Pediatric Genetic Testing Market Research Report: Forecast (2023-2028)
A form of medical analysis known as pediatric genetic testing scans for alterations in a child's genes, chromosomes, or proteins. It is used to determine the presence of genetic disorders or congenital disabilities & to estimate the likelihood of an infection being passed on to future generations.
Genetic tests can also be used to identify some diseases and to predict how a condition will develop. The value of pediatric genetic testing resides in its capacity to identify and classify illnesses at an early stage when therapies are still conceivable.
Market Insights & Analysis: Global Pediatric Genetic Testing Market (2023-28)
The Global Pediatric Genetic Testing Market is projected to grow at a CAGR of around 14% during the forecast period, i.e., 2023-28. Growing consciousness regarding the benefits of pediatric genetic testing stemming from the increasing prevalence of genetic disorders in children over the past few years has encouraged market expansion in the historical years. Other than this, the snowballing demand for personalized medicine and targeted therapies combined with technological developments in platforms and methodologies for genetic testing are likely to bode well for the industry in the long run.
Moreover, Molecular testing identifies patients more vulnerable to cancer and other diseases, which aids surveillance. This allows for pre-symptomatic diagnosis & gives enough lead time to stop the progression. Given these benefits, such testing methods are highly incorporated, consequently enhancing Global Pediatric Genetic Testing Market size during the forecast period.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: The US, Canada, Mexico|
|Europe: UK, Germany, France, Spain, Italy, and Others|
|Asia-Pacific: China, India, Japan, South Korea, Australia, and Others|
|South America: Brazil, and Others|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, and Others|
|Key Companies Profiled||Abbott Laboratories, BGI Genomics, Invitae Corporation, Trivitron Healthcare, Thermo Fisher Scientific Inc., Fulgent Genetics, Inc., Quest Diagnostics, Unilabs Group Services, Agilent Technologies, Inc., Genomic Diagnostics, PerkinElmer, Inc., CENTOGENE N.V, OPKO Health, Inc., Baebies, Inc., Eurofins Scientific etc.|
|Unit Denominations||USD Million/Billion|
Similarly, the influx of investment in the market, constantly upscaled by the growing number of private-sector players, is likely to inflate the revenue shares in the coming period. For instance, in July 2021, Avellino Laboratories announced the introduction of AvaGen, the genetic eye test, in the United States. The test help patients evaluate their risk of developing keratoconus and other corneal dystrophies. Thus, the industry is projected to expand as a result of these initiatives by significant market participants.
Key Driver: Ever-Increasing Demand for Molecular Testing to Diagnose Cancer
Molecular tests verify the diagnosis, project a prognosis and help formulate a treatment plan for children who have cancer or showing the risk of developing cancer. Besides, they play a crucial role in providing genetic counseling and prenatal diagnosis to the family as well. Owing to the potential benefits of molecular testing in diagnosing cancer and enabling people to make informed decisions about managing their children's health care have encouraged the incorporation of genetic-based tests over the course of time, accelerating the market forward.
Possible Restraint: Ethical Implications of Using DNA-based Tests in Clinical Settings
In addition to being technically tricky, DNA-based diagnostics also pose several moral issues with regard to the indications, interpretation, and ramifications for the patient and family. Concerns regarding morality, the legality of the request, and the impact on children's mental well-being followed by the increased adoption of such genetic testing might discourage its incorporation in the long run. Furthermore, the variety of tests available for various purposes and the lack of studies looking at the long-term effects of testing on children have made it difficult to provide guidelines. Considering this, the indications provided by some tests have proven benefits over harms, while others have less clear justification.
Growth Opportunity: Large-scale Adoption of Sustainable & High-performance Pediatric Genetic Testing Materials
The increasing use of cutting-edge technology and materials to improve the performance of pediatric genetic testing devices is one of the market's key trends. To increase the robustness, effectiveness, and security of Pediatric Genetic Testing goods, technologies like smart sensors and advanced coatings, combined with novel production techniques, have been incorporated. As a result, demand for high-performance Pediatric Genetic Testing materials is anticipated to increase in the upcoming years.
In addition, the growing emphasis on sustainability and environmental consciousness is another trend boosting the market for pediatric genetic testing. By utilizing green products and resources, many businesses are attempting to lessen their impact on the environment. This, in turn, is likely to open up new avenues for companies that specialize in developing sustainable Pediatric Genetic Testing solutions.
Key Trend: Constant Technological Developments in Genetic Testing Worldwide
Technology advancements have made it possible for doctors to do tests more accurately and to examine numerous pieces of genetic data simultaneously. Moreover, by approving the new ways of testing, many countries are facilitating their adoption. For instance, the United States Food and Drug Administration approved the first test to identify Fragile X Syndrome (FXS), one of the primary causes of inherited developmental delay and intellectual disability, in February 2021. Thus, the rising burden of chronic diseases paired with technological improvements has furthered market expansion in the historical period.
Based on Disorder,
Cardiovascular Disorders is expected to grow at the highest CAGR by 2028 in the Global Pediatric Genetic Testing market, being one of the major causes of death globally, with an estimated 17.9 million lives each year. Genetic testing is informative and helpful for managing various inherited cardiovascular diseases such as thoracic aortic aneurysms and dissections, cardiomyopathies, arrhythmic disorders, and familial hypercholesterolemia (FH). Therefore, the burgeoning incidences of cardiovascular diseases, a rising number of obesity cases, and a surging degree of a sedentary lifestyle are anticipated to increase the risk of inheritance, necessitating effective pediatric genome testing and, in turn, driving the growth of the market globally.
Geographically, the Global Pediatric Genetic Testing Market expands across:
Among other regions, North America is projected to witness significant growth in terms of revenue share during the forecast period. It can be attributed to a number of factors, including the existence of a well-established healthcare infrastructure, a high adoption rate for cutting-edge diagnostic technology, and a growing emphasis on research to advance pediatric treatment, particularly cancer-specific. For instance, In March 2022, the National Cancer Institute launched the Molecular Characterization Initiative for pediatric tumors in line with the USA's Cancer Moonshot goal of encouraging data sharing in cancer research.
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Frequently Asked Questions
A. The Pediatric Genetic Testing Market is projected to grow at a CAGR of around 14% during 2023-28.
A. Rise in the demand for genetic testing to diagnose cancer is expected to drive the pediatric genetic testing market during 2023-28.
A. Abbott Laboratories, BGI Genomics, Invitae Corporation, Trivitron Healthcare, Thermo Fisher Scientific Inc., Fulgent Genetics, Inc., Quest Diagnostics, Unilabs Group Services, Agilent Technologies, Inc., Genomic Diagnostics, PerkinElmer, Inc., CENTOGENE N.V, OPKO Health, Inc., Baebies, Inc., Eurofins Scientific are the top players in the Pediatric Genetic Testing Market.
A. Cardiovascular disorder is anticipated to emerge as an area of remunerative opportunities for the leading players in the Pediatric Genetic Testing market.
A. Globally, North America would provide lucrative prospects for the pediatric genetic testing market in the years ahead.
A. Technological developments in genetic testing is the key trend shaping the growth of the Pediatric Genetic Testing market.
A. Large-scale adoption of sustainable and high-performance pediatric genetic testing materials are the growth opportunities for the market players through 2028.
A. Ethical implications of using DNA-based tests in clinical settings are the possible restraint affecting the growth of the market.