Global Carrier Screening Market Anticipated to Generate a Revenue of $7,157.60 Million, Growing at a CAGR of 16.20% from 2021 to 2028Download Sample Reports Overview
The global carrier screening market size is estimated to be valued at $7,157.60 million by 2028, surging from $2,168.40 million in 2020, at a noteworthy CAGR of 16.20%.
Impact Analysis of COVID-19 on the Carrier Screening Market
The global market for carrier screening is estimated to experience a low growth amid the COVID-19 pandemic. This low growth is the result of closing down of laboratories and hospitals for non-essential treatments. In addition to this, people across the industry are facing issues with regard to less availability of lab technicians or counselors for carrier testing. Therefore, demand for carrier screening is decreasing amid the pandemic.
However, reopening of laboratories, hospitals, and availability of counselors for carrier screening test are some of the factors that might bring new opportunities in the global carrier screening market post-pandemic.
Global Carrier Screening Market Analysis
The enormous growth of the global carrier screening market is mainly attributed to increasing prevalence of genetic disorders across the globe. Moreover, increasing research activities in the field of genetics is one of the factors to accelerate the market growth.
High cost of carrier screening test and lack of awareness about the benefits of performing carrier screening test are some of key issues that may create a negative impact on the market during the forecast period.
The increasing trend of carrier screening test kits across the globe is one of the factors that may create huge opportunities for the market in the future. For instance, in June 2018, Invitae Corporation, one of the largest genetic companies, announced that they are going to launch test kits of comprehensive genetic carrier screening. Furthermore, extensive research and development (R&D) activities along with some favorable government policies that are supporting carrier screening are some of the elements that are expected to drive the market further and such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.
Global Carrier Screening Market, Segmentation
The global carrier screening market is segmented based on type, technology, end-user, and region.
The type segment is further classified into expanded carrier screening and targeted disease carrier screening. Among these, the expanded carrier screening type sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $3,879.70 million by 2028, with an increase from $1,149.90 million in 2020.
The market growth can be attributed to increasing demand for expanded carrier screening due to the prevalence of testing genetic disorders during pregnancy test, creating a positive impact on the sub-segment throughout the forecast period.
The technology segment is further divided into DNA sequencing, polymerase chain reaction, microarrays, and other technologies. The DNA sequencing sub-segment is anticipated to be the dominating as well as fastest growing sub-segment in the global market and register a revenue of $2,911.20 million during the analysis timeframe.
The growth of DNA sequencing sub-segment is attributed to its advantages such as it is safe, accurate, and it can scan all the abnormalities. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The end-user type segment is further classified hospitals, reference laboratories, physician offices & clinics, and other end-users. Among these, the hospitals type sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $2,924.40 million by 2028, with an increase from $860.5 million in 2020.
The market growth can be attributed to increasing demand for carrier screening in hospitals as hospitals have highly skilled doctors and technicians, creating a positive impact on the sub-segment throughout the forecast period.
The carrier screening market for the North America region is projected to witness dominant share. This market generated a revenue of $906.4 million in 2020 and is further projected to reach up to $2,834.40 million by 2028.
The demand for carrier screening is surging in the North America region specifically because of factors such as increasing advancements in genetic technologies along with increasing prevalence of genetic disorders, driving the adoption of carrier screening. All such factors are anticipated to boost the market in North America region.
Key Players in the Global Carrier Screening Market
- Thermo Fisher Scientific Inc.
- Quest Diagnostics Incorporated,
- Eurofins Scientific
- Invitae Corporation
- Opko Health
- Fulgent Genetics Inc.
- Natera Inc.
- Myriad Genetics,
- Illumina Inc.,
- Luminex Corporation.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Carrier Screening Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of high availability different carrier screening kits and tests.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are providing innovative carrier screening technologies to the customers. However, companies that are in the carrier screening market are much more globalized.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: There are different substitutes available for carrier screening such as various types of genetic testing.
Therefore, the threat of substitutes is high.
- Competitive Rivalry in the Market: The ventures operating in the global carrier screening are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.