Global Carrier Screening Market to Grow at a Fascinating CAGR of 16.20% in the 2021-2028 Timeframe [165-Pages] | Acclaimed by Research Dive

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13 Apr, 2023, 10:59 GMT

The global carrier screening market is expected to grow primarily due to the growing number of genetic diseases worldwide. DNA sequencing sub-segment is expected to flourish immensely. The North America region is predicted to grow at a high CAGR by 2028.

NEW YORK, April 13, 2023 /PRNewswire/ --  Global Carrier Screening Market Forecast Analysis:

As per the report published by Research Dive, the global carrier screening market is expected to register a revenue of $7,157.60 million by 2028, growing at a CAGR of 16.20% during the forecast period, 2021–2028.

Segments of the Carrier Screening Market

The report has divided the carrier screening market into the following segments:

  • Type: expanded carrier screening and targeted disease carrier screening
    • Expanded Carrier Screening – Expected to register a revenue of $3,879.70 million during the forecast period
      Women who are trying to get pregnant and have a family history of genetic disorders are treated with an expanded carrier screening. Nowadays, the demand for expanded carrier screening is rising, which is expected to push the growth of this sub-segment further.
  • Technology: DNA sequencing, polymerase chain reaction, microarrays, and other technologies
    • DNA Sequencing – Projected to surpass $2,911.20 million by 2028
      The growth of this sub-segment is mainly due to the increasing demand for technology such as DNA sequencing as it offers greater accuracy than other technologies.
  • End-user: hospitals, reference laboratories, physician offices & clinics, and other end-users
    • Hospitals – Expected to register a revenue of $2,924.40 million during the forecast period
      The growing availability of highly qualified technicians and doctors all over the world is expected to propel the sub-segment forward.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • North America – Projected to register a revenue of $2,834.40 million by 2028
      The rising need for carrier screening across the US is one of the factors that is fueling the market growth across the globe.

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Dynamics of the Global Carrier Screening Market

The growing number of genetic disorders across the world due to mutation in chromosomes or genes are expected to make the carrier screening market a highly profitable one in the forecast period. Furthermore, growing awareness of the benefits of early detection and treatment of genetic illnesses is encouraging market players to implement new strategies all over the world, which is expected to propel the market forward. However, a lack of awareness of the advantages of carrier screening, problems with accuracy, and expensive costs associated with carrier screening might become a restraint in the growth of the market.

The rising need for Next-generation Sequencing (NGS) technology to know the epigenome, genome, and transcriptome of the human is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the use of affordable technologies for carrier screening and the expansion of novel test launches for improved diagnosis and treatment are expected to propel the carrier screening market forward in the coming period.

COVID-19 Impact on the Global Carrier Screening Market

The Covid-19 pandemic disrupted people's routines all over the world, and the subsequent lockdowns had a negative impact on industrial processes in all sectors. The carrier screening market, too, was negatively impacted due to the pandemic. Carrier screening market growth deteriorated as genetic counsellors were not allowed to see patients in person during the COVID-19 period. Moreover, the closure of laboratories also hindered the market growth. Also, according to the Centers for Medicaid Services (CMS), genetic counsellors won't be accepted as healthcare professionals in 2020. These factors significantly hindered market growth amidst the pandemic.

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Key Players of the Global Carrier Screening Market

The major players of the market include

  • Quest Diagnostics Incorporated
  • Thermo Fisher Scientific Inc.
  • Invitae Corporation
  • Eurofins Scientific
  • Opko Health
  • Natera Inc.
  • Fulgent Genetics Inc.
  • Myriad Genetics
  • Luminex Corporation
  • Illumina Inc.

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

For instance, in February 2023, Fulgent Genetics, Inc., a technology-based firm with a renowned clinical diagnostics and therapeutic development business, announced that their latest Beacon787 expanded carrier screening panel can now be immediately available.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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