Product ID: SQMIG35A2719
Report ID: SQMIG35A2719 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 67 | Figures: 75
US Genetic Testing Market size was valued at USD 6078.89 million in 2021 and is poised to grow from USD 7421.08 million in 2022 to USD 35.34 million by 2030, growing at a CAGR of 22% in the forecast period (2023-2030).
Genetic testing is more technologically advanced than diagnostics used in contemporary healthcare, which guarantees its correctness and dependability. Additionally, a significant increase in usage is projected as testing application areas spread throughout the healthcare industry. Currently, it includes inherited diseases like cancer as well as chronic illnesses like cardiovascular issues. A rising percentage of the population is choosing such diagnostic methods, especially in the U.S. with its high healthcare spending. Increased awareness and growing demand for early and preventative care are projected to fuel market expansion in the years to come. Cancellation of non-essential diagnostics due to potential negative impact of COVID-19.
Regarding the US healthcare system's makeup in the midst of the COVID-19 pandemic, the conclusions have been conflicting. While certain sectors of the healthcare industry saw significant beneficial effects, others saw clear negative effects. A nationwide lockdown imposed in the various US states that limits people's freedom of movement is one of the causes of these negative effects. This has also caused a substantial decrease in non-essential or non-critical diagnostic procedures that need hospital and clinic visits.
As a result, a number of elective genetic testing procedures, including cancer screening panels and hereditary disease testing, have either been put off or abandoned. An adverse effect is anticipated from a considerable disruption in the accessibility of hospitals or independent laboratories for sample analysis.
US Genetic Testing Market is poised to grow at a sustainable CAGR for the next forecast year.
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The US genetic testing market has been segmented based on technique, application, and region. Based on technique, the market is segmented into PCR, DNA sequencing, microarrays, and others. Based on the application, the market is segmented into cardiology, oncology, pharmacogenomics, cognitive dysfunction, pathogenomics, and others.
US Genetic Testing Market Analysis by Technique
The DNA sequencing sector is anticipated to be the largest. The widespread use of this method in genetic tests is responsible for the segment's supremacy. Additionally, the segmental expansion will be fueled by the technological superiority of this technique, such as quicker turnaround times, and the recent trend of falling next-generation sequencing (NGS) costs.
Due to the existence of numerous genetic tests that rely on this methodology, the polymerase chain reaction (PCR) segment is anticipated to hold the second-largest position. In the upcoming years, the microarrays market is expected to grow at a significantly higher CAGR. This is related to the growing use of this approach in oncology genetic testing, which is crucial for detecting gene mutations. As more genetic tests are using cutting-edge methods like next-generation sequencing and protein and DNA microarrays, it is projected that the others segment would lose a sizable chunk of the market.
US Genetic Testing Market Analysis by Application
The oncology category is anticipated to hold the largest market share during the anticipated time frame. The introduction of brand-new, cutting-edge oncology genetic tests by major firms like Myriad Genetics and Ambry Genetics is anticipated to support the segment's dominance.
Due to the rising number of product launches and advantageous reimbursement policies, the pharmacogenomics category is anticipated to keep the second spot during the projected period. A significant increase in the cardiology category is projected due to the robust and rising demand for these diagnostics as a result of the growing frequency of disorders like Parkinson's and Alzheimer's, the cognitive dysfunction sector is anticipated to account for a significant portion of the market.
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In terms of geography, North America led the global genetic testing market in terms of revenue in 2019 and is anticipated to continue to lead the market during the forecast period. This is explained by the majority of important actors being present in the region. However, due to increased affordability, a rise in healthcare spending, and increased awareness of early genetic condition screening, Asia-Pacific is anticipated to expand at the highest CAGR throughout the projection period.
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US Genetic Testing Market Driver
US Genetic Testing Market Restraint
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The landscape reflects the presence of both established and up-and-coming players in the competitive setting. The two businesses Myriad Genetics and Quest Diagnostics that were the market leader. Due to its extensive genetic testing, Quest Diagnostics dominates the market portfolio with a variety of application areas, including autoimmune disorders, different disorders, as well as heart problems. Due to its existence, Myriad Genetics is anticipated to be the second largest firm in terms of market revenue share in technologically sophisticated goods. Some of Myriad's well-known product lines, EndoPredict and MyRisk are examples of genetics. In other businesses like BioReference, Ambry Genetics, and Invitae Corporation, the goal of laboratories is to keep their position supported by innovative product offerings. Strong investment activities are expected to support R&D endeavors to lead to the emergence of new players
Top Players in the Global US Genetic Testing Market
US Genetic Testing Market Recent Development
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According to our analysis, by application, oncology segment dominated the US genetic testing market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, the DNA sequencing sector dominated the US genetic testing market owing to the region's increased awareness and growing demand for early and preventative care.
|Market size value in 2021
|USD 6078.89 million
|Market size value in 2030
|USD 35.34 million
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the U.S. Genetic Testing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. Genetic Testing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the U.S. Genetic Testing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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