The global cancer genetic testing market was valued at USD 4,459.79 million in 2020 and is expected to reach a market valuation of USD 12,349.20 million in 2029, owing to 11.66% CAGR during the forecast period.
An increase in awareness among the population regarding the use of DNA test kits for disease risk assessment and the rise in the popularity of direct-to-consumer testing is expected to boost the market of cancer genetic DNA test kits. For instance, in November 2019, the Division of Consolidated Laboratory Services (DCLS) of the Virginia Department of General Services screened 7,868 newborns for about 30 metabolic and hereditary disorders. Increasing penetration of newborn screening around the globe is anticipated to grow the market.
According to the data published by the WHO, the rising prevalence of inherited diseases, including cystic fibrosis, hemophilia, and sickle cell anemia, is further anticipated to fuel the cancer genetic testing market demand. Moreover, early disease diagnosis allows patients to undergo treatment early, reducing the disease's severity and mortality rate. Thus, the demand for the test kit is expected to boost the cancer genetic testing market.
Increasing technological advancements and product launches are anticipated to boost the market. For instance, in December 2020, Roche launched the Cobas PIK3CA Mutation Test to detect PIK3CA mutations in cancer patients with metastatic or advanced breast cancer. The factors mentioned above are expected to increase the demand for cancer genetic testing kits. Improved government emphasis on regulating and creating awareness about genetic tests has resulted in faster adoption of tests across the globe.
Additionally, the increasing R&D funding with a significant market presence has built a strong barrier for new entrants. Betterment in quality, innovation in product design, and strong distribution partnership are primary factors to maintain a competitive edge. For instance, in August 2020, DNA Chip Research Inc and Ricoh Company launched RICOH Standard DNA Series EGFR mutation Type001, a reference DNA plate. The plate is used in blood-based genetic testing to diagnose lung cancer.
In 2020, molecular testing will generate the highest revenue share of USD 3,401.13 million. Molecular tests determine the order of gene sequence, and this type of direct DNA testing is the most effective method to detect small DNA mutations. These factors are anticipated to boost the segment growth of the TB diagnostic market.
In 2020, breast cancer will generate the highest revenue share of USD 2,347.26 Million. Around 55 Australians are diagnosed every day, i.e., over 20,000 Australians are diagnosed with breast cancer each year, as per National Breast Cancer Foundation. Also, a breast cancer diagnosis has increased by 36% in the last 10 years in this region. High prevalence rates of breast cancer boost the demand for cancer genetic testing market.
The hospital segment is dominating the end-uses segment. Hospitals and clinics are first-line treatment endpoints for disease management and care, accounting for the largest share of the global cancer genetic testing market in 2020. This is due to the rise in cancer prevalence and increasing demand for advanced treatment options that hospitals provide. As per data of the American Hospital Association (AHA) Annual Survey 2018, there were 6,146 hospitals in the US. The growing number of hospital admissions and growing public-private partnerships to increase healthcare access are driving the growth of this segment.
The American regional market held a significant market share during the forecast period and is expected to grow at a high CAGR. Further, the U.S. is expected to generate increased revenue at the country level.
According to National Cancer Institute, as of January 2019, there were an estimated 16.9 million cancer survivors in the United States. Also, cancer survivors are anticipated to reach up to 22.2 million by 2030. The growing adoption of advanced cancer therapeutic options coupled with rising cancer incidence has been one of the primary growth stimulants for the North American market.
Moreover, Dana Farber Cancer Institute introduced the Center for BRCA and Related Genes in August 2020, and this launch was aimed to prevent BRCA related cancers. Thus, the rise in product approvals from the US Food and Drug Administration (FDA) and the high concentration of major players for the introduction of innovative genetic testing products are collectively driving the market growth.
Also, the initiatives by the federal government for disease awareness, favorable reimbursement policies, rise in demand for better patient care, technological advancements, well-established medical infrastructure, and rise in the number of older age population are conclusively driving the market growth in North America region.
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