The global burden of genetic diseases is seemed to be increasing. According to Global Genes, more than 10,000 distinct types of genetic and rare diseases have been identified, and nearly 400 million people suffer from rare diseases. This number is greater than the entire population of the U.S. The most common genetic disorder in the U.S. is sickle cell anemia. According to CDC 2022 report, sickle cell anemia impacts nearly 100,000 Americans and occurs in every 1 of 356 African-American births. Additionally, cystic fibrosis, which is a common genetic disorder globally, affects around 30,000 citizens of the U.S., and nearly 1,000 new cases are treated annually. Furthermore, the increasing burden of down syndrome, which can be reduced by prenatal genetic testing, is expected to propel the demand for genetic testing in the future.
According to World Health Organization 2022 report, down syndrome, neural tube defects, and heart defects are among the common severe congenital disabilities. A report published in April 2021 by CDC reported that down syndrome affects nearly 6,000 babies born in the U.S. annually, which is one in every 700 babies, and nearly 23,000-29,000 children suffer in India from down syndrome annually, which is one in every 831. This disease largely impacts the lives of babies around the world; however, it can be reverted by conducting early genetic screening. Furthermore, increasing cases of neural tube defects are constantly increasing the demand for genetic testing. According to the report "Neural tube defects: Different types and brief review of neurulation process and its clinical implication” published in the Journal of Family Medicine and Primary Care in 2021, there are more than 300,000 cases yearly of NTDs globally.
Also, several government initiatives to promote genetic tests and high investments on healthcare infrastructure focused on strengthening the diagnosis sector are positively impacting the market. For instance, the U.S. government supports newborn screening tests to reduce genetic disorders through early detection, diagnosis, and intervention for newborns. The Health Resources and Services Administration (HRSA) recommended 35 specific conditions for encouraging comprehensive and uniform newborn screening throughout the U.S. and supporting insurance programs like Medicaid or state Children's Health Insurance Program that pay fees for screening for eligible families. Additionally, governments are investing in strengthening healthcare infrastructure to provide better healthcare. For instance, according to Federal Economic Development Agency for Southern Ontario, 2020, the Government of Canada invested over USD 5.6 million to help genomic companies bring new products to the market. The government has also allocated USD 400 million to support creation and implementation of a Pan-Canadian Genomics Strategy. Through this, Canada aims to become a leader in genomic innovations and technologies.
According to Meticulous Research, the Genetic Testing Market is expected to grow at a CAGR of 11.6% to reach $ 43.3 billion by 2029.
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