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Hereditary Cancer Testing Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Hereditary Cancer Testing Market
How Large Will the Hereditary Cancer Testing Market Size By 2025?
The market size of hereditary cancer testing has seen a swift expansion in the past few years. The growth is projected to surge from $4.32 billion in 2024 to $4.78 billion in 2025, marking a compound annual growth rate (CAGR) of 10.8%. Drivers behind this growth during the historic period include an upsurge in hereditary cancer cases, initiation of genetic counseling programs, government-led cancer prevention strategies, enhanced insurance coverage, a deeper understanding of gene-environment interplays, and the presence of supportive patient advocacy groups.
How Big Is the Hereditary Cancer Testing Market Size Expected to Grow by 2029?
In the coming years, the market size for hereditary cancer testing is anticipated to undergo swift expansion. The projected growth value is around $7.37 billion by 2029, with a compound annual growth rate (CAGR) of 11.4%. This predicted increase during the forecast period can be connected to the development of targeted therapies, precision medicine advancements, the surge in direct-to-consumer testing, worldwide health initiatives, and improvements in bioinformatics. Key trends identified for the forecast period encompass enhancements in genetic sequencing technologies, the utilization of telemedicine and remote genetic counseling, precision medicine, and personalized treatment, cancer risk evaluation models, and legal and ethical concerns.
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Which Key Market Drivers Powering Hereditary Cancer Testing Market Expansion and Growth?
The rising incidence of inherited cancer is anticipated to propel the growth of the hereditary cancer screening market. Inherited cancer syndromes are caused by certain gene alterations that are passed on from parents to their offspring. Hereditary cancer screenings allow for the identification of specific, inheritable, disease-related gene mutations, providing a thorough cancer risk assessment for patients. For example, an article posted on BioMed Central in June 2022 highlighted that around 10% of pancreatic cancer cases have a genetic predisposition. As a result, the escalating incidence of inherited cancer is contributing to the expansion of the hereditary cancer screening market.
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Which Fast-Growing Trends Are Poised to Disrupt the Hereditary Cancer Testing Market?
Technological advancements are becoming a significant trend in the hereditary cancer testing market. Major players in this industry are prioritizing tech-based innovations to maintain their standing in the market. For example, in March 2022, Myriad Genetics, an American genetic testing and precision medicine firm, introduced a new genetic test with a Polygenic Breast Cancer Risk Assessment Score that caters to all ancestries. This MyRisk Hereditary Cancer test, accompanied by a RiskScore, provides personalized breast cancer risk evaluations for all women who are yet to be diagnosed with breast cancer, irrespective of their various ancestral backgrounds.
What Are the Emerging Segments in 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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Who Are the Global Leaders in the Hereditary Cancer Testing Market?
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.
Which are the Top Profitable Regional Markets for the Hereditary Cancer Testing Industry?
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.
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