With the growing awareness about the role of hereditary genetic testing and identifying susceptible individuals, more and more people are opting for hereditary genetic testing.
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled U.S. Hereditary Genetic Testing Market – A Global and Regional Analysis.
According to this study, the market size of the U.S. hereditary genetic testing was valued at $7.57 billion in 2021 and is projected to reach $29.28 billion by 2032.
The following factors are responsible for the increase in demand for U.S. hereditary genetic testing:
- Growing demand for early and preventive care
- Increasing number of new cases of cancer indications and associated disease burden
- Increasing technological advancement resulting in improved outcome
- Rising prevalence of genetic disorders
The detailed study is a compilation of 28 market data tables and 118 figures spread through 178 pages.
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Analyst’s Take on the Market Projection
According to Tausif Qudsi, Principal Analyst, BIS Research, “the U.S. hereditary genetic testing market is highly dynamic with continuous technological advancement and growing awareness about the role of hereditary genetic testing in identifying the individuals at risk. Additionally, with the growing prevalence of cancer indications and the associated implications of the disease, more and more people are opting for hereditary genetic testing, and the U.S. hereditary genetic testing market is anticipated to have a potential growth opportunity.”
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Existing Competitive Landscape
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are
- Laboratory Corporation of America Holdings
- Quest Diagnostics Incorporated
- Hoffmann-La Roche Ltd.
- Illumina, Inc.
- Eurofins Scientific SE
- Myriad Genetics, Inc.
- Natera, Inc
Recent Developments in the U.S. Hereditary Genetic Testing Market
- On 3 October 2022, Laboratory Corporation of America Holdings concluded the transactions, establishing a long-term laboratory connection with Ascension. This partnership with Ascension boosts access to Laboratory Corporation of America Holdings’ clinical laboratory services, analytics, and laboratory network for the Ascension-served communities, eventually enhancing productivity and healthcare services.
- On 29 September 2022, Illumina, Inc. announced the launch of the NovaSeq X Series (NovaSeq X and NovaSeq X Plus), the new production-scale sequencers. These production-scale sequencers are designed to enable faster, more powerful, and more sustainable sequencing. With the aid of this technology, the company aims to lead advancing genomic research and clinical understanding, ultimately improving patient lives.
- On 14 September 2022, Qiagen, N.V. entered into a partnership with Neuron23 in order to provide a companion diagnosis for Neuron23’s brain penetrant leucine-rich repeat kinase (LRRK2) inhibitor for Parkinson’s disease.
Drug Discovery to Continue as the Dominating Application for Hereditary Genetic Testing
The role of hereditary genetic testing in drug discovery has increased in recent years and is estimated to constitute a larger market share in the U.S. hereditary genetic testing market.
As per the study conducted by BIS Research, the application of drug discovery was leading the market of U.S. hereditary genetic testing in 2021 with 29.30% of the market share. Monitoring and screening was the second largest application.
This trend is expected to continue during the forecast period of 2022-2032.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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