Global Hereditary Genetic Testing Market to Reach $67.39bn by 2030

According to a new market intelligence report titled “Global Hereditary Genetic Testing Market- Analysis and Forecast, 2020-2030”, the global hereditary genetic testing market was valued at $16.66 billion in 2019 and is anticipated to grow over $67.39 billion by 2030. The global hereditary genetic testing market is expected to grow at double-digit compound annual growth rate in the forecast period 2020-2030, aided primarily by the impressive growth in the underlying services market.

Hereditary genetic testing is a type of medical test that identifies changes in genes, chromosomes, and proteins. The results of hereditary genetic tests confirmed a suspected genetic condition which further helps to determine a person’s chance of passing on or developing a genetic disorder. More than 1,000 hereditary genetic tests are currently used, and furthermore are being developed for testing.

According to Nitish Singh, Analyst, "North America is the leading contributor inthe global hereditary genetic testing market and contributed approximately 41.21% to the global market value in 2019. This region is anticipated to grow at a CAGR of 13.13% during the forecast period 2020-2030 and to continue dominating the global market in 2030. However, the Asia-Pacific region expected to grow at an impressive CAGR of 14.56% during the forecast period from 2020 to 2030. The Europe region also contributed a significant share of 27.67% to the global market in 2019 and is anticipated to grow at a CAGR of 13.28% during the forecast period 2020-2030.”

Research Highlights:

Clinical Diagnostics as an applicationarea isexpected to witness a robust CAGR of 14.11% during the forecast period 2020-2030. However, hereditary genetic testing market for monitoring and screening as an application area is anticipated to witness the growth of 13.02% during the forecast period 2020-2030.
Laboratory Corporationof America Holdings is currently the largest shareholder in the global hereditary genetic testing market. Its market dominance is attributed to the company’s presence within the market through its manufacturing, and services, led by dedicated products.

This market intelligence report provides a multi-dimensional view on the global hereditary genetic testing market in terms of market size and growth potential. This research report aims at answering various aspects of the global hereditary genetic testing market with the help of key factors driving the market, restraints that can possibly inhibit the overall growth of the market, and the current growth opportunities that are going to shape the future trajectory of the market expansion.

Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches andapprovals, partnerships, collaborations, business expansions, as well as mergers and acquisitions. The research report provides a comprehensive analysis of the product sales, manufacturers, service providers, and trend analysis by segment, and growth share analysis by region. Additionally, the report provides a comprehensive analysis and an opportunity analysis for the entire hereditary genetic testing market for 2019-2030.

This report is a meticulous compilation of research on more than 60 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 20 leading and emerging companies, market participants, and vendors. The report also comprises 15detailed company profiles including several key players such as Agilent Technologies, Inc., Ambry Genetics,Beijing Genomics Institute (BGI), CENTOGENE AG,Eurofins Scientific SE, F. Hoffmann-La Roche Ltd, Inc. Illumina, Inc. , Laboratory Corporation of America Holdings, Myriad Genetics, Inc., PerkinElmer, Inc., Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc.

The answers to the following key questions can be derived from this report:

What are the possible long-term and short-term impacts of hereditary genetic testing on the human health continuum?
What are the major market drivers, challenges, and opportunities in the hereditary genetic testing?
What are the key development strategies which are being implemented by the major players in order to sustain in the competitive market?
What are the key regulatory implications in developed and developing regions for the global hereditary genetic testing market?
How are service-based companies impacting the growth of the global hereditary genetic testing industry and further shaping up future trends?
How each segment of the market is expected to grow during the forecast period from 2020 to 2030?
Who are the leading players with significant offerings to the global hereditary genetic testing market? What is the expected market dominance for each of these leading players?
Which companies are anticipated to be highly disruptive in the future, and why?
What are the needs that are yet to be met by the global hereditary genetic testing market with respect to the application area,
What are the dynamics of various application areas and countries, which are impacting the global hereditary genetic testing market?
What are the new market opportunities of various technologies which are influencing the growth of the global hereditary genetic testing market?