Genetic Testing Market
Genetic Testing Market is segmented By Type (Carrier Testing, Diagnostic Testing, Forensic Testing, New-born Screening, Others), By Sample (Blood, Hair, Saliva, Others), By Technology (Biochemical Genetic Testing, Chromosomal Genetic Testing, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Genetic Testing Market is expected to grow at a CAGR in the forecast period 2022-2029. Genetic testing is a medical test that rectifies differences in genes, chromosomes, or proteins. The results of a genetic test can confirm or rule out a suspected genetic condition or help identify a person's chance of developing or passing on a genetic disorder. Genetic testing has considerably garnered demand because of the importance of early disease diagnosis and genetic disorders treatment.
The growth of the global genetic testing market is driven by the growing need for personalized medicine, the increasing application of genetic tests in oncology, and the rising awareness of prognosis and predictive screening.
The increasing focus by governments of various countries to regulate and create awareness regarding genetic tests will drive market growth.
Governments' increasing focus on regulating and creating awareness regarding genetic tests has successfully resulted in the faster adoption of these tests across the world. The increasing R&D funding and the strong market presence by significant players in the market have created a strong entry barrier for new entrants. For instance, in August 2020, Ricoh Company Ltd and DNA Chip Research Inc. launched RICOH Standard DNA Series EGFR mutation Type001, a reference DNA plate to be used in the blood-based genetic testing in the diagnosis of lung cancer.
The adoption of direct-to-consumer genetic testing kits in countries like the United States, China, and Japan, is multiplying. With increasing technological adoption, awareness programs, and a decline in costs, the DTC-GT (Direct-to-consumer genetic testing) kits market is likely to witness a significant boost over the forecast period.
Thus, a growing burden of chronic diseases, technological advancements, and inclination toward personalized medicine is expected to result in significant growth of the genetic testing market over the forecast period.
The social and ethical implications are likely to hamper market growth.
However, each new genetic test developed raises serious issues for medicine, public health, and social policy regarding the circumstances under which the test should be used, how the test is implemented, and what uses are made of its results.
COVID-19 Impact Analysis
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, clinical genetic testing was restricted and adopted telemedicine-based consultations and counseling globally. As per this study, 112 prenatal and 156 clinical genetics/cancer patients were evaluated in one month at the Columbia University Irving Medical Center (CUIMC).
Most genetic testing services have adopted virtualization, along with a home testing kit/home sample collection, to combat the transmission of the SARS-CoV2 virus. Though, as per the research study published in the Journal of Medical Genetics 2020, there was hindrance reported in accessing genetic testing blood draws, as a result of which tremendously impacted the genetic testing, wherein a reduction in genetic testing from 97.7% to 74.1% was observed during the virtual care period. Hence, COVID-19 is expected to, directly and indirectly, impact the genetic testing market over the ongoing crisis period.
Segment Analysis
The cancer disease segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Genetic testing helps identify 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, leading to excessive growth of the cells and tumor/cancer.
The increasing burden of cancers worldwide and 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. Globocan 2020 estimated the incidence of new cancer cases to be 19,292,789 in 2020, with nearly 9,958,133 deaths due to cancers. Additionally, the recent cancer incidence is estimated to reach 30.2 million by 2040, as per the International Agency for Research on Cancer (IARC). Aid genetic test provides information on whether cancer runs in the family and the risk factors associated with the development of cancers in the future among 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 tumors that are resistant to therapy.
Also, the increasing technological advancements and product launches are expected to drive the segment. For instance, in December 2020, Roche launched the Cobas PIK3CA Mutation Test to detect PIK3CA mutations in patients with advanced or metastatic breast cancer. Thus, the cancer segment is expected to witness significant growth over the forecast period because of the factors above.
North America region holds the largest market share of the global genetic testing market.
North America dominates the market for genetic testing owing to factors like increasing demand for personalized genetic testing services in the region and the rise in the prevalence of chronic and genetic disorders.
According to Globocon 2020, the new cancer cases diagnosed were 2,281,658 in the United States in 2020, with 612,390 deaths. Among all cancers, breast cancer had the highest incidence with 253,465 points, followed by lung (227,875), prostate (209,512), and colon (101,809).
According to the Centers for Disease Control and Prevention (CDC), most clinics and hospitals have restricted in-person delivery of non-essential healthcare services, including genetic counseling, to minimize coronavirus transmission.
For instance, in November 2020, Foundation Medicine Inc. received US FDA approval for its liquid biopsy next-generation sequencing-based FoundationOne Liquid CDx test as a companion diagnostic device to identify multiple biomarkers in cancers. Additionally, in August 2020, Dana Farber Cancer Institute launched the Center for BRCA and Related Genes to prevent and treatment of BRCA-related cancers. Thus, because of the growing cancer incidence and strategies taken ahead by key players in the region, the genetic testing market is expected to grow significantly over the forecast period in North America.
Competitive Landscape
The genetic testing market is highly competitive with local and global companies. Some of the key players contributing to the market's growth include Abbott Laboratories, BioRad Laboratories Inc., F Hoffmann-La Roche, Illumina Inc., Myriad Genetics Inc, Danaher Corporation Luminex Corporation, BioRad Laboratories Inc., PerkinElmer Inc, and Quest Diagnostics Incorporated, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which contribute to the growth of the Genetic Testing Market globally. For instance, in August 2020, the FDA approved Guardant360 CDx of Guardant Health and FoundationOne Liquid CDx of Foundation Medicine as a companion diagnostic test and general tumor profiling.
Abbott Laboratories
Overview: Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments, Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices.
Product Portfolio:
CEP 12 SPECTRUMORANGE DNA PROBE KIT: The CEP 12 SpectrumOrange DNA Probe Kit is intended to detect AT-rich alpha satellite sequences in the centromere region of chromosome 12 in conjunction with routine diagnostic cytogenetic testing. It is indicated for use as an adjunct to standard cytogenetic analysis for identifying and enumerating chromosome 12 via fluorescence in situ hybridization (FISH) in interphase nuclei of cells obtained from peripheral blood lymphocytes in patients with B-cell chronic lymphocytic leukemia (CLL).