The Hereditary Cancer Testing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hereditary Cancer Testing Global Market Report 2024, The hereditary cancer testing market size has grown rapidly in recent years. It will grow 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.
The hereditary cancer testing market size is expected to see rapid growth in the next few years. It will grow to $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.. Major trends in the forecast period include advancements in genetic sequencing technologies, telemedicine and remote genetic counseling, precision medicine and personalized treatment, cancer risk assessment models, ethical and legal considerations.
The increasing prevalence of hereditary cancer is expected to drive the hereditary cancer testing market. Mutations in specific genes passed down from parents to children cause hereditary cancer syndromes. Hereditary cancer testing can detect specific, heritable, disease-related gene mutations, allowing for a comprehensive cancer risk assessment for patients. For instance, in June 2022, according to an article published on BioMed Central about hereditary cancer in clinical practise, about 10% of pancreatic cancer cases have a genetic background. Furthermore, in May 2021, a Europe-based software company called SOPHiA Genetics, a data-driven medicine software company, stated in an article that hereditary factors account for approximately 10% of cancer cases, with an estimated 20% of cancer patients having a cancer family history. Therefore, the increasing prevalence of hereditary cancer drives the growth of the hereditary cancer testing market.
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The hereditary cancer testing market covered in this report is 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
Technological innovation is a key trend gaining popularity in the hereditary cancer testing market. Key players in the market are focusing on technological innovations to sustain their market positions. For instance, in March 2022, Myriad Genetics, a US-based genetic testing and precision medicine company, launched genetic testing with a Polygenic Breast Cancer Risk Assessment Score for all ancestries. This MyRisk Hereditary Cancer test with RiskScore offers a personalized breast cancer risk assessment to all women who have never been diagnosed with breast cancer, regardless of ancestry.
The hereditary cancer testing market report table of contents includes:
1. Executive Summary
2. Hereditary Cancer Testing Market Characteristics
3. Hereditary Cancer Testing Market Trends And Strategies
4. Hereditary Cancer Testing Market – Macro Economic Scenario
5. Global Hereditary Cancer Testing Market Size and Growth
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26. South America Hereditary Cancer Testing Market
27. Brazil Hereditary Cancer Testing Market
28. Middle East Hereditary Cancer Testing Market
29. Africa Hereditary Cancer Testing Market
30. Hereditary Cancer Testing Market Competitive Landscape And Company Profiles
Top Major Players:
- Centogene NV
- Ambry Genetics Inc
- Myriad Genetics Inc
- NeoGenomics Laboratories Inc
- Quest Diagnostics
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