Pune, India, April 06, 2021 (GLOBE NEWSWIRE) -- The U.S. genetic testing market size is expected to gain momentum by reaching USD 10.29 billion by 2027 while exhibiting an impressive CAGR of 13.0% between 2020 and 2027.
This information is published by Fortune Business Insights in its latest report, titled, “U.S. Genetic Testing Industry, 2020-2027.” The report further mentions that the market stood at USD 4.11 billion in 2019. Factors such as increasing prevalence of chronic disorders and the increasing awareness regarding the efficacy of genetic testing in the U.S. will contribute to the growth of the market during the forecast period.
Increasing Prevalence of Chronic Disorders to Augment Growth
According to the Centers for Disease Control and Prevention (CDC), chronic ailments such as cancer, heart disorders, and diabetes are the leading cause of disability and deaths of people across the U.S. Moreover, the U.S. healthcare system suffers an estimated USD 320 billion annually, in direct and indirect costs. Therefore, to reduce the healthcare costs, several healthcare companies contemplate offering advanced screening solutions to detect the disease at the preliminary stage and further prevent disease fatality. Moreover, increasing awareness regarding the efficacy of the genetic testing methods amongst the healthcare professionals is expected to favor the U.S. genetic testing market growth in the forthcoming years.
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Market to Exhibit 6.7% Growth in 2020 amid COVID-19
The market for genetic testing in the U.S. is expected to register a lower growth by exhibiting a CAGR of 6.7% in 2020. Factors such as cancellation and postponement of non-essential diagnostics such as that of hereditary disease and cancer screening and more impetus on COVID-19 screening is expected to lead to sluggish growth of the market. However, favorable government policies and proactive steps to widen the reach of screening amongst patients by the companies is expected to contribute to the growth of the U.S. Genetic Testing Industry in the forthcoming years.
What does the Report Provide?
The market report provides a qualitative and quantitative analysis of the market and focuses on key aspects such as the regulatory overview, key industry developments such as mergers, acquisitions, and partnerships, and funding raised by start-up companies that will impact the market. Additionally, the report offers valuable insights into the latest market trends and highlights key industry dynamics by adopting several research methodologies during the forecast period.
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Partnership between Major Companies to Amplify Their Market Positions
The market is fragmented by the presence of major companies such as Myriad Genetics and Quest Diagnostics trying to maintain a stronghold by partnering other companies to expand their product portfolio. Moreover, the other companies such as Ambry Genetics, Invitae Corporation, and BioReference Laboratories are adopting strategies such as merger and acquisition to maintain their presence and gain a competitive edge over their rivals in the forthcoming years.
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List of the Companies Profiled in the Market:
- Invitae Corporation (San Francisco, U.S.)
- Ambry Genetics (Aliso Viejo, U.S.)
- BioReference Laboratories, Inc. (Elmwood Park, U.S.)
- Progenity, Inc. (San Diego, U.S.)
- Quest Diagnostics Incorporated (Secaucus, U.S.)
- Myriad Genetics, Inc. (Salt Lake City, U.S.)
- Fulgent Genetics (Temple City, U.S.)
- Burning Rock Biotech Limited (Guangzhou, China)
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Some major points from Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Regulatory Overview
- Overview: Funding Raised by Genetic Testing focused Start-up Companies
- Key Industry Developments - Mergers, Acquisitions, and Partnership
- Porter’s Five Forces Analysis
- SWOT Analysis
- Impact of COVID-19 Pandemic on the U.S. Genetic Testing Market
- Analysis of Transactions in the Molecular Diagnostic Clinical Laboratory Market
- Overview: Personalized Medicine Market Size (USD billion), U.S., 2019
- Reimbursement Scenario
- U.S. Genetic Testing Industry Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technique
- DNA Sequencing
- Market Analysis, Insights and Forecast – By Application
- Cognitive Dysfunction
- Market Analysis, Insights and Forecast – By Payer
- Public Health Insurance
- Private Health Insurance
- Market Analysis, Insights and Forecast – By End User
- Independent Laboratories
- Competitive Analysis
- U.S. Market Share Analysis (2019)
- Company Profiles (Overview, Products & Services, SWOT Analysis, Recent Developments, Strategies, Financials (Based On Availability))
- Invitae Corporation
- Ambry Genetics
- BioReference Laboratories, Inc.
- Progenity, Inc.
- Quest Diagnostics Incorporated
- Myriad Genetics, Inc.
- Fulgent Genetics
- Burning Rock Biotech Limited
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