Yahoo Finance US Genetic Testing Market Size to Hit USD 10.29 Billion by 2027
According to Fortune Business Insights™, the US Genetic Testing Market size is expected to reach USD 10.29 Billion by 2027, at a CAGR of 13.0% during the forecast period, 2020-2027
Pune, India, Oct. 07, 2022 (GLOBE NEWSWIRE) -- The US Genetic Testing Market size is expected to achievement momentum by reaching USD 10.29 billion by 2027 while exhibiting an impressive CAGR of 13.0% between 2020 and 2027. This data is published by Fortune Business Insights in its latest report. The report further indicates that the market stood at USD 4.11 billion in 2019. Factors such as rising prevalence of chronic disorders and the increasing awareness regarding the efficacy of genetic testing in the U.S. will share to the growth of the market during the forecast period.
The key drivers of the US genetic testing market are increasing awareness about the benefits of genetic testing, increasing availability of genetic testing services, and increasing number of people who are seeking genetic testing services. Increasing awareness about the benefits of genetic testing is being driven by increasing number of reports and studies that have revealed the importance of genetic testing in predicting health risks and identifying potential medical conditions. Availability of US genetic testing services is being driven by the increasing number of genetic testing laboratories that are opening up across the US. The number of genetic testing laboratories has surged from just 10 in 2009 to over 200 by 2016. The increase in the number of genetic testing laboratories is also being driven by the increasing popularity of genetic testing among individuals and families.
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KEY INDUSTRY DEVELOPMENTS:
April 2021 – Invitae Corporation announced that their sponsored genetic testing is available for patients at risk of developing some common adult neurodegenerative conditions in the region of U.S., Canada, Australia and Brazil. This availability of this program will be free of cost and will help at-risk individuals having difficult to diagnose conditions
April 2021 – Invitae Corporation announced that they will join the eMERGE network, a national effort organized and funded by National Genome Research Institute. As a part of this partnership Invitae will provide genetic testing for all the 25,000 patients.
March 2021 – GI OnDEMAND announced a partnership with Ambry Genetics to integrate the online genetic counseling and testing services into their nationwide gastroenterology practices. The partnership was made to identify hereditary GI cancer syndromes to guide through potentially life altering healthcare decisions.
Report Scope
Report Coverage | Details |
Forecast Period | 2020 to 2027 |
Forecast Period 2020 to 2027 CAGR | 13.0% |
2027 Value Projection | USD 10.29 billion |
Base Year | 2019 |
Market Size in 2020 | USD 4.38 billion |
Historical Data for | 2016 to 2018 |
No. of Pages | 117 |
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Regional Insights-
North America to Lead Global Market Due to Presence of Key Players and New Product Launches
North America is expected to dominate the global market backed by the adoption of new technologies. The launch of innovative diagnostic procedures has raised the demand in this region. North America has major players, new product launches, rising demand for cancer diagnostics which are major causes of North America’s maximum share. Rise in demand for effective treatment and growing awareness among patients to help Europe in taking up the second-highest position in the global market. Government supporting reimbursement schemes to boost the growth of the market. The rising presence of the latest equipment in research centres to make Asia-Pacific account for steady growth.
The Latin America region is expected to show growth in the forecast period. The Middle East & Africa region shows a slow growth rate due to low penetration of advanced diagnostics.
Partnership between Major Companies to Amplify Their Market Positions
The market is fragmented by the presence of major companies such as Myriad Genetics and Quest Diagnostics trying to maintain a stronghold by partnering other companies to expand their product portfolio. Moreover, the other companies such as Ambry Genetics, Invitae Corporation, and BioReference Laboratories are adopting strategies such as merger and acquisition to maintain their presence and gain a competitive edge over their rivals in the forthcoming years.
Competitive Landscape-
Key Competitors are Striving to Gain Mergers and Acquisitions to Expand Market
Key competitors are striving to gain a competitive edge by launching new products and adopting advanced technologies. For instance, the acquisition of the Finnish genetic testing company Blueprint genetics was announced by Quest Diagnostics. Key competitors are focused on gaining market acquisition and mergers. Major players are focusing on the prevention of key diseases. Major market players of genetic testing services are striving hard to gain a competitive edge.
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Drivers & Restraints-
Rising Prevalence of Chronic Diseases Among Population to Surge Market Growth
Genetic tests are medical devices used to test genetic diseases in the human body. This medical device detects DNA which determines the change in chromosomes, proteins, and genes. The general population is getting aware of the availability of multiple testing procedures. The inclination towards evaluating the quality of breeding stock in the agricultural sector is surging market growth. Rising awareness of chronic disease and its preventions are expected to boost the adoption of genetic testing services.
However, the high installation cost of equipment may set limits in the growth of market. Additionally, shortage of skilled manpower in analyzing reports as a cause of very few training institutes may hinder market growth.
Segmentation-
On the basis of type, the market is split into predictive testing, carrier testing, prenatal testing, newborn screening, and others.
Based on disease, the market is segregated into cancer disease, metabolic disease, cardiovascular disease, and others.
Depending on the end-user, the market is segmented into diagnostic laboratories, hospitals & clinics, academic institutes & research centers, and others.
Geographically, the global market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Market Segmentation | By Technique
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By Application
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By End-User
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List of the Companies Profiled in the Market:
Invitae Corporation (San Francisco, U.S.)
Ambry Genetics (Aliso Viejo, U.S.)
BioReference Laboratories, Inc. (Elmwood Park, U.S.)
Progenity, Inc. (San Diego, U.S.)
Quest Diagnostics Incorporated (Secaucus, U.S.)
Myriad Genetics, Inc. (Salt Lake City, U.S.)
Fulgent Genetics (Temple City, U.S.)
Burning Rock Biotech Limited (Guangzhou, China)
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Some major points from Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Regulatory Overview
Overview: Funding Raised by Genetic Testing focused Start-up Companies
Key Industry Developments - Mergers, Acquisitions, and Partnership
Porter’s Five Forces Analysis
SWOT Analysis
Impact of COVID-19 Pandemic on the US Genetic Testing Market
Analysis of Transactions in the Molecular Diagnostic Clinical Laboratory Market
Overview: Personalized Medicine Market Size (USD billion), U.S., 2019
Reimbursement Scenario
U.S. Genetic Testing Industry Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Technique
PCR
DNA Sequencing
Microarrays
Others
Market Analysis, Insights and Forecast – By Application
Cardiology
Oncology
Pharmacogenomics
Cognitive Dysfunction
Pathogenomics
Others
Market Analysis, Insights and Forecast – By Payer
Public Health Insurance
Private Health Insurance
Out-of-Pocket
Market Analysis, Insights and Forecast – By End User
Hospitals
Independent Laboratories
Competitive Analysis
U.S. Market Share Analysis (2019)
Company Profiles (Overview, Products & Services, SWOT Analysis, Recent Developments, Strategies, Financials (Based On Availability))
Invitae Corporation
Ambry Genetics
BioReference Laboratories, Inc.
Progenity, Inc.
PathemaGX
Quest Diagnostics Incorporated
Myriad Genetics, Inc.
Fulgent Genetics
Burning Rock Biotech Limited
Continued...
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