The global Hereditary Testing Market size was valued at USD 11.1 billion in 2022 and is expected to reach USD 28.39 billion by 2032, exhibiting a rapid revenue CAGR of 11% during the forecast period. Major factors driving the market include the increasing prevalence of genetic abnormalities and cancer, rising public awareness about personalized medicine, and technological advancements.
Hereditary testing is necessary due to the rising global prevalence of genetic illnesses such as cystic fibrosis, Huntington's disease, and sickle cell anemia, as well as the increasing prevalence of cancer. The World Health Organization estimates that cancer was the second biggest cause of death worldwide in 2020, and genetic testing can facilitate early detection and better illness management, thereby reducing fatalities.
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Personalized therapy is also increasing the demand for hereditary testing as treatment strategies can be customized to each patient's particular genetic profile, increasing treatment success and minimizing side effects. Technological developments, such as Next-Generation Sequencing (NGS), have resulted in more precise and effective genetic testing techniques, making testing more affordable and accessible to the general public while simultaneously increasing its accuracy and speed of turnaround.
Key players in the Hereditary Testing Market:
- Abbott Laboratories
- Agilent Technologies, Inc.
- BGI Genomics Co., Ltd.
- F. Hoffmann-La Roche Ltd.
- Genomic Health, Inc.
- Myriad Genetics, Inc.
- Qiagen N.V.
- Invitae Corporation
- PerkinElmer, Inc.
- Thermo Fisher Scientific Inc.
Non-invasive prenatal testing (NIPT) is another factor driving revenue growth of the market. NIPT is a type of genetic testing that examines fetal DNA in the mother's blood to identify genetic disorders including Down syndrome. This testing is becoming more popular since NIPT is a less invasive, safer, and more accurate alternative to invasive treatments and lowers the risk of miscarriage.
Government programs and subsidies are expected to drive market revenue growth. For instance, the National Institutes of Health (NIH) in the U.S. supports genetic condition and cancer research through money, which encourages the creation of new testing techniques and technologies.
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However, the high cost of testing and the absence of regulation and standardization are major factors that could restrain market revenue growth. Inconsistencies and inaccuracies have also resulted from a lack of control and standards, as well as differences in the standard of testing and outcomes.
Based on test type, the global hereditary testing market is segmented into predictive testing, carrier testing, prenatal and neonatal testing, diagnostic testing, and others. The predictive testing segment accounted for the largest revenue share in the global hereditary testing market in 2022. This is due to the increasing use of customized medicine, emphasis on early disease diagnosis, and awareness about genetic diseases and disorders. The carrier testing segment is expected to register a steadily fast revenue growth rate in the global hereditary testing market during the forecast period due to the increasing prevalence of genetic disorders and diseases.
Based on end-use, the global hereditary testing market is segmented into hospitals and clinics, diagnostic laboratories, research laboratories, and others. The diagnostic laboratories segment is expected to register the fastest revenue growth rate in the global hereditary testing market during the forecast period. This is attributed to the rising frequency of chronic diseases, demand for accurate and quick diagnosis, and use of Point-Of-Care (PoC) testing. The hospitals and clinics segment is expected to account for a considerably large revenue share in the global hereditary testing market.
In conclusion, the global market for hereditary testing is expected to grow at a significant rate due to the increasing prevalence of genetic abnormalities and cancer, rising public awareness about personalized medicine, technological advancements, and government programs and subsidies. However, the high cost of testing and the absence of regulation and standardization are major factors that could restrain market revenue growth. The predictive testing and diagnostic laboratories segments are expected to dominate the market during the forecast period.
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