Cancer is the second leading cause of death worldwide, with approximately 70% of cancer deaths occurring in low- and middle-income countries, increasing the demand for genetic testing. Genetic testing can help predict the likelihood of developing cancer over a person's lifetime, resulting in lower morbidity, less expensive treatment, and a higher chance of survival by looking for particular alterations in proteins, chromosomes, and genes.
Additionally, it can help a person estimate their lifetime risk of acquiring cancer. It accomplishes this by scanning your genes, chromosomes, and proteins for specific modifications or mutations. Genetic testing is available for various types of cancer, including lung cancer, cervical cancer, breast cancer, ovarian cancer, prostate cancer, among others. Inherited variations and mutations in the DNA sequence, leading to excessive cell development and tumor/cancer, can be tested via genetic tests. Genetic testing for PALB2 (linked to an increased risk of breast and pancreatic cancer), CHEK2 (breast and colorectal cancers), BRIP1 (ovarian cancer), and RAD51C and RAD51D (breast and colorectal cancers) (ovarian cancer) are a few examples of these tests.
Overall, the rapidly rising prevalence of cancer and increased awareness of preventive diagnosis with personalized medicine among the global population are the major drivers fueling the cancer genetic testing market during the forecast period.
Also, according to Globocan 2020, the number of new cancer cases is expected to reach 19,292,789 in 2020, with almost 9,958,133 cancer-related fatalities. According to the International Agency for Research on Cancer, the recent cancer incidence is expected to reach 30.2 million by 2040 (IARC). Thus, genetic tests aid in determining if cancer runs in families and the risk factors related to the development of tumors in the future in those who have a family history of cancer.
Molecular Testing Accounts for the Fastest Market Growth
Based on test type, the global cancer genetic testing market is segmented into cytogenetic testing/chromosome analysis, biochemical testing, molecular testing, DNA sequencing, and others.
There are various sorts of genetic tests on the market right now. By test type, molecular testing is predicted to have the most significant share in 2020. The order of gene sequence is determined through molecular testing, and the most effective method for detecting minor DNA alterations is direct DNA testing.The scope of molecular testing varies from a single gene variant to the bulk of a person’s DNA to find genetic variations. It includes targeted single variant, single gene, gene panel, and whole exome/genome sequencing.
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According to a study published in Clinical Cancer Research 2020, COVID-19 is expected to reshape oncology practises, clinical trials, diagnostics, and cancer care delivery to patients, with effects lasting well beyond the active pandemic's short-to mid-term duration. Thus, COVID-19 is expected to impact the market throughout the pandemic.
Throughout the crisis, the COVID-19 pandemic has substantially impacted the growth of the genetic testing market. All clinical genetic testing was prohibited, and telemedicine-based consultations and counseling were adopted globally, according to a study published in Genetics in Medicine 2020.
However, according to a study published in the Journal of Medical Genetics 2020, there was difficulty in obtaining genetic testing blood draws. As a result, genetic testing was severely impacted, with a drop in genetic testing from 97.7% to 74.1 % observed during the virtual care period. Conclusively, COVID-19 is likely to, directly and indirectly, impact the genetic testing business.
The global market has been divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The market is classified into regional segments for enabling a deeper analysis of the market from a region-specific perspective.
Factors such as the rise in prevalence of cancer, growing support policies by local government and international bodies, and technological advances are likely to drive the global market. Americas held the largest share and accounted as a primary revenue generator in the global market in 2020. It is attributed to the rise in research & development expenditure, growth in cancer incidence, and surge in demand for accurate and effective testing products.
Asia-Pacific is expected to be the fastest-growing global cancer genetic testing market. Due to the growing geriatric population, increased rates of cancer cases, growing government initiatives, lack of regulatory and cultural inhibitions and presence of market players such as Thermo Fisher Scientific, Abbott, and Roche in the region.
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