PUBLISHER: The Business Research Company | PRODUCT CODE: 1425534
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425534
Hereditary Cancer Testing 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 hereditary cancer testing 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 hereditary cancer testing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hereditary cancer testing 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.
Hereditary cancer testing involves various testing methods designed for identifying specific hereditary cancer diseases and gene mutations associated with these diseases. These tests play a crucial role in assessing the risk of developing certain cancer types with a genetic predisposition, enabling a more comprehensive understanding of cancer risk for patients. The primary objective of hereditary cancer testing is early detection, allowing for proactive measures to minimize the risk and improve overall health outcomes for individuals.
There are two main types of tests for hereditary cancer such as multi-panel tests and single-site genetic tests. Multi-panel tests simultaneously examine multiple genes associated with different types of cancers. These panels can vary in size, ranging from three-panel tests targeting specific substances to more extensive panels with five, seven, or even 12 tests, providing a broader analysis of genetic risk factors. The decision on the number of tests conducted is based on the discretion of the tester. Hereditary cancer testing is applicable to detect various types of cancers, including breast cancer, ovarian cancer, colorectal cancer, and others. These tests are typically conducted in hospitals, clinics, and diagnostic centers.
The hereditary cancer testing market research report is one of a series of new reports from The Business Research Company that provides hereditary cancer testing market statistics, including hereditary cancer testing industry global market size, regional shares, competitors with a hereditary cancer testing market share, detailed hereditary cancer testing market segments, market trends and opportunities, and any further data you may need to thrive in the hereditary cancer testing industry. This hereditary cancer testing 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 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 the rising incidence of hereditary cancers, genetic counseling programs, government initiatives for cancer prevention, improved insurance coverage, understanding of gene-environment interactions, and 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 anticipated growth in the forecast period can be attributed to the expansion of targeted therapies, advancements in precision medicine, the rise in direct-to-consumer testing, global health initiatives, and progress in bioinformatics. Major trends expected in this period include advancements in genetic sequencing technologies, the integration of telemedicine and remote genetic counseling, the continued development of precision medicine and personalized treatment approaches, the creation of cancer risk assessment models, and the increasing emphasis on ethical and legal considerations in the field of genetic testing and personalized medicine.
The hereditary cancer testing market is experiencing substantial growth due to the increasing prevalence of hereditary cancer. As highlighted in a June 2022 article on hereditary cancer in clinical practice, approximately 10% of pancreatic cancer cases have a genetic background. Moreover, hereditary factors contribute to around 10% of all cancer cases, with an estimated 20% of cancer patients having a family history of cancer, as reported by SOPHiA Genetics in May 2021. The demand for hereditary cancer testing is escalating as it enables the detection of specific gene mutations associated with hereditary cancer syndromes, facilitating comprehensive cancer risk assessments. This trend underscores the pivotal role of hereditary cancer testing in addressing the challenges posed by hereditary cancer.
The hereditary cancer testing market is set to witness significant growth driven by the increasing overall burden of cancer. Cancer, characterized by abnormal cell growth, poses a substantial health challenge globally. Hereditary cancer testing emerges as a crucial tool in mitigating this burden by identifying individuals with a genetic predisposition to specific cancers. This allows for early interventions, personalized treatment strategies, and proactive preventive measures. According to the EU Science Hub's October 2023 article, new cancer cases rose by 2.3%, reaching 2.74 million in 2022, and cancer-related deaths increased by 2.4% compared to 2020. The surge in cancer cases highlights the growing need for hereditary cancer testing as part of a comprehensive approach to cancer management.
Technological innovation is a key trend influencing the hereditary cancer testing market, with major players focusing on advancements to maintain their market positions. In March 2022, Myriad Genetics, a prominent US-based genetic testing and precision medicine company, introduced a Polygenic Breast Cancer Risk Assessment Score for all ancestries as part of its MyRisk Hereditary Cancer test with RiskScore. This innovative approach offers a personalized breast cancer risk assessment to women without a previous breast cancer diagnosis, showcasing the industry's commitment to leveraging technology for enhanced testing capabilities and individualized risk evaluations.
Collaborations and partnerships are strategic initiatives undertaken by major companies to reinforce their positions in the hereditary cancer testing market. In August 2021, Lightbeam Health Solutions, a US-based healthcare company, entered into a partnership with Ambry Genetics, a hereditary cancer genetic testing company. This collaboration aims to integrate precision genetic testing data from Ambry Genetics into the Lightbeam application. By combining forces, the companies intend to empower organizations in predicting heightened risks for common cancers and chronic conditions within patient populations. Such collaborations highlight the industry's recognition of the importance of synergies to enhance the scope and impact of hereditary cancer testing services.
In January 2022, Exact Sciences, a U.S.-based molecular diagnostics company, successfully completed the acquisition of PreventionGenetics for approximately $190 million. This strategic acquisition enhances Exact Sciences' portfolio of advanced cancer tests by incorporating PreventionGenetics' comprehensive genetic testing offerings, creating a complementary synergy. PreventionGenetics brings to the table not only a diverse genetic testing portfolio but also valuable clinical lab capabilities, expertise, and foundational technology. This collaboration aims to accelerate the availability of Hereditary Cancer Testing (HCT) and extend the reach of genetic risk assessment for cancer and other diseases. PreventionGenetics is a U.S.-based genetic testing and DNA testing laboratory.
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, and PerkinElmer Inc.
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.
The countries covered in the hereditary cancer testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hereditary cancer testing market includes revenues earned by entities by providing hereditary cancer testing for lung cancer, cervical cancer, prostate cancer, stomach/gastric cancer, melanoma, sarcoma, and uterine cancer. 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.