Hereditary Cancer Testing Market to Reach USD 10.1 Billion, Globally, by 2031 at 11.6% CAGR, Says Allied Market Research
Increase in the geriatric population, surge in incidence of cancer across the world, and rise in government expenditure on healthcare drive the growth of the global hereditary cancer testing market.
PORTLAND, Ore., Oct. 14, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Hereditary Cancer Testing Market by Cancer Type (Breast Cancer, Gastric Cancer, Ovarian Cancer, Prostate Cancer, Colorectal Cancer, Other Cancers), by Test Type (Predictive Testing, Diagnostic Testing), by End User (Diagnostic Centers, Hospitals, Clinics): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global hereditary cancer testing industry was estimated at $3.5 billion in 2021, and is anticipated to hit $10.1 billion by 2031, registering a CAGR of 11.6% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.
Determinants of growth-
Increase in the geriatric population, surge in incidence of cancer across the world, and rise in government expenditure on healthcare drive the growth of the global hereditary cancer testing market. On the other hand, lack of skilled professionals and high cost of the tests impede the growth to some extent. However, lucrative growth potential in untapped emerging economies is expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic gave way to the closure of non-emergency departments in hospitals. Medical procedures with high priority were only being performed in the medical centers, which impacted the global hereditary cancer testing market negatively, especially during the initial period.
- However, as the global situation started getting normal, the market for hereditary cancer testing also started getting back to shape.
The colorectal cancer segment to cite the fastest CAGR-
By cancer type, the other cancers segment contributed to nearly two-thirds of the global hereditary cancer testing market share in 2021, and is expected to lead the trail by 2031. This is attributed to increase in the prevalence of breast cancer and rise in the geriatric population as they are more prone to chronic diseases. The colorectal cancer segment, however, is expected to exhibit the fastest CAGR of 13.4% from 2022 to 2031. This is due to surge in the number of breast cancer patients and increase in the number of cancer testing products available in the market.
The predictive testing segment to dominate by 2031-
By test type, the predictive testing segment garnered more than two-thirds of the global hereditary cancer testing market share in 2021, and is expected to retain its dominance by 2031. The same segment would also portray the fastest CAGR of 11.9% during the forecast period. This is due to upsurge in demand for predictive testing performed in the hospitals and rise in the preference for predictive testing.
The hospitals segment garnered the major share in 2021-
By end user, the hospitals segment garnered nearly half of the global hereditary cancer testing market share in 2021, and is expected to retain its dominance by 2031. This is due to increase in the number of hospitals, surge in healthcare expenditure, and rise in the hospital visits of cancer patients for early diagnosis of cancers. The diagnostic centers segment, on the other hand, is expected to exhibit the fastest CAGR of 12.2% from 2022 to 2031, due to rise in the number of diagnostic centers and increase in adoption of hereditary cancer testing in the diagnostic centers.
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North America grabbed the highest share-
Based on region, North America held the major share in 2021, generating nearly two-fifths of the global hereditary cancer testing market. This is due to rise in the geriatric populatio, and surge in number of diagnostic procedures in the province. The Asia-Pacific region, however, would cite the fastest CAGR of 13.8% throughout the forecast period. This is due to the increasing prevalence of cancer types and the rising number of product launch & product approvals across the region.
Key players in the industry-
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- Abbott Laboratories
- Eurofins Scientific SE
- Illumina, Inc.
- Myriad Genetics, Inc.
- Qiagen N.V.
- Thermo Fisher Scientific, Inc.
- F. Hoffmann-La Roche AG
The report analyzes these key players in the global hereditary cancer testing market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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