The global human genetics market is expected to have a market value of USD 65.18 Billion by 2032.
The Human Genetics Market is witnessing a transformative era driven by advancements in genomics and human molecular genetics. Genomics, the study of an organism's complete set of DNA, is at the forefront of this revolution, enabling researchers and healthcare professionals to delve into the intricacies of human genetic information. As a result, the market is experiencing unprecedented growth with a focus on personalized medicine, genetic testing, and targeted therapies.
Human molecular genetics, a subfield of genetics that explores the molecular mechanisms underlying genetic traits and disorders, plays a pivotal role in understanding the genetic basis of various diseases. The integration of genomics and human molecular genetics has paved the way for breakthroughs in diagnostics, treatment, and drug development.
The demand for genetic testing services has surged, driven by the increasing awareness of personalized healthcare and the potential to uncover individualized treatment options. The Human Genetics Market is characterized by collaborations between biotechnology companies, research institutions, and healthcare providers to leverage genomic data for precision medicine.
Major Key Players:
MRFR recognizes Human Genetics Companies are— 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).
Segmentation
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.
Regional Analysis
The global human molecular genetics 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 2023, 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 2023, GEN inCode UK Limited announced its collaboration with Royal Brompton and Harefield hospitals (RBH) for providing cardiovascular disease clinical genetic testing and reporting. In August 2023, 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 RD activities contribute to the country's growth. As per the data published by Global Cancer Observatory in March 2023, cancer accounted for 628,516 new cases and 252,065 deaths in Germany in 2023. 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.
Browse Related Reports:
For More Information, Please Visit @ Market Research Future
