Genetic Analysis Market

Global Genetic Analysis Market is valued at USD 12.57 Billion in 2021 and is expected to reach USD 22.31 Billion by 2028 with a CAGR of 8.5% over the forecast period.

Global Genetic Analysis Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2029: The occurrence of illnesses such as cardiac diseases as well as cancer, the increased acquiescence of IT alternatives for genetic analysis, growing awareness of biological offerings, as well as the rising onset of prevalent autoimmune illnesses are significant variables that are expected to boost market development over the forecast period.

Scope-

The practice of researching and investigating genomics and genetic medicine is referred to as genetic testing. The study has resulted in several submissions, which are also regarded as components of the procedure. The fundamental analytical methodology centers on generic genetics. The Discovery of genetics and hereditary illnesses are examples of basic research. For millennia, the study has been undertaken on both a sizable physical observational foundation and a more microscopic size.

Genetic studies may be utilized to explain methodologies employed in and deriving from genomics and human biology, as well as solutions arising from the study. Genetic testing may be used to discover genetic/inherited problems as well as to establish a differentiated diagnosis in some somatic illnesses like cancer. Cancer genetic studies include the identification of mutations, fusing genes, and alterations in DNA copy quantity.

COVID-19 Impact-

The rigorous shutdowns and limitations disrupted the distribution network, causing disruptions in the delivery of scientific reagents and apparatus. These issues hindered industry development to some measure; nevertheless, the industry is regaining momentum as the situation normalizes. Throughout the outbreak, countries across the globe improved their genomics capacities to track the virus's transmission.

The COVID-19 outbreak has enhanced the use of modern capabilities such as next-generation sequencing (NGS) for a variety of applications including metagenomic investigation, epidemiology, and therapeutics. The growing use of advanced genomic capabilities by numerous nations worldwide presents a significant potential for the genetic screening business.

Key Players-

The prime players operating in this market vertical are -

• Thermo Fisher Scientific Inc.
• 23andMe Inc.
• Rosetta Genomics Ltd.
• Myriad Genetics Inc.
• Illumina Inc.
• Laboratory Corporation of America Holdings
• Eurofins Scientific SE
• Quest Diagnostics Incorporated
• Natera Inc.
• Foundation Medicine Inc.
• PerkinElmer Inc.
• OPKO Health Inc
• Invitae Corporation
• others

Segmentation-

By Analysis

• DNA Sequencing
• Cytogenetics
• Karyotyping
• DNA Microarrays
• PCR
• Gene Expression Profiling

By Testing

• Carrier Testing
• Predictive Genetic Testing
• Disease Diagnostic Testing
• Prenatal and Newborn Testing
• Pharmacogenomic Testing
• Newborn Screening
• Preimplantation Testing
• Others

By Product

• Reagents & Kits
• Instruments
• Software

By Application

• Genetic Diseases
• Cancer
• Rare Diseases
• Cardiovascular Diseases
• Infectious Diseases
• Huntington’s Disease
• Others

By End-User

• Research & Development Laboratories
• Diagnostic Centers
• Speciality Hospitals
• Clinics

By Regional & Country Level:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Key Trends

Increasing Drugs Approvals, Rising Number of Genetic Diseases, and Growing Technology Developments are Some of the Major Factors Driving the Market Growth

The increasing number of drugs approved and successive releases by the US Food and Drug Administration (FDA), as well as the elevated intensity of important players implicated in data analysis activities for the advancement of innovative genetic screening products, are expected to propel business development.

For example, F. Hoffmann-La Roche Ltd announced the AVENIO Tumor Tissue CGP Kit in October 2021, a complete genetic profiling kit designed to make customized cancer studies more available. The kit allows for the thorough genomic profiling of solid tumors derived from formalin-fixed paraffin-embedded (FFPE) clinical specimens.

The increased frequency of genetic illnesses is projected to move the genetic screening industry ahead in the coming years. Some genetic abnormalities show indications at birth, whereas others emerge over time. Genetic screening may aid in the identification of a genetic disorder as well as the prediction of cancer risk.

In accordance with the National Center for Biotechnology Data, a US-based healthcare organization, genetic diseases were discovered in 9.4% of pediatric kids in November 2021, and 44.7% of these cases were dangerously sick neonates. In addition, 13.17 million people in the United States were struggling with rare genetic illnesses. As a result, the increasing frequency of genetic illnesses drives the genomic testing business.

Rising Cancer Cases Is Expected to Propel Market Growth:

During the projection period, the primary drivers propelling the cancer sector industry are the growing worldwide cancer incidence and expanding global knowledge of preventive diagnosis and personalized medicine. According to Globocan 2021, the incidence of additional cancer cases reached 19,292,789 in 2021, with over 9,958,133 cancer deaths.

The International Agency for Research on Cancer predicts that the incidence of additional cancer cases would reach 30.2 million by 2040. (IARC). Thus, genomic testing may help determine if cancer occurs in families and the health conditions associated with the emergence of malignancies in potential in people.

Market Restraints:

High Initial Investment is a Major Factor Restraining Market growth Over the Forecast period:

Constraints including the significant expense of genetic analysis and the ethical and social consequences of genetic analysis are significantly limiting the market's development. Furthermore, obstacles like as the low likelihood of positive, actionable alterations and genetic information security and confidentiality concerns are important impediments to the market's development.

Geography Analysis:

North America is Expected to Capture a Major Share in the Global Genetic Analysis Market:

Geographically, North America is expected to dominate the total market over the forecast period. The existence of sophisticated medical facilities increased the usage of cutting-edge technologies for scientific innovations in the area of genetic indicators, and the existence of significant companies in the region is expected to propel market expansion.

The United States is the region's largest user of genetic testing. Based on the National Institutes of Health (NIH), over 7,000 genetic illnesses affect more than 30 million people in the United States. As more individuals undergo genetic testing, rising financial levels will undoubtedly aid regional industry growth.

Europe is expected to Grow Significantly over the Forecast period:

The market in Europe is expected to grow at a considerable pace over the forecast period. In Europe, increasing R&D activities to enhance genetic analysis have led to ground-breaking findings.

A significant example is the genomics study of Swedish geneticist Svante Pääbo, who discovered that genetic recombination occurred between now hominins to Homo Sapiens when they migrated from Africa some 70,000 years earlier. This genetic drift also has an impact on the physiology of the current human community and is thought to be useful in discovering treatments to cure or avert acute diseases. Such ground-breaking research efforts are likely to boost the European genetic analysis business.

News-

First genetic testing centre Launched in Northern India partnering with Post Graduate Institute of Child Health (PGI) Noida as well as other government institutions

On August 14^th, 2022; The first genetic testing center in Northern India opened in Noida. The laboratory, located in a Redcliffe facility in the city, has partnered with the Post Graduate Institute of Child Health (PGI) Noida as well as other government institutions to provide discounted genetic disorder testing. Families from economically disadvantaged backgrounds would get a 25% discount on testing to detect Down Syndrome as well as other genetic illnesses common in India.

Prenetics Group Limited Launched announced ColoClear by Circle (ColoClear), a at-home Diagnostic Test For Identifying Early Indicators Of Colorectal Cancer

On June 22^th, 2022; Prenetics Group Limited, a worldwide pioneer in genetic and diagnostics testing, announced ColoClear by Circle (ColoClear), a revolutionary, non-invasive, at-home diagnostic test for identifying early indicators of colorectal cancer. Colorectal is the second most frequent cancer in Hong Kong, responsible for 15.8% of all new malignancies diagnosed. The innovative test, which combines modern stool DNA technique with a faecal immunochemical test (FIT), is the initial line of defense against one of the most curable malignancies, which can be cured in 90% of cases if found early.

LifeCell Launched Omega TB (OTB) Genetic Test in Collaboration with HaystackAnalytics

On December 8^th, 2022; LifeCell, a medical services provider, revealed the launch of the Omega TB (OTB) genetic test in collaboration with HaystackAnalytics, a genomics-based health-tech business. The agreement signifies LifeCell's entry into the Tuberculosis genetic testing business. HaystackAnalytics genome-sequencing test intends to address the increasing threat of drug resistance. The testing also aids in the treatment and prevention of tuberculosis (TB) by delivering quick, cost-effective, and accurate identification.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2021:	USD 12.57 Billion
Base year considered	2021
Forecast Period CAGR %:	8.5%
Market Size Expected in 2028:	USD 22.31 Billion
Tables, Charts & Figures:	175
Pages	300
Companies	Thermo Fisher Scientific Inc., 23andMe, Inc., Rosetta Genomics Ltd., Myriad Genetics, Inc., Illumina, Inc., ., Laboratory Corporation of America Holdings Eurofins Scientific SE, Quest Diagnostics Incorporated, Natera, Inc., Foundation Medicine, Inc., PerkinElmer, Inc., OPKO Health Inc and Invitae Corporation among others.
Segments Covered	By Analysis, By Testing, By Product, By Application, By End-User
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa