Market Trends of Genetic Testing Industry
The Cancer Segment is Expected to Witness Strong Growth During the Forecast Period
Genetic testing helps identify the risk of various types of cancers that may develop during an individual's lifetime. Genetic tests are available to detect inherited variants and mutations in the genetic sequence, which could lead to uncontrolled cell growth and result in cancer, such as genetic testing to identify PALB2 (associated with increased risks of breast and pancreatic tumors), CHEK2 (breast and colorectal cancers), BRIP1 (ovarian cancer), and RAD51C and RAD51D (ovarian cancer).
The increasing burden of cancer worldwide and the growing awareness among the global population about preventive diagnosis and personalized medicine are the major factors expected to drive the cancer segment during the forecast period. For instance, according to the American Cancer Society, around 2.0 million new cancer cases are projected to occur in the United States in 2024, compared to around 1.93 million in 2023. Hence, the increasing prevalence of cancer cases is expected to increase the demand for genetic testing for early diagnosis of various cancers. This demand is expected to drive the growth of the cancer segment.
Genetic tests aid in providing information on 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 cancers. Also, genetic testing is performed in patients who do not respond to chemotherapy to identify the presence of acquired mutations in tumors that are resistant to therapy.
Technological advancements and product launches are also expected to drive the growth of the segment. For instance, in January 2024, Nonacus launched a new genetic test, GALEAS Hereditary Plus. This test is used to diagnose hereditary cancers that are caused due to inherited genetic mutations. Thus, due to the aforementioned factors, the cancer segment is expected to witness significant growth over the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America is expected to record significant growth in the overall market throughout the forecast period. The United States is anticipated to hold the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market. The market growth can be attributed to factors such as the high prevalence of genetic disorders in the region, beneficial government initiatives, and the high saturation of key players involved in research activities for the innovation of novel genetic testing product launches, which are expected to drive the genetic testing market in North America.
The increasing prevalence of genetic disorders in the region is also expected to drive the genetic testing market. According to the American Society of Hematology 2024, around 70,000 to 100,000 Americans have sickle cell disease. As per the Canadian Cancer Society 2024, around 239,100 new cancer cases were registered in 2023, and an average of 655 people in Canada were diagnosed with cancer every day. Hence, the rising prevalence of genetic disorders such as sickle cell disease, cancer, and other genetic disorders is expected to boost the genetic testing market in North America.
The growing number of product launches is also expected to drive the genetic testing market in the region. For instance, in September 2023, the US Food and Drug Administration granted de novo marketing authorization for Invitae Corporation to develop Invitae Common Hereditary Cancers Panel, an in vitro diagnostic test that helps in the detection of genetic variants related to the high risk of developing certain cancers. Hence, such product launches are expected to accelerate the genetic testing market in North America.
Thus, factors such as the rising prevalence of genetic disorders, beneficial government initiatives, and the high saturation of key market players involved in research activities for the innovation of novel genetic testing product launches are expected to drive the genetic testing market in North America.
