The global cancer-focused genetic testing services market is estimated to create lucrative growth opportunities by exhibiting a total CAGR of 10% during the projection period from 2022 to 2032. The global market is expected to secure US$ 7.15 Billion by 2022 and is projected to procure USD 18.55 Billion by 2032. According to the historical analysis conducted by Future Market Insights, the global cancer-focused genetic testing services market was valued at US$ 6.5 Billion in 2021.
The global cancer-focused genetic testing services market is expected to create a positive growth outlook attributed to exhibit a positive growth outlook owing to the increasing number of people suffering from cancer. Furthermore, the increasing prevalence of breast cancer and lung cancer is fueling the growth of the market.
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Key Takeaways
- The increasing prevalence of cancer across different age groups is the optimal factor driving the growth of the cancer-focused genetic testing services market over the assessment period. The growth of the global cancer-focused genetic testing services market is attributed to the change in the lifestyle of people along with increasing levels of stress is responsible for the increasing prevalence of cancer which will ultimately upsurge the growth of the cancer-focused genetic testing services market.
- Under the supervision of a genetic specialist, cancer-focused genetic testing is conducted. In order to perform the genetic testing, a blood sample is taken to perform the panel test and diagnose the mutation in the gene. There are two groups of people who require to perform Cancer-Focused Genetic Testing.
- Group one people comprise the people who do not have cancer but some of their family members come with a history of cancer. The second group includes patients who already have cancer and want to know whether cancer can occur due to genetic mutation.
- Furthermore, surging awareness among people about personal health combined with the launch of several awareness campaigns by different NGOs has propelled the growth of the cancer-focused genetic testing services market. In addition to that, the widespread availability of various easy methods for cancer-focused genetic testing is expected to increase the demand for the cancer-focused genetic testing services market over the next decade.
- A significant rise in the incidents of cancer is attributed to the change in lifestyle and consumption of unhealthy food along with more people being diagnosed with mental and physical health problems. This, in turn, is responsible for the exponential growth of the cancer-focused genetic testing services market over the forecast period.
- Two prominent methods are useful for doing cancer-focused genetic testing i.e., chromosome testing and DNA testing. Chromosome testing takes place in order to analyze the single mutation while DNA testing is done to analyze the multiple mutations in the gene. In addition to that, DNA testing can also be done by two popular methods i.e., direct DNA testing and indirect DNA testing.
- The cancer-focused genetic testing is considered one of the most common ways to diagnose breast cancer and colorectal cancer. Among all service providers in the cancer-focused genetic testing services market, the diagnostic laboratories segment is expected to dominate the market share in terms of value.
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Competitive Landscape
Prominent players in the global cancer-focused genetic testing services market are focused on research and development (R&D) activities in order to identify new and efficient ways for cancer diagnosis.
More Insights into the Cancer-Focused Genetic Testing Services Market
According to the reports of the American Cancer Society, 1 in three women is diagnosed with breast cancer every year in the U.S. Approximately 30% of the women residing in the U.S. are suffering from breast cancer. Most middle-aged and elderly women suffer from cancer in the country. This, in turn, is increasing the demand for cancer-focused testing services.
In addition to that, most women have a certain preference for getting tested for breast cancer at regular intervals. This is done to avoid the complications caused by cancer in the longer run. As an early diagnosis of cancer helps in early treatment and medication, cancer-focused genetic testing services are gaining prominence. Moreover, various NGOs and regional governments in the U.S. are working towards spreading cancer awareness by organizing awareness programs and taking steps to spread the importance of cancer testing. Thus, owing to the factors mentioned above, the U.S. is expected to register a CAGR of 10% for cancer-focused genetic testing services.
Key Players:
- Cleveland Clinic
- Fortis Healthcare
- KIMS Hospitals
- Rush University Medical Center
- The Johns Hopkins Hospital
- Bridgeport Hospital
- Greenwich Hospital
- Lawrence Memorial Hospital
- Westerly Hospital
- Yale New Haven Hospital
- Northeast Medical Group
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Key Segments Covered in the Cancer-Focused Genetic Testing Services
By Test Type:
- Chromosome
- DNA
- Direct DNA Testing
- Indirect DNA Testing
- Biochemical
By Cancer Type:
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Bladder Cancer
- Kidney Cancer
- Other Cancer
By Service Provider:
- Hospitals
- Specialty Clinics
- Diagnostic Laboratories
- Specialized Cancer Institutes
About FMI:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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