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Hereditary Cancer Testing Market Size, Forecast, Growth, Trends 2024-2033
Hereditary Cancer Testing Market Size
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According to The Business Research Company's, The hereditary cancer testing market size has grown rapidly in recent years. It will grow from $3.97 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to rising incidence of hereditary cancers, genetic counseling programs, government initiatives for cancer prevention, improved insurance coverage, understanding of gene-environment interactions, patient advocacy and support groups.
The hereditary cancer testing market size is expected to see rapid growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to expansion of targeted therapies, advancements in precision medicine, rise in direct-to-consumer testing, global health initiatives, advancements in bioinformatics. Major trends in the forecast period include advancements in genetic sequencing technologies, telemedicine and remote genetic counseling, precision medicine and personalized treatment, cancer risk assessment models, ethical and legal considerations.
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Market Drivers and Trends:
An increase in the overall cancer burden is expected to propel the hereditary cancer testing market going forward. Cancer is a group of diseases characterized by the uncontrolled and abnormal growth of cells, which can invade and spread to other tissues and parts of the body. In a healthy organism, cells follow a regulated process of growth, division, and death. Hereditary cancer testing plays a critical role in addressing the overall burden of cancer by identifying individuals with a genetic predisposition to certain cancers. By assessing inherited mutations and familial risk factors, this testing helps identify individuals at higher risk, enabling early intervention, personalized treatment plans, and proactive preventive measures. For instance, in October 2023, the EU Science Hub, a Belgium-based European Commission's Joint Research Centre published an article according to which the new cancer cases rose by 2.3 % in compared to 2020, to reach 2.74 million in 2022. Similarly, cancer deaths went up by 2.4 % in 2022 compared to 2020. Therefore, an increase in the overall cancer burden is driving 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 positions. For instance, in March 2022, Myriad Genetics, a US-based genetic testing and precision medicine company, launched genetic testing with a 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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Centogene NV, Ambry Genetics Inc., Myriad Genetics Inc., NeoGenomics Laboratories Inc., Quest Diagnostics, PreventionGenetics, Fulgent Genetics Inc., Invitae Corporation, Medical Diagnostic Laboratories LLC, Natera Inc., Color Health Inc., CooperSurgical Inc., OPKO Health Inc., Illumina Inc., Laboratory Corporation of America Holdings, Pathway Genomics Corporation, Strand Life Sciences Private Limited, Progenity Inc., Myogenes Ltd., Associated Regional and University Pathologists Inc., 4baseCare, Biocartis Group NV, F. Hoffmann-La Roche AG, Medgenome Pvt. Ltd., Abbott Laboratories, Agilent Technologies Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., Oxford Nanopore Technologies plc, PerkinElmer Inc.
Hereditary Cancer Testing Market 2024 Key Insights:
• The hereditary cancer testing market size is expected to see rapid growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Unraveling Hereditary Cancer With The Rising Demand For Hereditary Cancer Testing
• Myriad Genetics' Cutting-Edge Approach In Hereditary Cancer Testing Technology
• North America was the largest region in the hereditary cancer testing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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