Hereditary Cancer Testing Market Share, Size, Growth and Forecast Report, 2022 to 2030
Healthcare & Life Sciences
Reports & Insights
Hereditary Cancer Testing Market at a Glance:
Hereditary cancer testing market revenue for 2020 was predicted to be US$ 4.8 Bn. By the end of 2030, the market is expected to have a potential value of US$ 13.5 Bn, advancing at a CAGR of 9.7% between 2022 and 2030.
This market research report on the global market for hereditary cancer testing market was constructed by the Reports and Insights team which intends to address market aspects such as key drivers, challenges, and opportunities for industry participants. Furthermore, it will encompass a regional outlook, market segmentation outlook, and market trends for hereditary cancer testing market, Market size and share, industry, and product insights, SWOT analysis, Porter's five forces analysis, PESTEL analysis, heat map analysis, market prediction, and information on the key players active in the market of hereditary cancer testing market.
Scope of the report:
Market size available for the years
By Test Type, By Technology, By Indication, By End-User, By Region
Asia Pacific, Africa, Middle East, Europe, North America, Latin America
Myriad Genetics, Inc., Invitae Corporation, Illumina, Inc., Natera, Inc., Laboratory Corporation of America Holdings, F. Hoffmann-La Roche Ltd, Quest Diagnostics Incorporated, CooperSurgical, Inc., Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., and among others.
Hereditary Cancer Testing Market Dynamics:
Hereditary Cancer Testing Market Drivers:
“Increasing Prevalence Of Cancer Is One Of The Major Driving Factors”
The increasing prevalence of cancer is one of the major driving factors of the hereditary cancer testing market. According to the World Health Organization (WHO), cancer is one of the leading causes of death worldwide, and the number of new cases of cancer is expected to rise by about 70% over the next two decades. Hereditary cancer is caused by genetic mutations that are inherited from parents, and individuals with these mutations are at an increased risk of developing certain types of cancer. As the incidence of cancer continues to increase globally, there is a growing demand for genetic testing to identify individuals who are at an increased risk of developing hereditary cancers.
Furthermore, the development of cancer can be influenced by both genetic and environmental factors, and individuals with a family history of cancer may be at a higher risk of developing cancer themselves. As a result, hereditary cancer testing is an important tool for identifying individuals who are at an increased risk of developing hereditary cancers and can help healthcare providers develop personalized screening and treatment plans to reduce the risk of cancer.
In addition, the increasing prevalence of cancer is also driving innovation in the development of new genetic tests and technologies that can help identify and diagnose cancer earlier, which can improve treatment outcomes and patient survival rates.
“Growing Geriatric Population”
The growing geriatric population is an important factor driving the hereditary cancer testing market. As people age, their risk of developing cancer increases, and this risk is further compounded by genetic factors that can increase the likelihood of developing certain types of cancer. With the aging of the population, there is a growing demand for genetic testing to identify individuals who are at an increased risk of developing hereditary cancers. This is particularly important for individuals with a family history of cancer, as they may be at a higher risk of developing cancer themselves.
According to the World Health Organization, the global population of people over 65 years of age is expected to triple by 2050, which will lead to a corresponding increase in the incidence of cancer. This has led to a growing demand for hereditary cancer testing among the geriatric population to identify individuals who are at an increased risk of developing hereditary cancers.
Hereditary Cancer Testing Market Opportunity:
“Market Players' Strategic Initiatives”
The need for strategic business ideas is growing along with the worldwide hereditary cancer testing industry. It consists of collaboration, company growth, and other developments. The need for diagnostic testing techniques is dramatically rising in response to the growth in interest in treating hereditary cancer. The prepared strategies enable the market participants to cooperate with organizational functional operations to meet predetermined objectives. It directs the company's conversations and decision-making when evaluating the amount of money and resources needed to achieve goals, hence improving operational effectiveness. These tactical moves—such as product launches, partnerships, and business development—by the key market participants will spur market expansion and present opportunities for the hereditary cancer testing market worldwide. Strategic efforts are anticipated to support expansion and enhance the company's product line, ultimately generating more income. Thus, it is anticipated that these strategic moves by industry participants would create a window of opportunity for the worldwide hereditary cancer testing market to expand.
Hereditary Cancer Testing Market Challenges:
“Limited Insurance Coverage & High Cost of Testing”
The cost of hereditary cancer testing can be expensive, which can limit its accessibility to individuals who may benefit from it. The high cost of testing can also be a barrier to healthcare providers who want to offer testing to their patients. Further, many insurance companies do not cover the cost of hereditary cancer testing, or they provide limited coverage, which can be a barrier to individuals who cannot afford to pay for testing out-of-pocket.
Moreover, many individuals may not be aware of their risk for hereditary cancer or the availability of genetic testing, which can limit their ability to make informed decisions about their health.
Hereditary Cancer Testing Market Segmentation Stance:
The hereditary cancer testing market is segmented based on test type, technology, indication, end-user, and region.
By Test Type
- Multi Panel Test
- Single-site Genetic Test
- Molecular Testing
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Cervical Cancer
- Ovarian Cancer
- Prostate Cancer
- Stomach/Gastric Cancer
- Uterine Cancer
- Pancreatic Cancer
- Diagnostic Laboratory
- North America
- Latin America
- Asia Pacific
- Middle East
Hereditary Cancer Testing Market Regional Stance:
The market for hereditary cancer testing is examined, and data on market size is given by test type, by technology, by indication, and by end-user. Due to increased R&D spending, which is likely to drive market expansion, North America currently dominates the industry. Due to the significant presence of important firms like Invitae Corporation, Illumina, Inc., Natera, Inc., and others, the U.S. leads the area of North America. Due to the mass manufacturing of hereditary cancer tests, rising demand from new countries, and development of the healthcare sectors, the United Kingdom leads the continent of Europe. Due to an increase in cancer-related diagnostic tests, China now leads the Asia-Pacific area.
Frequently Asked Question
What is the projected market size & Compound Annual Growth Rate (CAGR) of the hereditary cancer testing market?
The hereditary cancer testing market is estimated to reach at a value of US$ *** Mn by the end of 2022 and expected to reach at a value of US$ *** Mn by 2030 with a significant CAGR of ***%.
Which base year is used in the hereditary cancer testing market report?
The base year for the report is 2022 in hereditary cancer testing market.
What segments are covered in hereditary cancer testing market report?
The hereditary cancer testing market is segmented on the basis of test type, technology, indication, end-user, and region.
What are the key participating players in the hereditary cancer testing market?
Some of the key participating players in hereditary cancer testing market are: Myriad Genetics, Inc., Invitae Corporation, Illumina, Inc., Natera, Inc., Laboratory Corporation of America Holdings, F. Hoffmann-La Roche Ltd, Quest Diagnostics Incorporated, CooperSurgical, Inc., Agilent Technologies, Inc., Thermo Fisher Scientific, Inc.