The global hereditary cancer testing market is US$ 3,967.74 Mn in 2018 and is predicted to grow at a CAGR of 11.1% during the forecast period 2019 – 2027, to reach US$ 9,840.52 Mn by 2027.
Asia Pacific is the fastest growing geographic market and is expected to be the significant revenue contributor in forecast period. The region has witnessed several technological advancements in the field of healthcare by the incorporation of advanced hereditary cancer screening for rising hereditary cancer prevalence in the region. There is a growing interest of international players in China and India, government support in countries such as China, and advancing healthcare infrastructure. Therefore, the region has huge potential for the hereditary cancer testing market players to grow during the forecast period.
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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, 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.
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