The preimplantation genetic testing market is poised to demonstrate a compound annual growth rate (CAGR) of approximately 9% and is expected to achieve a noteworthy valuation by the year 2032. This growth is primarily attributed to the increasing prevalence of genetic disorders, which is creating favorable opportunities for market expansion.
By 2022, it is anticipated that the market will reach a value of $653.52 million, and this upward trajectory is expected to persist, reaching a valuation of $1,420 million by 2032.
Preimplantation Genetic Testing (PGT) represents a rapidly advancing sector in the realm of reproductive medicine. It involves the assessment of embryos before implantation to identify genetic abnormalities, ensuring the selection of healthy embryos for in vitro fertilization (IVF). The global Preimplantation Genetic Testing market has experienced substantial growth in recent years, propelled by advancements in genetic technologies, increased awareness of genetic disorders, and a growing demand for assisted reproductive technologies.
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The market is characterized by a surge in the number of couples opting for IVF procedures, owing to factors such as delayed pregnancies, rising infertility rates, and a growing focus on family planning. PGT plays a pivotal role in this landscape by providing a means to identify and mitigate the risk of genetic disorders, contributing to the overall success of IVF treatments.
Market Opportunity:
The Preimplantation Genetic Testing market presents a significant opportunity for further expansion and innovation. With a growing global population and increasing awareness of genetic health, the demand for PGT is expected to escalate. Furthermore, the rise in the average age of parenthood and the increasing prevalence of genetic disorders are likely to fuel the demand for PGT services.
Technological advancements, such as next-generation sequencing and other molecular diagnostic techniques, are opening new avenues for more accurate and comprehensive genetic testing. Moreover, the integration of artificial intelligence in genetic analysis is enhancing the efficiency and reliability of PGT, presenting lucrative opportunities for market players.
Market Challenges:
Despite the promising growth prospects, the Preimplantation Genetic Testing market is not without its challenges. Ethical concerns surrounding the selection of embryos and the potential misuse of genetic information raise complex ethical questions. Striking a balance between technological advancements and ethical considerations is crucial for the sustainable growth of the market.
Additionally, the high cost associated with PGT procedures may limit its accessibility, particularly in developing regions. Addressing cost-related challenges and working towards making PGT more affordable and accessible will be essential for market expansion and inclusivity.
Key Players:
- Agilent Technologies Inc.
- Abbott Laboratories
- CooperSurgical Inc.
- Oxford Gene Technology IP
- Illumina Inc.
- Thermo Fisher Scientific Inc.
- PerkinElmer Inc.
- Genea Limited
- Natera Inc.
Competitive Landscape:
In May of 2021, United Airlines and Abbott Laboratories revealed a collaborative effort to utilize Abbott’s BinaxNOW™ COVID-19 Home Test and NAVICA app to enhance the international travel experience.
In March of 2021, Agilent Technologies Inc. entered into a definitive agreement to acquire Resolution Bioscience Inc., a leading developer and commercializer of next-generation sequencing (NGS)-based precision oncology solutions.
In June of 2021, Thermo Fisher Scientific and First Genetics JCS, a manufacturer of diagnostic equipment and IVD kits designed to advance molecular genetic technologies into clinical practice, announced a strategic partnership focused on commercializing next-generation sequencing (NGS)-based diagnostics in Russia. This agreement enables First Genetics to market its F-Genetics NGS System and IVD assays to Russian labs for reproductive health testing and cancer diagnostics, with the F-Genetics System being based on Thermo Fisher’s Ion GeneStudio S5 System.
Key Segments in Preimplantation Genetic Testing Industry Research
- By Test Type :
- Diagnostics
- Screening
- By End User :
- Hospitals
- Diagnostic Labs
- Research & Academic Institutions
- Specialized Clinics
- Others
- By Application :
- Embryo HLA Typing for Stem Cell Therapy
- IVF Prognosis
- Late-Onset Genetic Disorders
- Inherited Genetic Diseases
- Other
- By Technology :
- NGS-based
- PCR-based
- FISH-based
- CGH-based
- SNP-based
- By Region :
- North America
- Latin America
- Europe
- Japan
- APEJ
- Middle East Africa
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