The global Hereditary Testing Market size is expected to reach USD 8.9 billion by 2026, expanding at a CAGR of 6.3% over the forecast period, according to a new report by Grand View Research, Inc. Key factors driving the market are declining cost of sequencing and availability of genetic tests at a lower price. Furthermore, the availability of niche and fragmented point-solutions across genomics value chain, namely sequencing, analytics, interpretation, aggregation, and marketplace, is anticipated to propel the market growth over the forecast period.
The advent of direct-to-consumer genetics is anticipated to play a major role in the genetic testing market by enabling individuals to carry out self-testing. This expands the role of genetic counselors, which further aids in understanding the importance of genetic tests and helps in the selection of appropriate tests. A growing number of registered genetic counselors is anticipated to boost the adoption of hereditary genetic tests in the coming years.
Technology developers are introducing advanced products to enhance the efficiency of genetic tests by diagnostic companies. For example, in June 2019, QIAGEN launched a new QIAseq Expanded Carrier Screening Panel, a novel Next-generation Sequencing (NGS) panel integrated with advanced bioinformatics solutions for rare and inherited diseases testing. Such ongoing developments in the market space are expected to boost revenue growth to a large extent in the coming years.
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Further key findings from the report suggest:
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Grand View Research has segmented the global hereditary testing market on the basis of disease type and region:
Hereditary Testing Disease Type Outlook (Revenue, USD Million, 2015 – 2026)
Hereditary Testing Regional Outlook (Revenue, USD Million, 2015 – 2026)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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