Genetic testing is an advanced level medical test conducted to identify the changes in genes, proteins, and chromosomes. The result of such a test provides confirmation or rules out chances of a genetic condition and also enable to determine an individual’s chance of passing on a genetic disorder.
The growth in direct-to-consumer genetics is expected to play a significant role in the genetic testing industry by enabling individuals to conduct self-testing. This broadens the scope of genetic counselors' work, making it easier to comprehend the value of genetic testing and to choose the most suitable tests.
In the coming years, an increasing number of licensed genetic counselors are expected to increase the adoption of hereditary genetic tests. Advanced products are being introduced by technology pioneers to help diagnostic companies improve the reliability of genetic tests.
In June 2019, QIAGEN introduced the QIAseq developed Carrier Screening Panel, a novel NGS (Next-generation Sequencing) panel integrated with advanced bioinformatics solutions for testing rare and inherited diseases. Such key industry trends are projected to significantly fuel sales growth in the coming years.
The COVID-19 pandemic negatively impacted the industry. Following the WHO's declaration of COVID-19 as a pandemic, countries around the world implemented lockdowns to enforce social distancing as a preventative measure. This resulted in instability, limitations, threats, and improvements in every business field.
Similarly, the pandemic also made an adverse impact on the demand for genetic testing. This is because genetic counselors are unable to see patients in person, physicians are unable to counsel patients, and labs are unable to perform the tests. Furthermore, federal agencies such as the Centers for Medicaid Services (CMS) have no granted genetic counselors as healthcare professionals, so they are not exempted from practicing during lockdowns.
Companies are working on market strategies to improve their presence in this segment, seeing breast cancer genetic testing as a lucrative source of revenue generation. One of the main drivers of this segment is the growing affordability of tests. Furthermore, BRCA1 carriers have an 80% chance of developing breast cancer, which has sped up the growth of the hereditary cancer testing industry.
The growing acceptance and commercialization of genetic tests in the global market have been greatly influenced by differences in regulatory structures relating to genetic tests around the world. Several major corporations in the United States, as well as countries in Europe, Asia Pacific, and other areas, currently offer a wide range of genetic tests.
In terms of sales, Europe led the market and is expected to continue to do so throughout the forecast period. This growth is attributed to the presence of key actors who offer genetic screening, the widespread acceptance of advanced therapies, and government recommendations to ensure the standard of hereditary testing services.
Furthermore, the increasing product portfolio resulted in increased market competition. Each organization is working hard to bring innovation to its offerings to gain a competitive edge. For instance, Natera's cross-selling activities have resulted in lucrative revenue generation in recent years. For women who have not undergone carrier screening tests in their first trimester, the organization encourages the use of Horizon and Panorama items in groups.
Deep-dive Insights on Hereditary Testing Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/hereditary-testing-market/request-for-sample
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