PUBLISHER: The Business Research Company | PRODUCT CODE: 1425317
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425317
Carrier Screening Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on carrier screening market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for carrier screening? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The carrier screening market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Carrier screening is a genetic testing method designed to identify the presence of genes associated with specific genetic illnesses. This screening helps determine if individuals carry a gene mutation that, when present in two copies, can lead to hereditary diseases.
Two primary types of carrier screening are utilized such as expanded carrier screening and targeted disease carrier screening. Expanded carrier screening offers assessment for multiple autosomal and X-linked recessive disorders, leveraging advanced genetic testing technologies. This approach allows testing for individuals regardless of their ancestry or geographic origin. The products and services associated with carrier screening fall into the categories of service and product. The medical conditions covered include pulmonary conditions, hematological conditions, neurological conditions, and other relevant medical conditions. The technologies involved in carrier screening encompass DNA sequencing, polymerase chain reaction, microarrays, and various other technologies. Carrier screening services are utilized by a range of end users, including hospitals, reference laboratories, physician offices and clinics, and other entities involved in healthcare and genetic testing.
The carrier screening market research report is one of a series of new reports from The Business Research Company that provides carrier screening market statistics, including carrier screening industry global market size, regional shares, competitors with a carrier screening market share, detailed carrier screening market segments, market trends and opportunities, and any further data you may need to thrive in the carrier screening industry. This carrier screening market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The carrier screening market size has grown rapidly in recent years. It will grow from $2.31 billion in 2023 to $2.7 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth observed in the historical period can be attributed to various factors, including the increasing awareness of genetic disorders, a rise in maternal age prompting a focus on genetic testing, growing awareness and emphasis on family planning and pregnancy, efforts directed at preventing genetic diseases, public health initiatives promoting genetic screening, and an increased focus on addressing inherited conditions. These elements collectively contributed to the expansion witnessed during that timeframe.
The carrier screening market size is expected to see rapid growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The anticipated growth in the forecast period can be attributed to advancements in precision medicine, the expansion of panel offerings in genetic testing, the growing popularity of consumer genomics and direct-to-consumer testing, a heightened focus on rare and ultra-rare diseases, support from both government and insurance sectors, and the integration of pharmacogenomics. Key trends expected in the forecast period encompass continuous advancements in genetic technologies, increased integration with prenatal testing, a rise in personalized medicine applications, the provision of counseling and education services, and a heightened focus on ethical and legal considerations within the field of genetic testing. These trends collectively contribute to the projected growth in the upcoming period.
The anticipated increase in fetal chromosomal abnormalities and genetic disorders is set to drive the growth of the carrier screening market. Fetal chromosomal abnormalities involve deviations in the number or quantity of DNA within a chromosome, impacting a fetus. Prenatal testing for chromosomal abnormalities plays a crucial role in assessing the risk of carrying a fetus with such disorders. According to estimates from the World Health Organization in February 2022, birth defects contribute to the demise of 240,000 newborns in the first 28 days annually, with an additional 170,000 deaths among children aged 1 month to 5 years. Additionally, an article by the United Nations Government in March 2022 highlights that Down syndrome affects 1 in 1,000 to 1 in 1,100 live births globally, resulting in 3,000 to 5,000 annual births. This surge in fetal chromosomal abnormalities and genetic disorders is a significant driver for the growth of the carrier screening market.
The increasing geriatric population is expected to be a key factor boosting the growth of the carrier screening market. The geriatric population comprises individuals in the elderly age group, especially those planning parenthood later in life. Carrier screening, integrated into prenatal or preconception care, becomes crucial for understanding the genetic risks associated with advanced parental age. Data from the World Trade Organization in October 2022 reveals that the global population aged 60 and above increased to 1.4 billion in 2021. Projections indicate a doubling of the world's population of adults aged 60 and above to 2.1 billion by 2050, with those aged 80 or more predicted to triple, reaching 426 million. This demographic shift with an increasing geriatric population is driving the growth of the carrier screening market.
Major companies in the carrier screening market are concentrating on product developments, such as screening tests family, to maintain their market positions. Screening tests, aimed at asymptomatic individuals, are crucial in identifying risks associated with various conditions, including those related to pregnancy, family planning, and overall health. For example, Blueprint Genetics, a Finland-based genetic testing and diagnostics company, introduced the Screening Tests family in June 2023. This offering aims to provide actionable information for proactive decision-making related to family planning and health, supporting individuals in making informed choices about their well-being.
In the carrier screening market, major companies are also focusing on product developments, such as carrier screening panels, to sustain their market positions. Carrier screening panels involve genetic tests to identify individuals carrying gene mutations for specific conditions, even without exhibiting symptoms. In February 2023, Fulgent Genetics, Inc., a US-based genetic testing and diagnostics company, launched the Beacon787 expanded carrier screening panel. This comprehensive panel covers 787 genes associated with autosomal recessive and X-linked conditions, aligning with guidelines advocating for comprehensive screening for all pregnant and planning individuals. Fulgent's Beacon787 aims to provide equitable and pan-ethnic screening, emphasizing its commitment to advancing genetic testing and promoting informed family planning decisions.
In a strategic move, Sema4 OpCo Inc., a US-based provider of patient-focused health intelligence, acquired GeneDx LLC for $623 million in May 2022. This acquisition positions Sema4 as a prominent genomic testing company in the United States, enhancing its health information database and contributing to improved patient care and therapeutic research. GeneDx LLC, a US-based company specializing in the analysis of rare disorders and genomic testing, becomes an integral part of Sema4's commitment to advancing genomic insights in healthcare.
Major companies operating in the carrier screening market report are Invitae Corporation, BGI Genomics Co. Ltd., Centogene NV, Eurofins Scientific SE, Fulgent Genetics Inc., Genealogy by Genetics Ltd., Illumina Inc., Laboratory Corporation of America Holdings, Luminex Corporation, MedGenome Inc., Myriad Genetics Inc., Natera Inc., OPKO Health Inc., Otogenetics Corporation, Quest Diagnostics Inc., Sema4 Holdings Corporation, Thermo Fisher Scientific Inc., 23andMe Holding Co., REALM IDx Inc., Associated Regional and University Pathologists Inc., Genedx LLC, Genomic Health Inc., GenPath Consultants And Technologies Private Limited, Good Start Genetics Inc., NIPD Genetics Co. Pvt. Ltd., OraSure Technologies Inc., Pathway Genomics Corp., PerkinElmer Inc., PreventionGenetics LLC, and Progenity Inc.
North America was the largest region in the carrier screening market in 2023. Asia-Pacific is expected to be the fastest-growing region in the carrier screening market report during the forecast period. The regions covered in the carrier screening market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the carrier screening market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The carrier screening market includes revenues earned by entities by providing customized panel testing and predesigned panel testing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.