The hereditary cancer testing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Hereditary Cancer Testing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The hereditary cancer testing market size has grown rapidly in recent years. It will grow from $3.97 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to rising incidence of hereditary cancers, genetic counseling programs, government initiatives for cancer prevention, improved insurance coverage, understanding of gene-environment interactions, patient advocacy and support groups.
The hereditary cancer testing market size is expected to see rapid growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to expansion of targeted therapies, advancements in precision medicine, rise in direct-to-consumer testing, global health initiatives, advancements in bioinformatics. Major trends in the forecast period include advancements in genetic sequencing technologies, telemedicine and remote genetic counseling, precision medicine and personalized treatment, cancer risk assessment models, ethical and legal considerations.
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Scope Of Hereditary Cancer Testing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hereditary Cancer Testing Market Overview
Market Drivers –
The increasing prevalence of hereditary cancer is expected to drive the hereditary cancer testing market. Mutations in specific genes passed down from parents to children cause hereditary cancer syndromes. Hereditary cancer testing can detect specific, heritable, disease-related gene mutations, allowing for a comprehensive cancer risk assessment for patients. 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.
Market Trends –
Technological innovation is a key trend gaining popularity in the hereditary cancer testing market. 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.
The hereditary cancer testing market covered in this report is segmented –
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
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Regional Insights –
North America was the largest region in the hereditary cancer testing market in 2023. The regions covered in the hereditary cancer testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the hereditary cancer testing market report are Centogene NV, Ambry Genetics Inc., Myriad Genetics Inc., NeoGenomics Laboratories Inc., Quest Diagnostics, PreventionGenetics, Fulgent Genetics Inc., Invitae Corporation, Medical Diagnostic Laboratories LLC, Natera Inc., Color Health Inc., CooperSurgical Inc., OPKO Health Inc., Illumina Inc., Laboratory Corporation of America Holdings, Pathway Genomics Corporation, Strand Life Sciences Private Limited, Progenity Inc., Myogenes Ltd., Associated Regional and University Pathologists Inc., 4baseCare, Biocartis Group NV, F. Hoffmann-La Roche AG, Medgenome Pvt. Ltd., Abbott Laboratories, Agilent Technologies Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., Oxford Nanopore Technologies plc, PerkinElmer Inc.
1. Executive Summary
2. Hereditary Cancer Testing Market Report Structure
3. Hereditary Cancer Testing Market Trends And Strategies
4. Hereditary Cancer Testing Market – Macro Economic Scenario
5. Hereditary Cancer Testing Market Size And Growth
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27. Hereditary Cancer Testing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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