The genetic analysis market is set to register substantial gains, driven by medical advancements, an increased health-conscious customer base, and the rising prevalence of life-threatening diseases.
To that end, increasing cognizance toward health has raised the need for the early detection of diseases. In fact, the rising cases of inherited disease-related deaths have shifted the focus of the healthcare industry to genetic analysis.
Genetic analysis encompasses studying the DNA and RNA patterns for the detection of an ailment. Healthcare industries are rigorously investing in the latest technologies to simplify genetic analysis.
As per the latest report by Global Market Insights Inc., the genetic analysis market is set to register over $13 billion in revenue by 2030.
Advanced next-generation sequencing system (NGS) to facilitate precision medicine
The demand for precision medication, which entails metered doses of ingredients as per a patient’s current health, is currently on the rise given the inefficacy put forth by mass-manufactured medications. In this regard, healthcare units are leveraging genome sequencing to identify the patient history for personalizing the medicine.
The need for rapid testing of huge DNA and RNA samples has compelled geneticists to opt for modernized NGS modules for streamlining precision medicine preparation. Moreover, advanced NGS software like Mapping and Assembly with Quality (MAQ) has come to the forefront for effectively mapping out short reads to reference genomes.
Europe to emerge as a regional hotspot in genetic analysis industry
The Europe genetic analysis market is expected to witness substantial growth over 2022-2030, owing to the rising prevalence of genetic diseases in the region. As per European Commission, up to 36 million people in the European Union have a rare disease and 80% of them are inherited. In this regard, the region is emphasizing the generation of genomic data to detect infectious and rare diseases for improved diagnosis and disease prevention.
Europe has also introduced a 1+ Million Genomes initiative that strives to increase genomic health data across Europe for personalized treatment. Besides this, the region is heftily investing to bring advanced technologies in genome sequencing to expand genetic analysis.
Citing an instance, in December 2021, Hoffmann-La Roche AG, a Swiss multinational healthcare company launched AVENIO Edge System to upgrade genome sequencing. It facilitates real-time tracking of samples and is a cost-effective solution for routine tasks of sequencing laboratories. The solution also helps advance precision medications and increase the accuracy of sequencing by reducing human errors.
Rising prevalence of cardiovascular diseases to foster the market expansion
As per WHO, cardiovascular diseases (CVDs) lead to approximately 17.9 million fatalities annually, being one of the prominent causes of mortality. In the U.S. alone, nearly 697,000 people die from heart disease every year. Such figures have popularized the usage of next-generation sequencing for the detection of complex and inherited CVDs.
It can be inferred that advanced technologies for increasing the accuracy of genetic analysis are set to bolster market expansion. In addition, the prevalence of life-threatening disorders like cancer, CVDs, and infectious diseases and the associated mortality rates is further contributing to the penetration of genetic analysis in many healthcare units.
Furthermore, government-funded initiatives in healthcare coupled with enhanced genetic testing methods are likely to bring product innovations to the genetic analysis market.
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