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Carrier Screening Market New Trends, Growth Opportunities, Top Players And Forecast To 2033
Carrier Screening Market Trends
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According to The Business Research Company's, The carrier screening market size has grown rapidly in recent years. It will grow from $2.31 billion in 2023 to $2.7 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to increasing genetic disorders awareness, rising maternal age, family planning and pregnancy awareness, prevention of genetic diseases, public health initiatives, increased focus on inherited conditions.
The carrier screening market size is expected to see rapid growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to precision medicine advancements, expanded panel offerings, consumer genomics and direct-to-consumer testing, focus on rare and ultra-rare diseases, government and insurance support, pharmacogenomics integration. Major trends in the forecast period include advancements in genetic technologies, integration with prenatal testing, rise in personalized medicine, counseling and education services, ethical and legal considerations.
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Market Drivers and Trends:
An increasing geriatric population is expected to boost the growth of the carrier screening market going forward. The geriatric population refers to the demographic segment composed of individuals who are elderly or older in age. Older individuals, especially those planning to have children later in life, may opt for carrier screening as part of prenatal or preconception care to understand the genetic risks associated with advanced parental age. For instance, in October 2022, according to the data released by the World Trade Organization, a US-based international organization, in 2021, the proportion of the population aged 60 and up increased to 1.4 billion. By 2050, the world's population of adults aged 60 and up will have doubled (to 2.1 billion). The number of people aged 80 or more is predicted to treble between 2020 and 2050, reaching 426 million. Therefore, the increasing geriatric population is driving the growth of the carrier screening market.
Major companies operating in the carrier screening market are focusing on product developments, such as screening tests family, to sustain their position in the market. Screening tests are medical procedures or tests performed on individuals who do not exhibit any symptoms of a particular disease or condition. For instance, in June 2023, Blueprint Genetics, a Finland-based company specializing in genetic testing and diagnostics, introduced a new offering called the Screening Tests family. This product is designed for specific purposes such as pregnancy, family planning, and comprehensive health checks for asymptomatic individuals. The objective is to identify any heightened risks, empowering individuals to make informed decisions regarding family planning and health. Blueprint Genetics aims to offer actionable information that enables proactive choices based on the available options, emphasizing a commitment to supporting individuals in making informed decisions about their future well-being.
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Major Key Players of the Market:
Invitae Corporation, BGI Genomics Co. Ltd., Centogene NV, Eurofins Scientific SE, Fulgent Genetics Inc., Genealogy by Genetics Ltd., Illumina Inc., Laboratory Corporation of America Holdings, Luminex Corporation, MedGenome Inc., Myriad Genetics Inc., Natera Inc., OPKO Health Inc., Otogenetics Corporation, Quest Diagnostics Inc., Sema4 Holdings Corporation, Thermo Fisher Scientific Inc., 23andMe Holding Co., REALM IDx Inc., Associated Regional and University Pathologists Inc., Genedx LLC, Genomic Health Inc., GenPath Consultants And Technologies Private Limited, Good Start Genetics Inc., NIPD Genetics Co. Pvt. Ltd., OraSure Technologies Inc., Pathway Genomics Corp., PerkinElmer Inc., PreventionGenetics LLC, Progenity Inc.
Carrier Screening Market 2024 Key Insights:
• The carrier screening market size is expected to see rapid growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%.
• Rising Incidence Of Fetal Chromosomal Abnormalities Fuels Growth In The Carrier Screening Market
• Blueprint Genetics Introduces Screening Tests Family
• North America was the largest region in the carrier screening market in 2023
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