May 29, 2024

Carrier Screening Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

Carrier screening, also known as preconception or prenatal carrier screening, enables the early detection of genetic conditions in prospective parents to be aware if they are carriers of genetic disorders that could potentially be passed down to their children. This allows couples to assess reproductive risks and make informed family planning choices. Common carrier screening tests analyze a small DNA sample for hundreds of genetic variants associated with severe inherited diseases. Detecting whether prospective parents carry genes for conditions such as cystic fibrosis, spinal muscular atrophy, or Fragile X syndrome before conception enables couples to consider parenthood decisions and pursue prenatal testing or preimplantation genetic diagnosis if both partners are identified as carriers of the same disease-causing variant.

The global Carrier Screening Market is estimated to be valued at US$ 2.34 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/carrier-screening-market-3500

Market key trends:

Advancements in genetic sequencing technologies have facilitated affordable personalized carrier screening options that also evaluate a broader range of conditions. Next-generation sequencing enables simultaneous analysis of hundreds to thousands of genes, allowing for more comprehensive carrier screening. Furthermore, broad expanded carrier screening panels are now available that simultaneously analyze up to 400+ genetic variants associated with diseases, including many rare conditions without technology limitations by traditional screening approaches such as microarrays. Such advancements in carrier screening have made the testing more accessible and affordable to identify reproductive risks. Additionally, the popularity of direct-to-consumer genetic testing has led to heightened public awareness of carrier screening benefits.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the carrier screening market requires significant funding to establish testing facilities and genetic testing infrastructure. However, there is growing specialization in genetics which could potentially enable new niche players.

Bargaining power of buyers: The bargaining power of buyers is moderate. While individual consumers have little bargaining power, large healthcare groups and insurance providers are in a stronger position to negotiate on price and market access.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key suppliers provide technologies, reagents, and expertise needed for genetic sequencing and testing. However, alternatives are available reducing dependence on any single supplier.

Threat of new substitutes: The threat of new substitutes is low. No significantly cheaper or novel technology has emerged that can easily replace current carrier screening methods. However, advances in genetic technologies continue to push the boundaries.

Competitive rivalry: The carrier screening industry is highly competitive with the presence of several global players. Companies compete based on test accuracy, reporting timelines, price, and service delivery models.

Key Takeaways

The global carrier screening market is expected to witness high growth over the forecast period supported by rising focus on prevention and early disease detection. The global Carrier Screening Market is estimated to be valued at US$ 2.34 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030.

Regional analysis: North America is expected to continue dominating the carrier screening market supported by high screening rates and increasing awareness. The Asia Pacific region is anticipated to witness fastest growth supported by improving healthcare infrastructure, expansion of private insurance coverage and rising medical tourism.

Key players: Key players operating in the carrier screening market are Eurofins Scientific (US), Invitae (US), OPKO Health (US), Fulgent Genetics (US), Quest Diagnostics (US), Sema4 (US), Myriad Genetics (US), Illumina (US), and Thermo Fisher Scientific (US). Companies are focused on expanding their genetic testing portfolios and exploring growth opportunities in new geographic regions.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it