The development of hereditary genetic testing is advancing rapidly, with significant implications for the future of healthcare. Personalized medicine is becoming more and more popular, and the field of studying the genetic predisposition of diseases is becoming more and more important.
With the advancement of genetic testing technology, the market is poised for significant growth due to innovations, increasing awareness and government support.
A billion dollar industry in the making
The market for hereditary genetic tests is undergoing a dynamic transformation. According to the latest report by BIS Research, the global hereditary genetic testing market was valued at USD 24.78 billion in 2023 and is projected to reach USD 81.95 billion by 2033, growing at a CAGR of 12.73%. This expansion is facilitated by several critical factors:
- The increasing frequency of genetic disorders: The need for genetic tests is caused by the increasing prevalence of genetic disorders worldwide. Genetic testing can help diagnose and treat patients more effectively by allowing for early detection.
- Technological developments: Next-generation sequencing (NGS) and CRISPR-Cas9 are two technological innovations in genetic testing that are improving the accuracy and efficiency of genetic testing. Genetic testing is now more affordable thanks to these technologies, which also allow for in-depth genomic analysis.
- Government initiatives: Genetic research and testing is important and people around the world understand this. A combination of funding, government support, and initiatives to promote genetic research creates an atmosphere conducive to market expansion.
Technological developments driving market growth
Konica Minolta, Inc. (Ambry Genetics), the Interagency Cancer Genetics Clinical Evidence Coalition (INTERACT) collaboration supports access to hereditary cancer testing. Partnerships such as Quest Diagnostics and Broad Clinical Labs demonstrate the value of whole genome sequencing (WGS) in the diagnosis of developmental delay disorders after birth. Strategic alliances such as the collaboration between Konica Minolta (Ambry Genetics) and Tempus enhance germline and somatic testing services.
The rapid development of genetic testing technologies is the primary driver of market growth. The most important technological innovations are:
- Next Generation Sequencing (NGS): As NGS enables high-throughput sequencing of entire genomes, the field of genetic testing has been revolutionized.
- CRISPR-Cas9 technology: The field of genetic testing has changed dramatically with the introduction of CRISPR-Cas9 gene editing technologies. By correcting these errors at the genomic level, this method not only helps identify genetic defects, but also has potential therapeutic applications.
- Bioinformatics and Artificial Intelligence (AI): Artificial intelligence systems can rapidly analyze vast amounts of genomic data to find trends and abnormalities that may indicate inherited susceptibility to certain diseases. Thanks to this technological synergy, genetic testing is now faster and more accurate, making it an invaluable tool in personalized therapy.
In fact, in a new study, researchers at the Children’s Hospital of Philadelphia (CHOP) used machine learning and artificial intelligence to comb through medical records and use clinical notes to match symptoms to specific genetic epilepsies.
Navigating the advanced path
In 2023, the US Food and Drug Administration (FDA) granted 23andMe permission to conduct additional health-related genetic testing, reflecting the growing acceptance of DTC genetic testing in healthcare. Despite promising growth, the hereditary genetic testing market faces several challenges:
- Ethical issues: Genetic testing raises issues of consent, privacy, and the potential for genetic bias. These issues must be addressed with strong regulatory frameworks and ethical standards to sustain market growth.
- Regulatory barriers: Genetic testing is subject to a complex regulatory environment that varies from location to location. Ensuring compliance and harmonizing legislation is key to facilitating market expansion.
- Testing cost: Although genetic testing is now much cheaper, more sophisticated tests can still be expensive. One of the main challenges is ensuring cost and accessibility, especially in low- and middle-income countries.
Shaping the future of healthcare with hereditary genetic testing
The market for inherited genetic testing is expected to grow at a revolutionary pace in the future. The accuracy, efficiency and safety of genetic testing will be greatly improved by the incorporation of cutting-edge technologies such as blockchain, AI and machine learning in the storage and analysis of genetic data. Personalized medicine is becoming a reality thanks to these breakthroughs, which not only increase diagnostic capacity, but also open the door to novel therapeutic approaches.
Product approvals and introductions, such as Agilent Technologies’ GenetiSure Dx Postnatal Assay and LabCorp’s pTau217 blood biomarker test, are expanding genetic testing options. Acquisitions, such as Myriad Genetics’ purchase of tools from Intermountain Precision Genomics, signal growth and innovation in the industry, promising better healthcare through personalized genetic insights.
Advances in technology and increasing public awareness of genetic disorders are causing dramatic change in the legacy genetic testing industry. In order to take advantage of the opportunities offered by the dynamic market and further customized medicine, it is essential that stakeholders in the healthcare business stay up-to-date with these developments. Hereditary genetic testing holds great promise for the early detection, prevention, and successful treatment of genetic diseases, and will undoubtedly play a significant role in defining healthcare in the future.
About the publisher: BIS research is a global market research, research and consulting firm focused on emerging technology trends that are likely to disrupt the market. His team consists of industry veterans, experts and analysts with diverse backgrounds in consulting, investment banking, government and academia.