United States Genetic Testing Market to Cross USD 12 Billion by 2028
Published | 08 August 2022
United States Genetic Testing Market is gaining significant traction owing to the rising personalized medicine awareness and acceptance opportunities in untapped emerging markets in developing regions along with the increasing investments.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Genetic Testing Market was worth USD 4.71 billion in the year 2021. The market is projected to grow at a CAGR of 14.50%, earning revenues of around USD 12.08 billion by the end of 2028. The United States Genetic Testing Market is booming because of the increase in the prevalence of genetic illnesses and cancer, as well as increased knowledge and acceptance of tailored medications. The U.S. market for genetic testing is anticipated to expand significantly in the coming years. For instance, pharmacogenomics, often known as drug-gene testing, has made extensive use of genetic testing. Additionally, during the projected period, improvements in genetic testing methods are anticipated to accelerate market expansion. Furthermore, United States Genetic Testing Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, it is projected that the expansion of the genetic testing market would be constrained during the forecast period by issues with the standardization of diagnoses based on genetic testing and strict regulatory requirements for product approvals.
Increase in Next-Generation Sequencing Adoption
Next-generation sequencing (NGS) is evolving as a powerful tool for providing a deeper and more precise insight into the molecular underpinnings of individual tumors and specific receptors as genomics-focused pharmacology continues to play a greater role in the treatment of various chronic diseases, particularly cancer. When compared to previous approaches, NGS offers benefits in accuracy, sensitivity, and speed, and it has the potential to have a substantial impact on the field of oncology. Because NGS can evaluate several genes in a single experiment, there is no need to order additional tests to find the relevant mutation. This results in offering lucrative opportunities for the United States Genetic Testing Market during the forecast period (2022-2028).
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Favorable Compensation Practices to Encourage Market Development
The biggest insurer in the country, UnitedHealthcare, expanded its group plans and insurance coverage for psychiatric drugs beginning on October 1, 2019, to cover more than 27 million people. The companies' growing emphasis on offering customers advantageous insurance and simple reimbursement options is anticipated to accelerate the product's uptake in the United States. Additionally, it is projected that in the upcoming years, the increased emphasis on preventive care and early diagnosis of life-threatening disorders through efficient testing technologies would contribute to the growth of the US genetic testing market.
Challenge: Costly Characteristics of Genetic Testing
The expense of expensive genetic testing may not be covered by all health insurance plans. Depending on the condition being tested for, the cost of the various genetic tests varies. The price of a genetic test can vary depending on the test's complexity and type. Genetic testing can cost anywhere from $100 to more than $2,000 per test, depending on the type and complexity of the test. To obtain an accurate result, more tests must be performed or more members of the same family must be examined. State-to-state differences exist in the price of neonatal screening. All of these things limit the market's ability to grow.
Segmental Coverage
United States Genetic Testing Market – By End-User
Based on end-user, United States Genetic Testing Market is segmented into Hospitals, Independent Laboratories, and Others. Among these, independent laboratories account to hold the largest market share. The agreements and partnerships of independent laboratories with the major genetic testing corporations are the reason for the increased expansion. All these factors fuel the growth of the United States Genetic Testing Market during the forecast period (2022-2028).
Impact of COVID-19 on Saudi Arabia Automotive PCB Market
The COVID-19 pandemic has a detrimental effect on the market as well. A continues to be the type of genetic testing that has the least influence, even though it is extremely significant. Additionally, due to considerable supply chain disruption, low patient traffic, and reduced demand, testing procedures are less in demand across all U.S. healthcare facilities. Additionally, non-COVID-19 medical procedures have been postponed as a result of the healthcare industry's growing emphasis on acquiring COVID-19 patients. For instance, many prenatal genetic counselors claimed to have provided in-person services during the outbreak. Thus, the pandemic has a generally negative impact on the genetic testing business. The market has been further impacted by this, which results in weaker growth in 2020.
Competitive Landscape
The leading market players in the United States Genetic Testing Market are Invitae Corporation, Ambry Genetics, Bio Reference Laboratories, Progenity Inc., Quest Diagnostics Incorporated, Myriad Genetics, Fulgent Genetics, Burning Rock Biotech Limited, and Others. The United States Genetic Testing Pad Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States Genetic Testing Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Genetic Testing Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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