditary testing market. The increasing affordability of tests and the demand for DNA test kits supported the growth hereditary cancer testing segment growth. Furthermore, the non-cancer segment dominates the market during the forecast period as the product and service offers concerning various hereditary cancer testing expand continuously and are expected to grow in the hereditary testing market during the forecast period.

How is the Hereditary Testing market performing in regions?

In 2021, North America dominated with the highest market share in the global hereditary testing market. The rapid growth of tubes due to awareness, the high incident rate of cancer and favorable compensation policies are expected to grow the North American Hereditary Testing market. Furthermore, with the increasing number of manufacturing facilities, the product is available at the lowest cost, and technological advancement is expected to support the North American region's Hereditary Testing market. In addition, the growing government support and advanced healthcare sector also grow hereditary testing in the North American region.

Europe is expected to grow considerably due to the increasing geriatric population. The high adoption of advanced treatments and recommendations provided by government agencies to ensure the hereditary testing service quality are expected to support the growth of the European Hereditary Testing market. Furthermore, the increasing manufacturers and awareness in European countries and the rising purchasing power of the middle-class population are increasing the market growth in this region. Therefore, such factors are attributed to the European region's hereditary testing market growth.

What is the regulatory landscape for the Hereditary Testing market?

The regulatory landscape for this market is that governments are exploring a supportive regulatory approach across regions. In the past few years, many governments have heavily invested in healthcare infrastructure in many countries, while developing countries are also spending more on healthcare developments. Therefore, these types of supportive initiatives by the government are expected to encourage the market players to expand themselves and develop new products that support the global hereditary testing market during the forecast period.

What is the Market Size of the Hereditary Testing market regarding value?

The global hereditary testing market is anticipated to grow at a substantial CAGR of 6.10% in the upcoming years. The global hereditary testing market was estimated to be worth USD 5,729.5 Million in 2021 and was expected to be worth USD 8,173.51 Million by 2028.

What are the major players planning for the future of the Hereditary Testing market?

The key players in the hereditary testing market invest heavily in numerous cutting-edge technologies, including genetic testing. Furthermore, future scenarios suggest that well-known market players invest significantly in startups and medium-sized enterprises to deliver effective solutions to the industry. Large players are expected to buy or merge with major enterprises or startups to achieve a competitive advantage. For instance, in September 2022, Exact Sciences Corp. announced the acquisition of PreventionGenetics, a genetic testing laboratory, to add to its advanced cancer diagnostics portfolio and assist its entry into hereditary cancer testing (HCT). PreventionGenetics provides the clinical lab, experience, and fundamental technology required to expedite the availability of HCT and assist more people in understanding their germline risk of cancer and other diseases.

Segmentation of Global Hereditary Testing market-

Global Hereditary Testing Market – By Disease Type Outlook

• Hereditary Cancer Testing
• Hereditary Non-cancer Testing
•  

Global Hereditary Testing market – By Technology Outlook

• Cytogenetic
• Biochemical
• Molecular Testing
•  

Global Hereditary Testing Market – By Region

• North America
  • S.
  • Canada
• Europe
  • Germany
  • France
  • K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa