Market Research Future (MRFR) has published a cooked research report on the “Global Human Genetics Market” that contains the information from 2023 to 2032.
The human genetics market is expected to register a CAGR of 10.80% during the forecast period 2023-2032, to reach USD 65.18 Billion by 2032.
Human genetics is the broad field of studying human inheritance and comprises sub-sections such as cytogenetics, molecular genetics, genetic counseling, clinical genetics, and others. It helps to understand gene functionalities and the consequences of abnormalities in them. Through human genetics, the human genome is studied to diagnose genetic disorders and provide related treatment much more efficiently. The growth of human genetics is driven by the growing adoption of genetic testing. However, high cost of genetic testing is likely to restrain the market growth.
MRFR recognizes the following companies as the key players in the global human genetics market— Myriad Genetics (US), Synlab Group (Germany), Eurofins Megalab S.A (Spain), Biomarker Technology (US), Echevarne Laboratory (Spain), Elabscience Biotechnology Inc (US), NIMGenetics (Spain), Sistemas Genómicos (Spain), FullGenomics (Spain), GENinCode (UK), Atrys Health (Spain), Genyca (Spain), Igenomix (India), Genologica (Spain), Bode Technology Group Inc (US).
The global human genetics market is segmented into application, end user and region. The application segment is further segmented into wellness & E-commerce, preventive medicine, diagnostic & treatment. The diagnostic & treatment segment is further sub-segmented into oncology, cardiology, assisted reproduction, neurology, gynecology, others. The neurology segment is further sub-segmented into neuropediatric, others. The test segment is further segmented into NIPT, carrier testing, pharmacogenomic testing, karyotype testing, thrombophilia testing, septin 9 biomarker testing, NGS, others. The NGS segment is further sub-segmented into oncology, cardiology, others.
The global human genetics s market, based on region, has been divided into US, Canada, UK, Germany, Spain, Japan, others.
The human genetics market in the US benefits from a high healthcare expenditure, increasing demand for genetic testing by the population, and high public awareness regarding early detection of diseases and preventive care. Moreover, the availability of reimbursements in the US for genetic tests further improves market growth in the country. For instance, in October 2019, United HealthCare Services, Inc. (US), the largest health insurance company in the US, started providing insurance coverage for multi-panel genetic testing. According to the National Institutes of Health (NIH), in July 2021, over 77,000 genetic tests are currently used in the US, and more are under development.
Public-funded genetic testing in Canada is highly restricted and is only available to a select few who fall into certain criteria, such as a family history of cancer and early onset of cancer. Additionally, people in Canada who want their genetic testing done can opt for direct-to-consumer genetic tests such as color and invitae. Results from these tests can then be consulted with genetic counselors. Furthermore, there are human genetics programs to test patients with genetic disorders across Canada. For instance, the Hereditary Cancer Program is based in British Columbia, Canada, conducting genetic counseling and tests to detect hereditary cancer.
Clinically directed genetic testing has been available for several decades in the NHS for predictive testing for family members and molecular genetic investigation of a clinical presentation. Genomic health data in the UK is generated in three major areas, including large-scale research programs, the healthcare system, and purchasing of direct-to-consumer genetic testing. Moreover, the rise in the number of initiatives undertaken by the public as well as private organizations is further aiding the market growth. For instance, in April 2021, GEN inCode UK Limited announced its collaboration with Royal Brompton and Harefield hospitals (RB&H) for providing cardiovascular disease clinical genetic testing and reporting. In August 2021, DnaNudge announced the completion of its Series A investment round of USD 60 million led by Ventura Capital.
The rising prevalence of genetic disorders, cancer, increasing awareness and acceptance regarding personalized medicines, and growing focus on R&D activities contribute to the country's growth. As per the data published by Global Cancer Observatory in March 2021, cancer accounted for 628,516 new cases and 252,065 deaths in Germany in 2020. In addition, the government is implementing a number of favorable and collaborative policies to incorporate genetic testing into the healthcare system and provide insurance reimbursements to citizens, which, in turn, is driving the market growth.
Key Findings of the Study