Hereditary Testing Services Market: Introduction
Hereditary testing is usually referred to as genetic testing or DNA testing. Hereditary testing is employed to spot alterations in the DNA sequence that correlate with a disease or higher risk to develop a disease. This kind of test is often used for diagnosis before any symptoms of the disease are recognizable in order to work out the personal risk for certain multifactorial diseases. Thus, the results of hereditary testing can have far-reaching effects on a person's life.
Hereditary testing can provide important information for diagnosis, treatment, and prevention of illness; however, there are limitations. For instance, a positive result from DNA testing in a healthy individual doesn't generally mean that he would develop a disease, while in some situations, a negative result doesn't guarantee that the individual won't have a particular disorder.
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Key Drivers, Restraints, and Opportunities of Hereditary Testing Services Market
The global hereditary testing market is estimated to expand significantly in the near future, due to a rise in incidence of hereditary disorders and cancer and a rise in awareness & acceptance of personalized medicines. For instance, hereditary testing has been widely utilized in pharmacogenomics, also referred to as drug-gene testing. Additionally, advancements in hereditary testing techniques are expected to boost the hereditary testing market during the forecast period. However, standardization concerns of hereditary testing-based diagnostics and stringent regulatory requirements for product approvals are anticipated to hamper the hereditary testing market during the forecast period. Conversely, untapped emerging markets in developing countries are expected to offer significant opportunities for market players. For instance, healthcare systems in developing countries such as Brazil, India, and China have witnessed a significant increase in investments in healthcare and infrastructure, which boosts the demand for hereditary testing in the region.
Technological advancements in hereditary testing are likely to boost the global market during the forecast period. Advances in sequencing techniques have reduced the sequencing time and cost of hereditary testing. For instance, microarrays substantially reduce the sequencing time by utilizing microchips. These microchips employ fluorescein to spot mutations within the chromosomes. Furthermore, innovations such as exome sequencing and next-generation sequencing have reduced the cost of hereditary testing. Hence, technological advancements are projected to propel the global hereditary testing market during the forecast period.
Lack of skilled professionals in developing and underdeveloped countries is estimated to hamper the market in the near future. Furthermore, the high cost of hereditary testing is likely to hamper the rate of adoption and restrain industry expansion. However, technological advancements could lead to reduced costs in the long-term, thereby boosting the market.
North America to expand significantly during forecast period
North America is projected to dominate the global hereditary testing services market during the forecast period. Increased demand for hereditary testing to understand ancestry, a rise in the demand for in-vitro fertilization (IVF), and pre-implantation testing are key factors augmenting the share held by the region. Technological advancements, presence of key players, launch of new products, the demand of diagnostics for cancer detection, and rise in prevalence and incidences of autoimmune, infectious diseases in the region are major factors driving the market in the region.
The hereditary testing services market in Asia Pacific is anticipated to expand at a notable growth rate during the forecast period. Increase in patient burden suffering from chronic diseases and recent mergers & acquisitions among key players offering hereditary testing and services are estimated to propel the market in the Asia Pacific region during forecast period.
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Top Companies in Hereditary Testing Services Market
The global hereditary testing services market is consolidated in terms of the number of players. Key players in the global hereditary testing services market include
- Laboratory Corporation of America Holdings
- Quest Diagnostics Incorporated
- Genomic Health, Inc.
- NeoGenomics Laboratories, Inc.
- Eurofins Scientific
- Ambry Genetics
- F. Hoffmann-La Roche Ltd
- Illumina, Inc.
- 23andMe, Inc.
- Exact Sciences Corporation
Hereditary Testing Services Market, by Type
- Diagnostic testing
- Pre-symptomatic and predictive testing
- Carrier Testing
- Prenatal & Newborn Testing
- Pharmacogenetics Testing
Hereditary Testing Services Market, by Technology
- Cytogenetic Testing
- Biochemical Testing
- Molecular Testing
Hereditary Testing Services Market, by Application
- Cancer diagnosis
- Genetic Disease Diagnosis
- Cardiovascular Disease Diagnosis
Hereditary Testing Services Market, by Service Provider
- Hospital Based Laboratories
- Diagnostic Laboratories
- Specialty Clinics
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.