How Will The Hereditary Cancer Testing Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s hereditary cancer testing market report forecasts the hereditary cancer testing market size to grow to $5.82 Billion by 2027, with a CAGR (compound annual growth rate) of more than 10%.
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Hereditary Cancer Testing Market Size Forecast
The global hereditary cancer testing market is expected to grow from $3.55 billion in 2022 to $3.95 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hereditary cancer testing market size is expected to grow to $5.82 billion in 2027 at a CAGR of 10.2%.
North America held the largest hereditary cancer testing market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Hereditary Cancer Testing Market Driver – Increase In The Prevalence Of Hereditary Cancer
For instance, in June 2022, according to an article published on BioMed Central about hereditary cancer in clinical practise, about 10% of pancreatic cancer cases have a genetic background. Furthermore, in May 2021, a Europe-based software company called SOPHiA Genetics, a data-driven medicine software company, stated in an article that hereditary factors account for approximately 10% of cancer cases, with an estimated 20% of cancer patients having a cancer family history. Therefore, the increasing prevalence of hereditary cancer drives the growth of the hereditary cancer testing market.
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Key Hereditary Cancer Testing Market Trend – Technological Innovation
Key players in the market are focusing on technological innovations to sustain their market positions. For instance, in March 2022, Myriad Genetics, a US-based genetic testing and precision medicine company, launched genetic testing with a Polygenic Breast Cancer Risk Assessment Score for all ancestries. This MyRisk Hereditary Cancer test with RiskScore offers a personalized breast cancer risk assessment to all women who have never been diagnosed with breast cancer, regardless of ancestry.
Hereditary Cancer Testing Market Segment
1) By Test Type: Multi Panel Test, Single-site Genetic Test
2) By Indication: Breast Cancer, Ovarian Cancer, Colorectal Cancer, Other Indications
3) By End user: Hospital, Clinics, Diagnostic Centers
Hereditary Cancer Testing Market Major Players and Strategies
Major players in the hereditary cancer testing market are Centogene NV, Ambry Genetics, Myriad Genetics Inc., NeoGenomics Laboratories Inc., Quest Diagnostics, PreventionGenetics, Fulgent Genetics, Invitae Corporation, Medical Diagnostic Laboratories LLC, Natera Inc., Color Health, CooperSurgica Inc., OPKO Health Inc., Illumina Inc., Laboratory Corporation of America Holdings, Pathway Genomics Corporation, Strand Life Sciences Private Limited, Progenity Inc., Myogenes, Counsyl, and ARUP Laboratories.
In January 2020, Quest Diagnostics, a US-based clinical laboratory company, acquired Blueprint Genetics for an undisclosed amount. With this acquisition, Quest and Blueprint Genetics will improve patient care and pharmaceutical medication research and development by increasing access to practical insights into genetic and rare diseases. Blueprint Genetics is a US-based company offering complete genetic testing and genetic diagnostics to medical professionals.
The Hereditary Cancer Testing Global Market Report 2023 covers regional data on hereditary cancer testing market size, hereditary cancer testing market trends and drivers, opportunities, strategies, and hereditary cancer testing market competitor analysis. The countries covered in the hereditary cancer testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The hereditary cancer testing refers to testing methods for hereditary cancers that can identify specific hereditary cancer diseases and disease-related gene mutations. This testing may decrease the risk of developing particular cancer mutants, allowing for a more comprehensive cancer risk for patients. The primary purpose of this cancer testing is to detect hereditary cancer early and maximize patient health outcomes. This testing procedure assists in identifying cancers for which one has a genetic risk and allows them to receive preventive treatment.
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Cancer Biologics Global Market Report 2023
Cancer Diagnostics Global Market Report 2023
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