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Emerging Trends Influencing The Growth Of The Hereditary Cancer Testing Market:Myriad Genetics' Cutting-Edge Approach In Hereditary Cancer Testing Technology
Hereditary Cancer Testing
How Big Is the Hereditary Cancer Testing Market Size Expected to Be by 2034?
The market size for hereditary cancer testing has seen rapid expansion in the previous years. It is projected to escalate from $4.32 billion in 2024 to $4.78 billion in 2025, with a compound annual growth rate (CAGR) of 10.8%. This notable growth during the historic period could be ascribed to factors such as the increasing cases of hereditary cancers, the initiation of genetic counseling programs, government measures for cancer prevention, enhanced insurance coverage, the comprehension of gene-environment correlations, along with patient advocacy and support groups.
In the coming years, the hereditary cancer testing market is anticipated to experience accelerated growth and is predicted to reach $7.37 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 11.4%. The projected growth within this period can be ascribed to the proliferation of targeted therapies, developments in precision medicine, an increase in direct consumer testing, international health initiatives, and progress in bioinformatics. Notable trends within this forecast period will be the evolution of genetic sequencing technologies, telemedicine and distant genetic counseling, precision medicine and tailor-made treatment, models for assessing cancer risk, as well as ethical and legal factors.
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What Are the Emerging Segments Within the Hereditary Cancer Testing Market?
The hereditary cancer testing market covered in this report is segmented -
1) By Test Type: Multi Panel Test, Single-Site Genetic Test
2) By Indication: Breast Cancer, Ovarian Cancer, Colorectal Cancer, Other Indications
3) By End user: Hospital, Clinics, Diagnostic Centers
Subsegments:
1) By Multi Panel Test: Comprehensive Genetic Panels, Targeted Gene Panels
2) By Single-Site Genetic Test: Specific Gene Testing, Familial Mutation Testing
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What Long-Term Drivers Are Shaping Hereditary Cancer Testing Market Trends?
The hereditary cancer testing market is predicted to grow due to the rising incidences of hereditary cancer. Specific gene mutations, inherited from parents, lead to hereditary cancer syndromes. Using hereditary cancer testing, these unique, inheritable, and disease-related gene mutations can be identified, enabling a thorough cancer risk analysis for patients. For example, an article posted on BioMed Central in June 2022 about hereditary cancer in clinical practice highlighted that approximately 10% of pancreatic cancer instances have a genetic basis. Consequently, the growing frequency of hereditary cancer propels the expansion of the hereditary cancer testing market.
Who Are the Top Competitors in Key Hereditary Cancer Testing Market Segments?
Major companies operating in the hereditary cancer testing market are 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.
What Hereditary Cancer Testing Market Trends Are Gaining Traction Across Different Segments?
Emerging technological advancements remain a significant trend in the hereditary cancer testing field. Major market players are devoting their resources to technological developments to maintain their standing in the market. As an example, Myriad Genetics - an American genetic testing and precision medicine firm - in March 2022, introduced a genetic testing incorporating a Polygenic Breast Cancer Risk Assessment Score applicable to all ancestries. Their MyRisk Hereditary Cancer test with RiskScore delivers a tailored breast cancer risk assessment available to all women undiagnosed with breast cancer, irrespective of their ancestry.
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Which Regions Are Becoming Hubs for Hereditary Cancer Testing Market Innovation?
North America was the largest region in the hereditary cancer testing market in 2024. The regions covered in the hereditary cancer testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Hereditary Cancer Testing Market?
2. What is the CAGR expected in the Hereditary Cancer Testing Market?
3. What Are the Key Innovations Transforming the Hereditary Cancer Testing Industry?
4. Which Region Is Leading the Hereditary Cancer Testing Market?
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