U.S. Genetic Testing Market
Report ID: SQMIC35A2876
U.S. Genetic Testing Market Size, Share, Growth Analysis, By Application(Cardiology, Oncology, Pharmacogenomics, Cognitive Dysfunction), By Technique(PCR, DNA Sequencing, Microarrays, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIC35A2876 |
Region:
Country |
Published Date: February, 2024
Pages:
165
|Tables:
67
|Figures:
75
U.S. Genetic Testing Market Insights
U.S. Genetic Testing Market size was valued at USD 5.27 Billion in 2019 and is poised to grow from USD 5.6 billion in 2023 to USD 10.45 billion by 2031, growing at a CAGR of 7.9% in the forecast period (2024-2031).
Genetic testing is more technologically advanced than diagnostics used in contemporary healthcare, which guarantees its correctness and dependability. Additionally, a significant increase in usage is projected as testing application areas spread throughout the healthcare industry. Currently, it includes inherited diseases like cancer as well as chronic illnesses like cardiovascular issues. A rising percentage of the population is choosing such diagnostic methods, especially in the U.S. with its high healthcare spending. Increased awareness and growing demand for early and preventative care are projected to fuel market expansion in the years to come. Cancellation of non-essential diagnostics due to potential negative impact of COVID-19.
Regarding the US healthcare system's makeup in the midst of the COVID-19 pandemic, the conclusions have been conflicting. While certain sectors of the healthcare industry saw significant beneficial effects, others saw clear negative effects. A nationwide lockdown imposed in the various US states that limits people's freedom of movement is one of the causes of these negative effects. This has also caused a substantial decrease in non-essential or non-critical diagnostic procedures that need hospital and clinic visits.
As a result, a number of elective genetic testing procedures, including cancer screening panels and hereditary disease testing, have either been put off or abandoned. An adverse effect is anticipated from a considerable disruption in the accessibility of hospitals or independent laboratories for sample analysis.
US Genetic Testing Market is poised to grow at a sustainable CAGR for the next forecast year.
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U.S. Genetic Testing Market Segmental Analysis
The US genetic testing market has been segmented based on technique, application, and region. Based on technique, the market is segmented into PCR, DNA sequencing, microarrays, and others. Based on the application, the market is segmented into cardiology, oncology, pharmacogenomics, cognitive dysfunction, pathogenomics, and others.
US Genetic Testing Market Analysis by Technique
The DNA sequencing sector is anticipated to be the largest. The widespread use of this method in genetic tests is responsible for the segment's supremacy. Additionally, the segmental expansion will be fueled by the technological superiority of this technique, such as quicker turnaround times, and the recent trend of falling next-generation sequencing (NGS) costs.
Due to the existence of numerous genetic tests that rely on this methodology, the polymerase chain reaction (PCR) segment is anticipated to hold the second-largest position. In the upcoming years, the microarrays market is expected to grow at a significantly higher CAGR. This is related to the growing use of this approach in oncology genetic testing, which is crucial for detecting gene mutations. As more genetic tests are using cutting-edge methods like next-generation sequencing and protein and DNA microarrays, it is projected that the others segment would lose a sizable chunk of the market.
US Genetic Testing Market Analysis by Application
The oncology category is anticipated to hold the largest market share during the anticipated time frame. The introduction of brand-new, cutting-edge oncology genetic tests by major firms like Myriad Genetics and Ambry Genetics is anticipated to support the segment's dominance.
Due to the rising number of product launches and advantageous reimbursement policies, the pharmacogenomics category is anticipated to keep the second spot during the projected period. A significant increase in the cardiology category is projected due to the robust and rising demand for these diagnostics as a result of the growing frequency of disorders like Parkinson's and Alzheimer's, the cognitive dysfunction sector is anticipated to account for a significant portion of the market.
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U.S. Genetic Testing Market Regional Insights
In terms of geography, North America led the global genetic testing market in terms of revenue in 2019 and is anticipated to continue to lead the market during the forecast period. This is explained by the majority of important actors being present in the region. However, due to increased affordability, a rise in healthcare spending, and increased awareness of early genetic condition screening, Asia-Pacific is anticipated to expand at the highest CAGR throughout the projection period.
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U.S. Genetic Testing Market Dynamics
US Genetic Testing Market Driver
- Growing need for early and preventive care is one of the key factors influencing the growth of the U.S. genetic testing industry. Healthcare providers and governmental organizations are placing a larger emphasis on early detection and screening for health hazards as a result of the rising cost of treating diseases. The Centers for Disease Control and Prevention (CDC) estimate that the direct and indirect expenses of treating chronic illnesses like cardiovascular disease in the American healthcare system total USD 320 billion yearly.
- Growing awareness among various healthcare professionals regarding the use of these diagnostics is another significant aspect that is anticipated to contribute to the market's growth. This is especially important because non-geneticists are increasingly ordering and managing large volumes of genetic and genomic tests as these fields of medicine expand.
US Genetic Testing Market Restraint
- Despite the many benefits of these procedures, such as the option to choose early and preventive therapy, performing genetic tests at one's homecare is still a convenient setting, among other things, is preventing the market from expanding. Among the most important concerns, the market is constrained by worries about and monitoring the privacy of the genetic information about the patient, such as DNA data. This is especially important because a big percentage of genetic testing customers forfeit their choice and control over their genetic material and related data derived from the genetic material they came from testing methods. Such elements are anticipated to restrict the use of these diagnostics thereby limiting market growth during the anticipated term in the U.S.
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U.S. Genetic Testing Market Competitive Landscape
The landscape reflects the presence of both established and up-and-coming players in the competitive setting. The two businesses Myriad Genetics and Quest Diagnostics that were the market leader. Due to its extensive genetic testing, Quest Diagnostics dominates the market portfolio with a variety of application areas, including autoimmune disorders, different disorders, as well as heart problems. Due to its existence, Myriad Genetics is anticipated to be the second largest firm in terms of market revenue share in technologically sophisticated goods. Some of Myriad's well-known product lines, EndoPredict and MyRisk are examples of genetics. In other businesses like BioReference, Ambry Genetics, and Invitae Corporation, the goal of laboratories is to keep their position supported by innovative product offerings. Strong investment activities are expected to support R&D endeavors to lead to the emergence of new players
Top Players in the Global US Genetic Testing Market
- 23andMe
- AncestryDNA
- Invitae Corporation
- Quest Diagnostics
- Myriad Genetics
- Illumina, Inc.
- GeneDx
- Ambry Genetics
- BGI Group
- Blueprint Genetics
- Counsyl, Inc.
- Natera, Inc.
- Roche Diagnostics
- Genomic Health
- Guardant Health
- Helix OpCo LLC
- Opko Health
- Thermo Fisher Scientific
- Veracyte
- Fulgent Genetics
US Genetic Testing Market Recent Development
- April 2021 – Invitae Corporation announced that their sponsored genetic testing is available for patients at risk of developing some common adult neurodegenerative conditions in the region of US, Canada, Australia, and Brazil. This availability of this program will be free of cost and will help at-risk individuals having difficulty diagnosing conditions
- April 2021 – Invitae Corporation announced that they will join the eMERGE network, a national effort organized and funded by National Genome Research Institute. As a part of this partnership, Invitae will provide genetic testing for all 25,000 patients.
- March 2021 – GI OnDemand announced a partnership with Ambry Genetics to integrate the online genetic counseling and testing services into their nationwide gastroenterology practices. The partnership was made to identify hereditary GI cancer syndromes to guide through potentially life-altering healthcare decisions.
U.S. Genetic Testing Key Market Trends
- The considerable and steady increase in insurance coverage of genetic tests for various types by major insurance companies is one of the most important trends in the U.S. genetic testing business. Many insurance providers are expanding their coverage to evaluate the effectiveness of mental medications. Psychiatric medications are notoriously difficult to fit the patient's symptoms. Due to this, many people who are now utilizing psychiatric medications use a trial-and-error system in an effort to find the best remedy for them successfully. For Instance, UnitedHealthcare, the biggest insurer in the United States, started extending insurance coverage beginning on October 1, 2019, for anyone aged over 27 plans, both private and public.
U.S. Genetic Testing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by application, oncology segment dominated the US genetic testing market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, the DNA sequencing sector dominated the US genetic testing market owing to the region's increased awareness and growing demand for early and preventative care.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 5.27 Billion |
| Market size value in 2031 | USD 10.45 billion |
| Growth Rate | 7.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on U.S. Genetic Testing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on U.S. Genetic Testing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the U.S. Genetic Testing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. Genetic Testing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the U.S. Genetic Testing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the U.S. Genetic Testing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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