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United States Hereditary Genetic Testing Market Analysis and Forecasts, 2022-2032 with Laboratory Corporation of America Holdings, Quest Diagnostics, & F. Hoffmann-La Roche Dominating - ResearchAndMarkets.com

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Press release content from Business Wire. The AP news staff was not involved in its creation.
January 9, 2023 GMT

DUBLIN--(BUSINESS WIRE)--Jan 9, 2023--

The “U.S. Hereditary Genetic Testing Market: Focus on Product, Sample Type, Application Area, and Genetic Testing Type - Analysis and Forecast, 2022-2032” report has been added to ResearchAndMarkets.com’s offering.

The U.S. hereditary genetic testing market was valued at $7.57 billion in 2021 and is expected to grow with a CAGR of 13.09% and reach $29.28 billion by 2032.

The growth in the U.S. hereditary genetic testing market is expected to be driven by growing demand for early and preventive care and increasing prevalence and associated disease burden related to various cancer, among others.

The U.S. hereditary genetic testing market appears to be highly dynamic at the moment, with companies focusing on the adoption of advanced technologies in order to cater to the demand of processing large data as well as efforts to make genetic testing reach a larger population.

Market Segmentation

Among the product segment, the services segment in the U.S. hereditary genetic testing market occupies the largest share of the market and is expected to dominate in the coming years as well. This is because companies are actively providing services to hereditary testing laboratories in addition to providing genetic testing kits and consumables.

Among the sample segment, blood samples are majorly used for conducting hereditary genetic testing in the U.S.

Among application area, all the four sub-segments constitute an almost equal share in the U.S. hereditary genetic testing market. However, drug discovery currently occupies a relatively major share, and the share of academics and research is expected to increase in the coming years.

How can this report add value to an organization?

Product/Innovation Strategy:

The report highlights the approaches being considered for making the test reach a larger population. The companies are incorporating data analytics and various software applications that can help them in fetching a more accurate result from a large genome data bank available to the company.

The report also provides an epidemiology forecast of selected cancer indications across different regions of the U.S., which again helps in assessing the expected market opportunity for hereditary genetic testing.

Growth/Marketing Strategy:

The several growth strategies identified in the report include increased focus toward technological advancement in making the tests more accurate as well as quick, making the tests more accessible to a broader population either by reducing the price or by getting them approved for reimbursement.

Competitive Strategy:

The report provides insight into the existing competition in the U.S. hereditary genetic testing market. The leading players, along with their contributions and market shares, have been identified and profiled in the report.

Moreover, a detailed competitive benchmarking of the players operating in the U.S. hereditary genetic testing market has been included to help the reader understand how players stand against each other, presenting a clear market landscape.

The report also highlights the key activities the companies were engaged in in the last three years. This will additionally help in evaluating the dynamics of the market with respect to growth and sustainability in the business.

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.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

The U.S. hereditary genetic testing market in 2021 was dominated by the following key players with a total market share of 51.45%:

  • Laboratory Corporation of America Holdings
  • Quest Diagnostics Incorporated
  • F. Hoffmann-La Roche Ltd.

The following companies had a total market share of over 25% in 2021 and were highly active in the U.S. hereditary genetic testing market:

  • BGI
  • Illumina, Inc.
  • Eurofins Scientific SE
  • Myriad Genetics, Inc.
  • Natera, Inc.

Key Topics Covered:

1 Market Definition

2 Research Scope

3 Research Methodology

4 Markets

4.1 Competitive Landscape

4.1.1 Strategic Activities

4.1.2 Mergers and Acquisitions

4.1.3 Product Launches

4.1.4 Synergistic Activities

4.1.5 Expansion

4.1.6 Market Share Analysis

4.1.7 Growth Share Analysis

5 U.S. Hereditary Genetic Testing: Overview

5.1 Current State of Hereditary Genetic Testing

5.2 Market Footprint and Future Potential

6 Market Dynamics

6.1 Overview

6.2 Impact Analysis

6.3 Market Drivers

6.3.1 Growing Demand for Early and Preventive Care

6.3.2 Increasing Number of New Cases of Cancer Indications and Associated Disease Burden

6.3.3 Increasing Technological Advancement Resulting in Improved Outcome

6.3.4 Rising Prevalence of Genetic Disorders

6.4 Market Restraints

6.4.1 Hesitation Among Patients Toward Genetic Testing

6.4.2 High Capital Requirement Hampering the Expansion

6.4.3 Lack of Accurate Risk Assessment in Neuromuscular Disorders

6.5 Market Opportunities

6.5.1 Technological Advancements for Exome Sequencing

6.5.2 Rise of Direct-to-Consumer (DTC) Testing Services

7 U.S. Hereditary Genetic Testing: Industry Analysis

7.1 Legal and Regulatory Framework

7.2 Workflow

7.3 Reimbursement Scenario

8 U.S. Hereditary Genetic Testing Market (by Product)

8.1 Overview

8.2 Kits and Consumables

8.3 Services

8.4 Others

9 U.S. Hereditary Genetic Testing Market (by Oncology Genetic Testing Type)

9.1 Overview

9.2 Breast Cancer

9.3 Colorectal Cancer

9.4 Prostate Cancer

9.5 Lung Cancer

9.6 Melanoma

9.7 Other Oncology Genetic Testing

10 U.S. Hereditary Genetic Testing Market (by Cardiology Genetic Testing Type)

10.1 Overview

10.2 Cardiomyopathy

10.3 Arrhythmia

10.4 Other Cardiology Genetic Testing

11 U.S. Hereditary Genetic Testing Market (by Neurology Genetic Testing Type)

11.1 Overview

11.2 Epilepsy

11.3 Neurodegenerative Disorder

11.4 Neuromuscular Disorder

11.5 Other Neurological Disorders

12 U.S. Hereditary Genetic Testing Market (by Other Genetic Testing Type)

12.1 Newborn Screening

12.2 Non-Invasive Prenatal (NIPT) Testing

12.3 Rare Disease Testing

12.4 Direct-to-Consumer Genetic Testing

13 U.S. Hereditary Genetic Testing Market (by Sample Type)

13.1 Overview

13.2 Saliva

13.3 Blood

13.4 Tumor Tissue

13.5 Bone Marrow

13.6 Other Sample Types

14 U.S. Hereditary Genetic Testing Market (by Application Area)

14.1 Academics and Research

14.2 Clinical Diagnostics

14.3 Drug Discovery

14.4 Monitoring and Screening

15 Competitive Benchmarking and Company Profiles

15.1 Company Overview

15.2 Role in the U.S. Hereditary Genetic Testing Market

15.3 Product Portfolio

15.4 Key Competitors of the Company

15.5 Financials

15.6 Key Insights about the Financial Health of the Company

15.7 Business Strategies

15.8 Corporate Strategies

15.9 Analyst’s Perspective

  • Agilent Technologies, Inc.
  • F. Hoffmann-La Roche Ltd.
  • Ambry Genetics
  • BGI
  • CENTOGENE N.V.
  • Eurofins Scientific SE
  • Illumina, Inc.
  • Invitae Corporation
  • Quest Diagnostics Incorporated
  • Thermo Fisher Scientific Inc.
  • Fulgent Genetics, Inc.
  • Exact Sciences Corporation
  • Guardant Health
  • Laboratory Corporation of America Holdings
  • PerkinElmer Inc.
  • Natera, Inc.
  • Color Health, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/few06d

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KEYWORD:

INDUSTRY KEYWORD: HEALTH GENETICS

SOURCE: Research and Markets

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PUB: 01/09/2023 11:40 AM/DISC: 01/09/2023 11:40 AM

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