Genetic Analysis Market Size

Genetic Analysis Market Size

Genetic Analysis Market size was valued at over USD 9.5 billion in 2021 and will exhibit more than 8% CAGR between 2022-2030. Growing incidence of genetic disorders worldwide to bolster market dynamics.

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A genetic disorder is an extremely rare phenomenon and accounts for close to 80% of all rare disorders. Estimates reveal that close to 7.9 million children are born with acute birth defects every year. These defects are either partially or entirely genetic in nature. Some of the genetic disorders include cystic fibrosis, sickle cell anemia, Tay-Sachs, turner syndrome, Fragile X syndrome, and hemochromatosis.

Every year, more than 300,000 babies are born with sickle cell anemia in the world, with the number projected to rise to over 400,000 by 2050. The prevalence of this disorder is observed in developing economies like India, the Middle East and Africa, where over 40% of the population is said to be affected. Over 90% of SCD-affected children from third-world nations do not survive till adulthood. This growing prevalence of genetic disorders across emerging economies will thus fuel industry trends.

High costs of genetic testing may hamper the market growth to a certain extent. Based on the complexity and type of the test, the cost of genetic testing varies from USD 100 to over USD 2,000 per test. The prices further rise if multiple family members are required to be tested or multiple tests are required to obtain accurate outcomes. Tests that are misordered and provide false reassurance breach the clinical practice regulations as well as pressurize the overall healthcare system with their pricing.