Hereditary Testing Services Market: Advancements in hereditary testing techniques are expected to boost the market
Hereditary Testing Services Market: Introduction
Hereditary testing is usually referred to as genetic testing or DNA testing. Hereditary testing is employed to spot alterations in the DNA sequence that correlate with a disease or higher risk to develop a disease. This kind of test is often used for diagnosis before any symptoms of the disease are recognizable in order to work out the personal risk for certain multifactorial diseases. Thus, the results of hereditary testing can have far-reaching effects on a person's life.
Hereditary testing can provide important information for diagnosis, treatment, and prevention of illness; however, there are limitations. For instance, a positive result from DNA testing in a healthy individual doesn't generally mean that he would develop a disease, while in some situations, a negative result doesn't guarantee that the individual won't have a particular disorder.
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Key Drivers, Restraints, and Opportunities of Hereditary Testing Services Market
The global hereditary testing market is estimated to expand significantly in the near future, due to a rise in incidence of hereditary disorders and cancer and a rise in awareness & acceptance of personalized medicines. For instance, hereditary testing has been widely utilized in pharmacogenomics, also referred to as drug-gene testing. Additionally, advancements in hereditary testing techniques are expected to boost the hereditary testing market during the forecast period. However, standardization concerns of hereditary testing-based diagnostics and stringent regulatory requirements for product approvals are anticipated to hamper the hereditary testing market during the forecast period. Conversely, untapped emerging markets in developing countries are expected to offer significant opportunities for market players. For instance, healthcare systems in developing countries such as Brazil, India, and China have witnessed a significant increase in investments in healthcare and infrastructure, which boosts the demand for hereditary testing in the region.
Technological advancements in hereditary testing are likely to boost the global market during the forecast period. Advances in sequencing techniques have reduced the sequencing time and cost of hereditary testing. For instance, microarrays substantially reduce the sequencing time by utilizing microchips. These microchips employ fluorescein to spot mutations within the chromosomes. Furthermore, innovations such as exome sequencing and next-generation sequencing have reduced the cost of hereditary testing. Hence, technological advancements are projected to propel the global hereditary testing market during the forecast period.
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North America to expand significantly during forecast period
North America is projected to dominate the global hereditary testing services market during the forecast period. Increased demand for hereditary testing to understand ancestry, a rise in the demand for in-vitro fertilization (IVF), and pre-implantation testing are key factors augmenting the share held by the region. Technological advancements, presence of key players, launch of new products, the demand of diagnostics for cancer detection, and rise in prevalence and incidences of autoimmune, infectious diseases in the region are major factors driving the market in the region.
The hereditary testing services market in Asia Pacific is anticipated to expand at a notable growth rate during the forecast period. Increase in patient burden suffering from chronic diseases and recent mergers & acquisitions among key players offering hereditary testing and services are estimated to propel the market in the Asia Pacific region during forecast period.
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Top Companies in Hereditary Testing Services Market
The global hereditary testing services market is consolidated in terms of the number of players. Key players in the global hereditary testing services market include
- Laboratory Corporation of America Holdings
- Quest Diagnostics Incorporated
- Genomic Health, Inc.
- NeoGenomics Laboratories, Inc.
- Eurofins Scientific
- Ambry Genetics
- F. Hoffmann-La Roche Ltd
- Illumina, Inc.
- 23andMe, Inc.
- Exact Sciences Corporation
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