Genetic Testing Market – Growth, Trends, Impact of COVID-19 and Forecast (2022

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The genetic testing market was valued at 14,791.51 Million US Dollars in 2021 and is expected to register a compound annual growth rate of approximately 10.81% during the forecast period (2022-2027). The COVID-19 pandemic has had a significant impact on the growth of the genetic testing market during the crisis.

NEW YORK, June 07, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of “Genetic Testing Market – Growth, Trends, Impact of COVID-19, Forecast (2022 – 2030)” – https://www.reportlinker.com/p06283178/?utm_source=GNW
According to the research article published in Genetics in Medicine 2020, all clinical genetic testing has been restricted and telemedicine-based counseling and counseling has been approved globally. According to this study, 112 antenatal and 156 clinical gene/cancer patients were evaluated in a one-month period at Columbia University Irving Medical Center (CUIMC). Most genetic testing services have adopted virtualization, along with home testing kits/home sample collection, to combat transmission of SARS-CoV2. However, according to a research article published in the Journal of Medical Genetics 2020, barriers to accessing genetic blood drawing tests have been reported, with genetic testing being significantly affected, with genetic testing dropping from 97.7% to 74.1%. % observed during the virtual care period. Thus, COVID-19 is expected to have a direct and indirect impact on the genetic testing market during the period of ongoing crisis.

Moreover, the increasing technological developments from the past few years have opened up many opportunities for market expansion. The rise in the prevalence of chronic diseases and the development of test kits for specialized therapeutic areas are aiding the rapid growth of the market. According to the United Nations Indicators on World Population Prospects for 2020, there will be more than 1.5 billion people over 65 years of age by 2050, up from 727 million in 2020. Increased demand for preventive diagnosis, especially genetic testing.

The increasing focus by governments in various countries, on regulating and creating awareness regarding genetic testing, has led to faster adoption of these tests worldwide. Increased funding for research and development, combined with a strong market presence by major market players, has created a strong entry barrier for new entrants. Innovation in product design, quality improvement and strong distribution partnerships are key factors to maintaining a competitive advantage in the market. For example, in August 2020, Ricoh Company Ltd and DNA Chip Research Inc. RICOH Standard DNA Series EGFR Type001 mutation, a reference DNA panel used in blood-based genetic testing in the diagnosis of lung cancer.

Adoption of direct-to-consumer genetic testing kits in countries such as the United States, China and Japan is growing rapidly. With increasing technology adoption, awareness programs, and lower costs, the market for DTC-GT (Direct Consumer Genetic Testing) kits is likely to experience a significant boost during the forecast period. Moreover, untapped countries such as India and other developing countries are expected to present a lucrative opportunity for players looking to establish their base in the genetic testing market.

Hence, due to the increasing burden of chronic diseases, technological advancements and inclination towards personalized medicine are expected to drive significant growth in the genetic testing market during the forecast period.

Major market trends

The genetic testing market is expected to dominate the cancer sector during the forecast period

Genetic testing helps determine the risk of developing different types of cancers during a person’s lifetime. Genetic tests are available to test for inherited variants and mutations in the DNA sequence, which can lead to excessive cell growth and lead to tumor/cancer. For example, genetic testing to determine PALB2 (associated with increased risks of breast and pancreatic cancer), CHEK2 (breast and colorectal cancer), BRIP1 (ovarian cancer), RAD51C and RAD51D (ovarian cancer).

According to the research study published in Clinical Cancer Research 2020, COVID-19 is expected to reshape oncology practice, clinical trials, diagnoses, and the delivery of cancer care to patients, which can last longer than the short to medium term. Pandemic active, therefore, COVID-19 is expected to impact the market during the pandemic era.

The rising burden of cancer worldwide and the growing awareness among the global population regarding preventive diagnosis and personalized medicine are some of the major factors driving the cancer segment market during the forecast period. According to Globocan 2020, there were an estimated 19,292,789 new cancer cases in 2020, with approximately 9,958,133 deaths from cancers. In addition, the incidence of new cancers is estimated to reach 30.2 million by 2040, according to the International Agency for Research on Cancer (IARC). Thus, genetic testing helps provide information about whether cancer runs in the family and the risk factors associated with the development of cancers in the future among individuals with a family history of cancer. Also, genetic testing is performed on patients who do not respond to chemotherapy, to determine the presence of acquired mutations in treatment-resistant tumors.

Also, increasing technological developments and product launches are expected to drive the studied segment. For example, in December 2020, Roche launched the Cobas PIK3CA mutation test to detect PIK3CA mutations in patients with advanced or metastatic breast cancer. Hence, due to the factors mentioned above, the Cancer segment is expected to experience significant growth during the forecast period.

North America captured the largest market share and is expected to retain its dominance during the forecast period

North America currently dominates the genetic testing market, due to factors such as increased demand for personalized genetic testing services in the region and the increasing prevalence of chronic and genetic disorders.

According to Globocon 2020, there were 2,281,658 new cancer cases diagnosed in the United States in 2020, with 612,390 deaths. Among all cancers, breast cancer had the highest incidence with 253,465 cases, followed by lung (227.875), prostate (209.512), and colon (101809) cancers.

According to the Centers for Disease Control and Prevention (CDC), most clinics and hospitals have restricted in-person provision of non-essential health care services, including genetic counseling, to reduce transmission of the coronavirus. However, postponing genetic counseling can pose difficulties, because if genetic testing is not done on time, it will affect decision-making during pregnancy or about cancer treatment. Hence, although the studied market is currently slowing down due to the ongoing pandemic, the situation is expected to gradually improve.

Increased product approvals by the US Food and Drug Administration (FDA) and subsequent launches, together with a high concentration of major players involved in research activities to innovate new genetic testing products, are expected to drive market growth in North America. For example, in November 2020, Foundation Medicine Inc. FDA approval of the FoundationOne Liquid CDx Next-Generation Liquid Sample Sequence-Based Test as a companion diagnostic device for the identification of multiple biomarkers in cancers. Additionally, in August 2020, the Dana-Farber Cancer Institute launched the BRCA and Related Genes Center for the prevention and treatment of BRCA-related cancers. Hence, due to the increasing incidence of cancer and the strategies taken by the major players in the region, the genetic testing market is expected to grow significantly during the forecast period in North America.

Competitive scene

The genetic testing market is very competitive and consists of many major players. In terms of market share, few major players currently dominate the market. The presence of major market players, such as Abbott Laboratories, Biorad Laboratories Inc, F. Hoffmann-La Roche and Illumina Inc, increases the overall competitive edge in the market. Advances and improvements in genetic testing platforms by major players are increasing the competitive edge. In addition, key players engage in strategic alliances, such as acquisitions and partnerships, with companies that complement their product portfolio to expand their presence globally. For example, in September 2020, Illumina entered into a definitive agreement to acquire GRAIL for Portfolio Expansion: a Transformative Test for the Detection of Multiple Cancers (based on Next Generation Sequencing (NGS)).

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