New York, April 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hereditary Cancer Testing Global Market Report 2023" - https://www.reportlinker.com/p06451113/?utm_source=GNW
, Color Health, CooperSurgica Inc., OPKO Health Inc., Illumina Inc., Laboratory Corporation of America Holdings, Pathway Genomics Corporation, Strand Life Sciences Private Limited, Progenity Inc., Myogenes, Counsyl, and ARUP Laboratories.
The global hereditary cancer testing market is expected to grow from $3.55 billion in 2022 to $3.95 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hereditary cancer testing market is expected to grow to $5.82 billion in 2027 at a CAGR of 10.2%.
The hereditary cancer testing market includes revenues earned by entities by providing hereditary cancer testing for lung cancer, cervical cancer, prostate cancer, stomach/gastric cancer, melanoma, sarcoma, and uterine cancer.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The hereditary cancer testing refer to testing methods for hereditary cancers which can identify specific hereditary cancer diseases and disease-related gene mutations.This testing may decrease the risk of developing particular cancer mutants allowing for 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 that one has a genetic risk and allows them to receive preventive treatment.
North America was the largest region in the hereditary cancer testing market in 2022. The regions covered in the hereditary cancer testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of tests of hereditary cancer testing are multi panel test and single-site genetic test.The multi panel test refers to hereditary cancer test that is used to detect many chemicals simultaneously.
Panels come in a variety of types, from three-panel tests that look for three substances to five, seven, to 12-panel tests.The choice of conducting required number of tests is up to a tester’s discretion.
The hereditary cancer testing is conducted for detecting breast cancer, ovarian cancer, colorectal cancer, and other indications that are used in hospitals, clinics, and diagnostic centers.
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 practice states that about 10% of pancreatic cancer cases have a genetic background.
Furthermore, in May 2021, a Europe-based SOPHiA genetics, a data-driven medicine software company, stated in an article that hereditary accounts for approximately 10% of cancer cases, with an estimated 20% of cancer patients having cancer family history. Therefore, the increasing prevalence of hereditary cancer drives the growth of the hereditary cancer testing market.
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 position.
For instance, in March 2022, Myriad Genetics, US-based genetic testing and precision medicine company, launched genetic testing with 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.
In January 2020, Quest Diagnostics, a US-based clinical laboratory company, acquired Blueprint Genetics for an undisclosed amount.With this acquisition Quest and Blueprint Genetics will improve patient care and pharmaceutical medication research and development by increasing access to practical insights into genetic and rare diseases.
Blueprint Genetics is a US-based company offering complete genetic testing and genetic diagnostics to medical professionals.
The countries covered in the hereditary cancer testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hereditary cancer testing market research report is one of a series of new reports that provides hereditary cancer testing market statistics, including hereditary cancer testing industry global market size, regional shares, competitors with a hereditary cancer testing market share, detailed hereditary cancer testing market segments, market trends and opportunities, and any further data you may need to thrive in the hereditary cancer testing industry. This hereditary cancer testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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