Preimplantation Genetic Diagnosis Market Estimated To Witness High Growth Owing To Rising Cases of Genetic Disorders
The Preimplantation Genetic Diagnosis market is estimated to be valued at US$ 64.08 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Preimplantation Genetic Diagnosis (PGD) is a technique used to detect genetic defects in embryos created through in vitro fertilization (IVF) before pregnancy. It enables individuals and couples to avoid passing on potentially harmful genetic disorders to their children. The main uses of PGD include detection of chromosomal abnormalities, single gene disorders, human leukocyte antigen (HLA) typing, gender selection, and mitochondrial disorders.
Market Dynamics:
The growth of the preimplantation genetic diagnosis market is majorly driven by the rising prevalence of genetic disorders such as cystic fibrosis, Huntington's disease, sickle cell anemia, hemophilia, and thalassemia. According to the United States Centers for Disease Control and Prevention, sickle cell disease is estimated to affect nearly 100,000 Americans and at least 2 million Americans are carriers of the sickle cell trait. Furthermore, technological advancements in PGD methods such as next generation sequencing and introduction of novel array comparative genomic hybridization (aCGH) techniques to detect aneuploidies as well as genetic diseases are also fueling the market growth. However, the high cost associated with IVF and PGD procedures and ethical issues regarding PGD may hamper the market growth during the forecast period.
SWOT Analysis
Strength:
Advanced technologies for screening of genetic disorders boost market growth.
Increasing success rates of IVF procedures drive the demand.
Growing awareness about genetic diseases and availability of treatment options drive the market growth.
Weakness:
High cost associated with the procedures limits the market growth.
Lack of infrastructural support and low awareness in developing nations hampers the market growth.
Opportunity:
Untapped opportunities in developing nations offer significant growth potential.
Emergence of new technologies like NGS provides new growth opportunities.
Threats:
Stringent regulatory landscape poses challenges to market players.
Lack of skilled professionals poses operational challenges.
Key Takeaways
The global Preimplantation Genetic Diagnosis Market Growth is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing prevalence of genetic disorders and success rates of IVF/ICSI procedures.
Regional analysis:
North America dominates the global market and is expected to continue its dominance over the forecast period, owing to the high accessibility to advanced diagnostic procedures, growing infertility rates, and increasing awareness about PGD. Asia Pacific is expected to grow at the fastest pace, driven by rising healthcare expenditure, growing medical tourism, and increasing focus of key players.
Key players:
Key players operating in the Preimplantation Genetic Diagnosis market are Amgen, Quest Diagnostics, Genentech Inc., Vertex, PerkinElmer, Inc., F. Hoffman-La-Roche Ltd, Thermo Fisher Scientific, Inc., and Laboratory Corporation of America Holdings, Abbott Laboratories, Illumina, Inc., Natera Inc., CooperGenomics Inc., Reproductive Genetics Institute, Inc., Genea Ltd., Invitae Corporation, and CombiMatrix Corporation.
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