Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) — The “United States Hereditary Genetic Testing Market Competition Forecast and Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
United States Hereditary Genetic Testing Market is anticipated to witness a steady CAGR in the forecast period, 2024-2028
This can be ascribed to the growing frequency of hereditary disorders in the US. Similarly, growing advancements in genetic analysis and the advent of rare diseases are expected to drive the growth of the market during the forecast period.
Additionally, growing concern about women’s health will enhance the demand for the US hereditary genetic testing market over the years. Also, the growing existence of significant businesses offering genetic tests, the widespread use of modern therapies, and government guidelines to maintain the integrity of hereditary genetic testing screening are expected to drive the growth of the market in the forecast period.
Rising Prevalence of Chronic Disorders
Growing incidence of genetic disorders and cancer rapidly across the US will further increase the demand for US hereditary genetic testing market during the forecast period. One of the major factors is early and preventive care which is expected to drive the growth of the market in the forecast period.
Also, the growing economic burden for the treatment of diseases is leading to a stronger focus of healthcare providers and government bodies towards the early diagnosis and screening for health risks. According to the American Cancer Society, almost 1.8 million new patients with cancer were diagnosed in 2020.
Around 606,520 cancer deaths were reported in the United States in 2020, making cancer the second-highest death-causing disease worldwide. Various types of cancers are inherited from generation to generation due to gene mutations. So, genetic testing is widely used for studying the pattern and prevention of gene mutation, treatment of diseases, and drug discovery. Similarly, cytogenetics helps to study chromosomes to provide a better knowledge of cancers such as breast cancer.
Growing Demand for Personalized Medicine
Growing demand for personalized medicine for treating individual patients’ diseases will further drive the growth of the market over the years. So, large-scale drug discovery is necessary for increasing the feasibility and practicality of personalized medicines for the detection of genetic disorders as well as diseases.
Genetic testing is used in pharmacogenomics for drug-gene testing, and it can help to accelerate drug development. So, researchers are more aware of the treatments of customized diseases by using genetic testing techniques such as cytogenetic testing (fluorescence in situ hybridization, microarray, and others), biochemical testing, molecular testing, and DNA sequencing.
Moreover, the growing demand for primary patient care by physicians using genetic testing is expected to rise the demand for the hereditary genetic testing market over the years. In addition, consumer awareness of personalized medicines increased to 33% in 2019 from 29% in 2018.
Growing Advancement in Genetic Testing
Growing advancements in genetic testing such as the use of chromosomal microarray analysis and biochip for the detection of genetic disorders including NGS transforms the method of determination of structural and numerical abnormalities in chromosomes and this in turn leads to the detection of various type of rare genetic disorders and drives the growth of the market over the years.
Technological advancements also contribute towards developing the non-invasive cell-free fatal DNA for identifying sub chromosomal abnormalities, single gene disorders and chromosomal aneuploidy, which will further propel the growth of the market. Further, these technologies contribute towards the development of carrier screens that allow the simultaneous detection of different genetic disorders.
|No. of Pages||76|
|Forecast Period||2022 – 2028|
|Estimated Market Value (USD) in 2022||$1.76 Billion|
|Forecasted Market Value (USD) by 2028||$3.62 Billion|
|Compound Annual Growth Rate||12.6%|
|Regions Covered||United States|
Company Profiles: Detailed analysis of the major companies present in the United States Hereditary Genetic Testing Market.
- Invitae Corporation
- Ambry Genetics
- BioReference Laboratories Inc.
- Progenity Inc.
- Pathema Gx Lab, LLC
- Quest Diagnostics Incorporated
- Myriad Genetics Inc.
- Fulgent Genetics, Inc.
- Burning Rock Biotech Limited
United States Hereditary Genetic Testing Market, By Technique:
- DNA Sequencing
United States Hereditary Genetic Testing Market, By Application:
- Cognitive Dysfunction
United States Hereditary Genetic Testing Market, By Payer:
- Public Health Insurance
- Private Health Insurance
- Out of Pocket
United States Hereditary Genetic Testing Market, By End User:
- Independent Laboratories
United States Hereditary Genetic Testing Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/v7twhn
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- U.S. Hereditary Genetic Testing Market