Genetic Counseling is a communication process that enlightens & assists people in understanding the disease risks, mode of transmission, and natural history of a genetic disorder. Its sole purpose & approach is associated with informed consent for genetic tests, especially in situations like family planning and others like prenatal/preconception and pediatric risk care, alongside informing & addressing the modes of risk management services.
The Global Genetic Counseling Market is expected to grow at a CAGR of around 11.5% during the forecast period, i.e., 2023-28. Most of the market growth attributes to the rapidly growing cases of genetic disorders and cancers and the increasing awareness & acceptance of personalized medicine, the exponentially rising population with awareness of genetic conditions, and the ever-increasing number of genetic counselors.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, The Netherlands, Norway, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Australia, New Zealand, Others|
|South America: Brazil, Rest of South America|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Turkey, Others|
|Key Companies Profiled||Quest Diagnostics Incorporated, Laboratory Corporation of America, Genome Medical Inc., Invitae Corporation, GeneMatters, EasyDNA, AT-GC, Arup Laboratories, MyOncoPath, Geneanet, Biron Health Group, Metis Genetics, LLC, GeneScreen, LLC, GeneHealth UK, Veritas Genetics, Ancestry, Laboratory Corporation of America, InformedDNA, Color Genomics, GeneDX , GenPath Diagnostics etc.|
|Unit Denominations||USD Million/Billion|
Besides, new advancements in genetic testing techniques, like the development of next-generation sequencing & chromosomal microarray analysis, which transforms the determination of structural & numerical abnormalities in chromosomes, i.e., leading to the detection of various rare genomic & genetic disorders, are also stimulating the growth of the genetic Counseling market.
Moreover, substantial support from governments and the dramatically expanding healthcare sector are further creating remunerative opportunities for the leading market players like Genome Medical & MyOncoPath to widen their offerings in order to cater to the burgeoning requirements worldwide. Furthermore, the entry of new players with increased innovation about reducing cost & maximizing resource output also projects lucrative prospects for the genetic Counseling market through 2028.
Recent Developments in the Global Genetic Counseling Market
Based on Business Models:
Of these three, the DTC (Direct-to-Customer) testing model holds a significant share of the Global Genetic Counseling Market. It owes to the growing consumer awareness of DTC
genetic tests, improving income levels in developing countries, the ever-increasing demand for personalized DTC genetic services globally, alongside the increasing number of companies providing DTC genetic tests that look at genetic variations in order to predict an individual's health, reveal information regarding common traits, & provide clues about the family tree.
Besides, active efforts of the leading market players toward developing reliable consumer-facing services that can ensure reliable & quick results from genetic testing are further fueling the demand for DTC testing models worldwide, which can be purchased either online or from shops. Individuals can get their genetic information through DTC genetic testing without going through a doctor or insurance company in the first place. Furthermore, the mounting demand for DTC genetic testing kits to detect coronavirus genome throughout the first half of 2020 also benefitted the expansion of the overall genetic counseling market.
Based on Application:
Here, Prenatal and Preconception Care are anticipated to demonstrate the fastest market growth and a presence of lucrative opportunities for the players in the coming years. This growth attributes to the mounting demands for prenatal and newborn testing and screening tests, especially across regions like North America and Europe.
Since these prenatal tests are conducted during pregnancy to detect any birth defect in newborn babies, parents are becoming more conscious and opting for genetic counseling services and identify abnormalities or syndromes in babies. Hence, with the growing awareness about the availability of such services, the overall market is set to observe substantial growth in the coming years.
Geographically, the Global Genetic Counseling Market expands across:
Of all countries globally, Asia-Pacific is anticipated to make prominent contribution to the overall expansion of the Genetic Counseling Market during 2023-28. This growth is driven by the swift development of the healthcare industry across different countries like India and China, which are experiencing significant investments in healthcare and infrastructure, generating opportunities for the players indulged in genetic counseling. Besides, greater government focus on bringing cost-effectiveness & scalability for the general public shall also cater to the market expansion in Asia-Pacific.
The ease and applicability of genetic testing methodologies, backed by the numerous research & development activities across different countries in the region are also positively influencing the market growth. Especially across countries like China & India, having a large population base, the minimizing costs of genetic testing techniques, and a rise in awareness about genetic disorders are expected to further drive the market in the coming years.
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Frequently Asked Questions
A. The Genetic Counseling Market is projected to grow at a CAGR of around 11.5% during 2023-28.
A. The mounting cases of genetic disorders & cancers worldwide and the ever-increasing consumer awareness & acceptance of personalized medicine are the prime aspects projected to drive the Genetic Counseling Market during 2023-28.
A. Quest Diagnostics Incorporated, Laboratory Corporation of America, Genome Medical Inc., Invitae Corporation, GeneMatters, EasyDNA, AT-GC, Arup Laboratories, MyOncoPath, Geneanet, Biron Health Group, Metis Genetics, LLC, GeneScreen, LLC, GeneHealth UK, Veritas Genetics, Ancestry, Laboratory Corporation of America, InformedDNA, Color Genomics, GeneDX, and GenPath Diagnostics are the key companies participating in the Genetic Counseling Market.
A. Direct-to-Customer (DTC) testing model would continue providing profitable opportunities to the Genetic Counseling Market during 2023-28.
A. Globally, Asia-Pacific would create remunerative prospects for the Genetic Counseling Market during 2023-28.