To check the high prevalence of genetic disorders, biotechnological companies are introducing a number of cost-effective and technologically advanced testing kits and products. For instance, in October 2019, Sema4 (Mount Sinai Genomics Inc.
New York, July 25, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Carrier Screening Market" - https://www.reportlinker.com/p05932753/?utm_source=GNW
) expanded its carrier screen with personalized residual risk, to offer healthcare providers and patients a better assessment of the genetic disease risk.
As a result of the testing kits becoming more advanced and cost-effective, the global carrier screening market, which reached $1,303.6 million in 2019, is predicted to grow at a 10.9% CAGR between 2020 and 2030. This is because of the increasing efficiency and reducing costs of the tests, which is driving the demand for them, among people planning a family.
Expanded Carrier Screening To Be Larger Type in Carrier Screening Market
The expanded carrier screening bifurcation is projected to continue holding larger share in the carrier screening market till 2030. This is attributed to the fact that with this approach, a number of genetic diseases can be tested for at once. Another reason behind the dominance of this bifurcation on the industry is the heavy usage of the next-generation sequencing (NGS) technique for genetic disease screening.
In 2019, the deoxyribonucleic acid (DNA) sequencing division contributed the highest revenue to the carrier screening market, on account of the integration of user-friendly tools with the technology and its declining prices. Moreover, this technology is more accessible, as the people using it for testing do not need to be bioinformatics experts.
During the forecast period, the cystic fibrosis classification would witness the highest CAGR in the carrier screening market, due to the increasing number of people being diagnosed with this genetic condition in North America and Europe. In addition, the awareness about the advantages of diagnosing the disease early is rising, thereby driving the test volume.
North America was the highest-revenue-generating carrier screening market during the historical period (2014–2019), as a result of the growing number of tests being done to determine whether a person is carrying the gene for an inherited disease. Moreover, several established market players are present in the region, which also has the most advanced healthcare infrastructure in the world. In the coming years, the fastest market growth is expected in Asia-Pacific (APAC), as people in Australia, China, and India are becoming rapidly knowledgeable about genetic diseases and screening tests. Additionally, APAC is the most populated region on earth, and the prevalence of genetic diseases is rising here, particularly in China and India.
Market Players Entering into Partnerships to Increase their Presence
A number of partnerships are being initiated in the carrier screening market, with the companies, offering these solutions, looking to:
• Leverage each other’s platforms for their products
• Combine each other’s technology, to offer improved solutions
• Commercialize their products outside their home country
• Widen their customer base
• Advance their technology with each other’s expertise
The most prominent companies operating in the global carrier screening market include Invitae Corporation, Illumina Inc., Thermo Fisher Scientific Inc., Otogenetics Corporation, Myriad Genetics Inc., Luminex Corporation, Gene By Gene Ltd., MedGenome Inc., Natera Inc., Laboratory Corporation of America Holdings, and Mount Sinai Genomics Inc.
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