July 19, 2024
Carrier Screening Market

Genetic Screening is the largest segment driving the growth of Carrier Screening Market.

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.

Market Overview:

Carrier screening is a type of genetic test that identifies carriers of recessive genetic disorders. It examines a person’s DNA for genetic variants or mutations that, if both partners carry them, can cause serious medical conditions in their children. Carrier screening can detect hundreds of genetic disorders, many of which cause disability or death if left untreated. Identifying genetic predispositions through carrier screening allows prospective parents to make informed family planning decisions. It is becoming increasingly popular due to advancements in genomic technologies and growing public awareness of availability. As genetic disorders place both emotional and financial burden on families, carrier screening offers value by enabling early prenatal intervention and even prevention of debilitating health conditions in offspring.

Market key trends:

One of the major trends spurring growth in the carrier screening market is expanding insurance coverage. More health insurers are now offering coverage for carrier screening tests, recognizing their importance in reducing healthcare costs associated with treating genetically inherited conditions. Additionally, growing ethnic diversity is driving expanded carrier screening panels to include disorders prevalent in different populations. With greater accessibility and affordability, carrier screening is transitioning from a service for high-risk individuals to a routine recommendation for all reproductive-aged patients. Advancements in sequencing technologies continue to lower test costs and reduce turnaround times, further enhancing testing volumes. Looking ahead, widespread patient awareness campaigns by medical experts and advocacy groups will remain vital for sustained market expansion.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the carrier screening market requires significant capital investments and technical expertise to operate advanced equipment and technologies.

Bargaining power of buyers: The bargaining power of buyers is high as carrier screening services are available from multiple providers and buyers can negotiate on price and quality of services.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are multiple component and equipment suppliers in the market.

Threat of new substitutes: The threat of new substitutes is low as there are limited substitute products and services for carrier screening.

Competitive rivalry: Intense competitive rivalry among existing players to gain more market share.

Key Takeaways

The global carrier screening market is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing prevalence of genetic disorders and growing awareness regarding benefits of early detection of genetic diseases.

North America dominated the global carrier screening market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to rising focus on personalized medicine, increasing adoption of carrier screening, and rising healthcare expenditure in the region. Asia Pacific is projected to exhibit fastest growth during the forecast period owing to increasing healthcare expenditure, improving healthcare infrastructure, and growing focus on preventive healthcare.

Key players operating in the carrier screening market are Myriad Genetics, Inc; Cepheid; Illumina; Thermo Fisher Scientific Inc.; F.Hoffmann-La Roche Ltd; Laboratory Corporation of America Holdings; Otogenetics ; MedGenome; GeneTech ; and Centogene N.V. These players are adopting various organic and inorganic growth strategies such as new product launches, partnerships & collaborations to gain more market share.

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