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Genetic Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2030)

·7-min read
ReportLinker
ReportLinker

The genetic testing market was valued at USD 14791. 51 million in 2021 and is expected to register a CAGR of nearly 10. 81% during the forecast period (2022-2027). The COVID-19 pandemic has left a significant impact on the growth of the genetic testing market over the crisis.

New York, June 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Genetic Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2030)" - https://www.reportlinker.com/p06283178/?utm_source=GNW
According to the research article published in Genetics in Medicine 2020, all the clinical genetic testing was restricted and telemedicine-based consultations and counseling were adopted globally. As per this study, 112 prenatal and 156 clinical genetics/cancer patients were evaluated in a span of one month at the Columbia University Irving Medical Center (CUIMC). Most of the genetic testing services have adopted virtualization, along with home testing kit/home sample collection, to combat the transmission of the SARS-CoV2 virus. However, according to the research article published in the Journal of Medical Genetics 2020, there was hindrance reported in accessing genetic testing blood draws, as a result of which the genetic testing was tremendously impacted, wherein a reduction in genetic testing from 97.7% to 74.1% was observed during the virtual care period. Hence, COVID-19 is expected to have a direct and indirect impact on the genetic testing market over the ongoing crisis period.

Moreover, the increasing technological advancements from the past few years have opened several opportunities for market expansion. The rise in the prevalence of chronic diseases and the development of customized testing kits for niche therapeutic areas are aiding the rapid growth of the market. According to the United Nations’ World Population Prospects 2020 Highlights, there will be more than 1.5 billion people aged over age 65 years by 2050, up from 727 million in 2020. The growing geriatric population is more prone to chronic diseases, and thus, this surges the demand for preventive diagnostics, particularly genetic testing.

The increasing focus by governments of various countries, to regulate and create awareness regarding genetic tests, has successfully resulted in the faster adoption of these tests across the world. The increasing R&D funding, along with the strong market presence by major players in the market, has created a strong entry barrier for new entrants. Innovation in product design, improvement in quality, and strong distribution partnerships are key parameters to retain a competitive edge in the market. For instance, in August 2020, Ricoh Company Ltd and DNA Chip Research Inc. launched RICOH Standard DNA Series EGFR mutation Type001, which is a reference DNA plate to be used in the blood-based genetic testing in the diagnosis of lung cancer.

The adoption of direct-to-consumer genetic testing kits in countries, like the United States, China, and Japan, is growing rapidly. With increasing technological adoptions, awareness programs, and a decline in costs, the market for DTC-GT (Direct-to-consumer genetic testing) kits is likely to witness a significant boost over the forecast period. Moreover, the untapped countries, like India and other developing countries, are expected to offer a lucrative opportunity for players looking to establish their base in the genetic testing market.

Thus, given the growing burden of chronic diseases, technological advancements and inclination toward personalized medicine are expected to result in significant growth of the genetic testing market over the forecast period.

Key Market Trends

The Genetic Testing Market is Expected to Dominate in the Cancer Disease Segment Over the Forecast Period

Genetic testing helps in identifying the risk of developing various types of cancers during the individual’s lifetime. Genetic tests are available to test inherited variants and mutations in the DNA sequence, which could lead to excessive growth of the cells and lead to tumor/cancer. For instance, genetic testing for the identification of PALB2 (associated with increased risks of breast and pancreatic cancers), CHEK2 (breast and colorectal cancers), BRIP1 (ovarian cancer), and RAD51C and RAD51D (ovarian cancer).

According to the research study published in Clinical Cancer Research 2020, COVID-19 is expected to reshape the oncology practice, clinical trials, diagnostics, and delivery of cancer care to the patients, which can endure well beyond the short- to mid-term of the active pandemic, and thus, COVID-19 is expected to impact the market over the pandemic era.

The increasing burden of cancers worldwide and the growing awareness among the global population on preventive diagnosis and personalized medicine are the major factors driving the cancer segment market over the forecast period. As per Globocan 2020, the incidence of new cancer cases was estimated to be 19,292,789 in 2020, with nearly 9,958,133 deaths due to cancers. Additionally, the new cancer incidence is estimated to reach 30.2 million by 2040, as per the International Agency for Research on Cancer (IARC). Thus, the genetic tests aid in providing information on whether cancer runs in the family and the risk factors associated with the development of cancers in future among the individuals with a family history of cancers. Also, genetic testing is performed in patients who do not respond to chemotherapy, to identify the presence of acquired mutations in tumors that are resistant to therapy.

Also, the increasing technological advancements and product launches are expected to drive the studied segment. For instance, in December 2020, Roche launched the Cobas PIK3CA Mutation Test for the detection of PIK3CA mutations in patients with advanced or metastatic breast cancer. Thus, because of the aforementioned factors, the cancer segment is expected to witness significant growth over the forecast period.

North America Captured the Largest Market Share and is Expected to Retain its Dominance Over the Forecast Period

North America dominates the market for genetic testing currently, owing to factors, like increasing demand for personalized genetic testing services in the region and the rise in the prevalence of chronic and genetic disorders.

According to the Globocon 2020, the new cancer cases diagnosed were 2,281,658 in the United States in 2020, with 612,390 deaths. Among all cancers, breast cancer had the highest incidence with 253,465 cases, followed by lung (227,875), prostate (209,512), and colon (101,809).

According to the Centers for Disease Control and Prevention (CDC), most clinics and hospitals have restricted in-person delivery of non-essential healthcare services, including genetic counseling, to minimize the transmission of coronavirus. However, deferring the genetic counseling can impose difficulties, because if genetic testing is not performed on time, it would affect the decision-making during pregnancy or about cancer treatment. Hence, though the studied market is presently slowed down due to the ongoing pandemic, the situation is expected to improve gradually.

The increasing product approvals by the US Food and Drug Administration (FDA) and subsequent launches, along with the high concentration of key players involved in research activities for the innovation of novel genetic testing products, are anticipated to drive the market growth in North America. For instance, in November 2020, Foundation Medicine Inc. received the US FDA approval for its liquid biopsy next-generation sequencing-based FoundationOne Liquid CDx test as a companion diagnostic device for the identification of multiple biomarkers in cancers. Additionally, in August 2020, Dana Farber Cancer Institute launched the Center for BRCA and Related Genes for the prevention and treatment of BRCA related cancers. Thus, in view of the growing cancer incidence and strategies taken ahead by key players in the region, the genetic testing market is expected to grow significantly over the forecast period in North America.

Competitive Landscape

The genetic testing market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. The presence of major market players, such as Abbott Laboratories, BioRad Laboratories Inc., F Hoffmann-La Roche, and Illumina Inc., is increasing the overall competitive rivalry of the market. The product advancements and improvements in genetic testing platforms by the major players are increasing competitive rivalry. Additionally, the key players are involved in strategic alliances, such as acquisitions and partnerships, with companies that complement their product portfolio to expand their presence globally. For instance, in September 2020, Illumina Inc. entered into a definitive agreement to acquire GRAIL to expand the portfolio: transformative multi-cancer screening test (based on next-generation sequencing (NGS)).

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06283178/?utm_source=GNW

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