DUBLIN--(BUSINESS WIRE)--The "Genetic Testing Market - Growth, Trends, Covid-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Genetic Testing Market is valued at approximately USD 7,836 million in 2020 and is expected to witness a revenue of USD 14,227 million in 2026, with a CAGR of 10.45% over the forecast period.
The COVID-19 pandemic has left a significant impact on the growth of the genetic testing market over the crisis. According to the research article published in Genetics in Medicine, 2020, given the COVID-19, all the clinical genetics were 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 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.
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.
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.
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 towards personalized medicine are expected to result in significant growth of the genetic testing market over the forecast period.
Key Market Trends
Genetic Testing Market is Expected to Dominate in 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 studied market over the pandemic era.
The increasing burden of cancers worldwide, along with 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 International Agency for Research on Cancer(IARC). Thus, the genetic tests aids 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 the tumor that are resistant to therapy.
Also, the increasing technological advancements and product launches s expected to drive the studied segment. For instance, in Dec 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.
Competitive Landscape
The genetic testing market is highly competitive and consists of several major players. In terms of market share, 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 in turn, 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, partnerships with companies that complement its product portfolio to expand its presence globally.
Companies Mentioned
- 23&Me Inc.
- Abbott Laboratories
- BioRad Laboratories Inc.
- Danaher Corporation (Cepheid Inc.)
- F Hoffmann-La Roche AG
- Illumina Inc.
- Luminex Corporation
- Myriad Genetics Inc.
- PerkinElmer Inc.
- Quest Diagnostics Incorporated
- Eurofins Scientific
- Qiagen NV
For more information about this report visit https://www.researchandmarkets.com/r/nzxjwr
