Global Hereditary Cancer Testing Market Size, Share And Growth Analysis For 2024-2033
Hereditary Cancer Testing Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated all its market reports with the latest information for the year 2024, projecting trends and forecasts until 2033
LONDON, GREATER LONDON, UNITED KINGDOM, October 7, 2024 /EINPresswire.com/ -- The hereditary cancer testing market2 has experienced robust growth in recent years, expanding from $3.97 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to rising incidence of hereditary cancers, genetic counseling programs, government initiatives for cancer prevention, improved insurance coverage, understanding of gene-environment interactions, patient advocacy and support groups.
What Is The Estimated Market Size Of The Global Hereditary Cancer Testing Market And Its Annual Growth Rate?
The hereditary cancer testing market is projected to continue its strong growth, reaching $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to expansion of targeted therapies, advancements in precision medicine, rise in direct-to-consumer testing, global health initiatives, advancements in bioinformatics.
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Growth Driver Of The Hereditary Cancer Testing Market
An increase in the overall cancer burden is expected to propel the hereditary cancer testing market going forward. Cancer is a group of diseases characterized by the uncontrolled and abnormal growth of cells, which can invade and spread to other tissues and parts of the body. In a healthy organism, cells follow a regulated process of growth, division, and death. Hereditary cancer testing plays a critical role in addressing the overall burden of cancer by identifying individuals with a genetic predisposition to certain cancers. By assessing inherited mutations and familial risk factors, this testing helps identify individuals at higher risk, enabling early intervention, personalized treatment plans, and proactive preventive measures.
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Which Market Players Are Steering the Hereditary Cancer Testing Market Growth?
Key players in the market include Centogene NV, Ambry Genetics Inc., Myriad Genetics Inc., NeoGenomics Laboratories Inc., Quest Diagnostics, PreventionGenetics, Fulgent Genetics Inc., Invitae Corporation, Medical Diagnostic Laboratories LLC, Natera Inc., Color Health Inc., CooperSurgical Inc., OPKO Health Inc., Illumina Inc., Laboratory Corporation of America Holdings, Pathway Genomics Corporation, Strand Life Sciences Private Limited, Progenity Inc., Myogenes Ltd., Associated Regional and University Pathologists Inc., 4baseCare, Biocartis Group NV, F. Hoffmann-La Roche AG, Medgenome Pvt. Ltd., Abbott Laboratories, Agilent Technologies Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., Oxford Nanopore Technologies plc, PerkinElmer Inc.
What Are the Dominant Trends in Hereditary Cancer Testing Market Overview?
Major companies collaborate and get into partnerships to strengthen their position in the market. A business strategic partnership refers to a structured affiliation between two or more commercial enterprises, typically established via one or more business agreements or contracts.
How Is The Global Hereditary Cancer Testing Market Segmented?
1) By Test Type: Multi Panel Test, Single-site Genetic Test
2) By Indication: Breast Cancer, Ovarian Cancer, Colorectal Cancer, Other Indications
3) By End user: Hospital, Clinics, Diagnostic Centers
Geographical Insights: North America Leading The Hereditary Cancer Testing Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Hereditary Cancer Testing Market Definition
The hereditary cancer testing refers to testing methods for hereditary cancers that can identify specific hereditary cancer diseases and disease-related gene mutations. This testing may decrease the risk of developing particular cancer mutants, allowing for a more comprehensive cancer risk for patients. The primary purpose of this cancer testing is to detect hereditary cancer early and maximize patient health outcomes. This testing procedure assists in identifying cancers for which one has a genetic risk and allows them to receive preventive treatment.
Hereditary Cancer Testing Global Market Report 20243 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global hereditary cancer testing market report covering trends, opportunities, strategies, and more
The Hereditary Cancer Testing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on hereditary cancer testing market size, hereditary cancer testing market drivers and trends, hereditary cancer testing market major players and hereditary cancer testing market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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