Report : Hereditary Cancer Testing Market to 2027 - Global Analysis and Forecasts By Diagnosis Type (Biopsy, Imaging); Technology (Sequencing, PCR, Microarray); End User (Hospital, Clinics, Diagnostic Centers), and Geography
Imaging segment is expected to grow at a fast pace over the forecast period
According to The Insight Partners market research study titled 'Hereditary Cancer Testing Market to 2027 – Global Analysis and Forecasts by Diagnosis Type, Technology, and End User'. The global hereditary cancer testing market is expected to reach US$ 9,840.52 Mn in 2027 from US$ 3,967.74 Mn in 2018. The market is estimated to grow with a CAGR of 11.1% from 2019-2027. The report highlights the trends prevalent in the global hereditary cancer testing market and the factors driving the market along with those that act as deterrents to its growth.
Global hereditary cancer testing market, based on the diagnosis type, was segmented as, biopsy and imaging. In 2018, the imaging segment held a largest market share of the hereditary cancer testing market, by diagnosis type. This segment is also expected to dominate the market in 2027 owing to the increasing number of cancer patients. Moreover, imaging segment is expected to grow at significant rate, in the forecast period 2019 to 2027 owing to rising preference towards cost-effective, easy, and accurate method for hereditary cancer testing.
The market for hereditary cancer testing is expected to grow, owing to factors such as increasing prevalence of hereditary cancer and growing awareness about hereditary cancer have been boosting the market over the years. In addition, growing demand for noninvasive methods of detection are likely to have a positive impact on the growth of the market in the coming years.
The major players operating in the hereditary cancer testing market include Hologic Inc., Koninklijke Philips N.V., Quest Diagnostics Incorporated, Myriad Genetics, Inc., Cancer Genetics Inc., Invitae Corporation, Myogenes, Strand Life Sciences Pvt. Ltd., Pathway Genomics Corporation, and CENTOGENE AG, among others. The market has witnessed various organic as well as inorganic developments during recent years in the hereditary cancer testing market. For instance, during April 2019, Hologic, Inc., launched the Trident HD specimen radiography system. It is a next-generation solution that delivers improved image quality, better workflow, and instant sample verification during breast-conserving surgeries and stereotactic breast biopsies. The product launches enable companies to expand their corresponding product portfolios and increase the customer base worldwide.
Global Hereditary Cancer Testing Market, By Regions, 2018 (%)