The global rare disease diagnostics market size was valued at USD 33.83 billion in 2021 and is projected to reach USD 71.2 billion by 2030, registering a CAGR of 8.62% from 2022 to 2030.
The purpose of this study was to investigate the effects that uncommon diseases have on significant portions of the global population. There are over 7000 different rare diseases, and for many of these disorders, there is very little information accessible. This makes it difficult to diagnose and treat these conditions. Because of this, it is also difficult to discriminate between illnesses that appear to be clinically identical. Diseases that are considered rare are defined in a variety of ways depending on the nation. Inherited on a genetic level, difficult and pricey to diagnose, and offering few therapeutic choices, rare diseases are characterized by their extreme rarity. Since the technology was first made available for commercial use with whole-genome and exome sequencing, there has been a tremendous expansion in the field of rare illness diagnoses; nonetheless, it is essential to quantify this expansion and describe future trends. The industry of genetic testing is rapidly expanding, and analysts anticipate that this trend will further accelerate going forward. However, there are important challenges that, if not solved, may inhibit future growth.
There are a number of important variables that are contributing to the expansion of the sequencing industry. These considerations include unmet clinical demands for improved tools to predict, diagnose, treat, and monitor disease. Patient demand, industry investment, legislation that allow the sale of tests without FDA approval, and better understanding of the molecular basis of diseases are some of the other factors that are fuelling the expansion.
Even though the advanced sequencing business is expanding at a rapid rate, there are still a few important concerns that need to be resolved in order to support future expansion. The relatively high total costs of delivering sequencing test results in comparison to other technology platforms, as well as the restricted coverage that is provided by payers, are the primary obstacles that stand in the way of the expansion of this business. The sequencing of the whole genome and the exome continue to be relatively expensive because they call for an initial investment in technology, need specialized personnel, and take a significant amount of time to analyze variants.
It is anticipated that the price of genetic testing will become much more affordable as the cost of WES continues to fall. Make the test available to more people at a more reasonable price. In addition, the expansion of this sector has been helped along by medical insurance policies that are based on WES genetic testing. On the basis of the recommendations made by medical professionals, quite a few different private health insurance organizations will pay for all of the genetic testing costs or a portion of them.
Study Period | 2018-2030 | CAGR | 8.62% |
Historical Period | 2018-2020 | Forecast Period | 2022-2030 |
Base Year | 2021 | Base Year Market Size | USD 33.83 Billion |
Forecast Year | 2030 | Forecast Year Market Size | USD 71.2 Billion |
Largest Market | North America | Fastest Growing Market | Asia Pacific |
The market is split into North America, Europe, Asia-Pacific, and LAMEA.
In 2019, North America held the highest market share, accounting for more than 47 percent of the total. The expansion of the market is driven by a number of factors, including the high prevalence of rare illnesses, the presence of a major number of research and development centres for rare and ultra-rare diseases, and extensive investments in the diagnosis of rare disorders in the region. According to the National Institutes of Health (NIH), around 30 million people in the United States have been diagnosed with one of the 7,000 or more uncommon diseases that are currently known. In addition, it is anticipated that in the next years, a higher percentage of patients would submit themselves to disease testing, which will contribute to the expansion of the market.
In the period from 2020 to 2027, it is anticipated that Asia Pacific would record the highest CAGR because to the increasing awareness of the target demographic in Asian countries. A concerted effort is being made in China's healthcare system to direct more focus toward the diagnosis and treatment of rare diseases. In its vision for 2030 named "Healthy China 2030," the government of the country has included the management of uncommon diseases as a priority public health initiative. In addition, the nation published its first list of uncommon ailments in June of 2018, making it possible for patients to identify viable treatment options at the hospitals in their own communities.
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In the year 2020, research laboratories and CROs held the largest market share, accounting for 48 percent of the total. This is mostly due to the fact that testing is often performed on blood samples acquired from patients and then sent to a laboratory for analysis. Analysis. The genetic testing services offered by the laboratory cover a wide range of sub-specialities, including chromosomal, molecular, and biochemical analysis.
For instance, the ARUP laboratory offers diagnostic services in the fields of cytogenetics, molecular genetics, genomic microarrays, and biochemical genetics. In addition, the laboratory offers genetic counselling services in an effort to hasten the process by which patients are provided with services. In addition, laboratory tests that are based on molecular genetic testing are experiencing significant expansion all over the world. Multiple laboratories, some of which are equipped with clinical cytogenetics, pathology, and chemistry, as well as other specialised laboratories that are CLIA-accredited, perform genetic testing. These businesses increase their testing portfolio through a variety of strategic initiatives of their own design.
Covid-19 had some profound adverse impacts on the global advanced ceramics market.
COVID-19 spread across the world from China, making the whole world stand still and to a complete lockdown situation. Covid-19 is an infectious disease that was caused by a newly discovered coronavirus. During the time, the fatality rate among the population above 40 was also high globally. The disease causes severe illness for people suffering from medical conditions like diabetes, cardiovascular disease, chronic respiratory disease, etc.
Considering the situation during that time, it was declared a pandemic which led to numerous countries, including the major economies like China, the United States, India, and others, implementing lockdowns which adversely affected the global economy.
In the first two quarters of 2020, the economic and industrial operations temporarily halted. Almost every manufacturing unit where advanced ceramics is used, such as electrical and electronics, transportation, industrial, chemical, and other End-user Industries (except medical), reduced their manufacturing capacities due to the lack of workers. The lockdown implemented put a halt to global supply chains. This resulted in repercussions in terms of both production and demand for advanced ceramics.
With time the lockdowns were uplifted, and relaxation was made to the public. Gradually, the economy picked up the pace and started its operations, bringing the demand in the global advanced ceramics market and increasing among various industries. As the situation improved during the initial months of 2021, the economies also strengthened their fiscal policies and initiated their development process; the end-user industries began their activities, bringing the overall ceramics market back on track.