Genomics in Cancer Care Market Share, Size, Trends, Industry Analysis Report, By Product (Consumable, Instrument and Services); By Technology; By Application; By End-use; By Region; Segment Forecast, 2023 - 2032
- Published Date:Mar-2023
- Pages: 114
- Format: PDF
- Report ID: PM1607
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global genomics in cancer care market was valued at USD 16.15 billion in 2022 and is expected to grow at a CAGR of 16.3% during the forecast period. Genomics in cancer care can be defined as a promising technique for the accurate diagnosis of cancer by focusing on advancing personalized medicine. This technology has helped in making systematic assessments for the effective and cost-effective treatment of cancer in the coming years. Cancer genomics is a relatively new branch of study that makes use of modern technological advancements to analyze the human genome or our whole collection of DNAs. Scientists discover genetic variations that might lead to cancer by sequencing the DNA and RNA of cancer cells and comparing the sequences to normal tissue, such as blood.
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The global genomics in cancer care industry is majorly driven by the increasing number of patients suffering from cancer, and continuous technological advancements for innovating new types of technologies. Moreover, need for cost-effective technology and accurate diagnosis of cancer would propel the genomic in cancer care market during the forecast period.
In addition, increased adoption of these technologies in research labs & institutes, and technological innovations for overcoming certain drawbacks will augment the growth of the particular market during the forecast period.
Genome sequencing is observing remarkable growth owing to increasing usage of genomics and technological advancement with modern devices and services. In conclusion, growing demand for effective output with low-cost treatment is augmenting the genomic penetration rate in this market. PCR and microarrays are also perceiving swift development in genomics owing to introduction of advanced devices as such devices are used to accomplish genomics procedures and are highly essential components in the target ailment market.
Additionally, microarrays are used to measure an analyte present in the body tissues and blood which is further anticipated to generate lucrative growth opportunities in the industry. Moreover, consumables such as reagents, sample preparation kits, and biomarkers are widely used in genomics procedures. Thus, increasing use of consumables is also expected to increase due to vital applications in target disease management.
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Industry Dynamics
Growth Drivers
The rising number of government-funded genome projects is one of the major drivers that has fueled the market's expansion. Several government agencies are funding genome studies since genomic research is a crucial instrument that may help with the creation of efficient treatments. For instance, the Genomic Medicine Service, which integrated whole genome sequencing into standard medical treatment, was launched by Genomics England in partnership with the NHS. The Saudi Human Genome Initiative, Personalized Medical Program, France Génomique, and other initiatives are examples of similar initiatives.
According to Press Information Bureau, in March 2020, the Department of Biotechnology (DBT) approved a project, documenting the Genetic Variation in Indians for a period of three years to 20 universities from various disciplines across the nation. The project's intended aim for a total of 10,000 people over three years represents the diversity of the nation's population. The data generated from whole genome sequencing can improve the accuracy of current and future human genetics research in the nation and be used to design a genome-wide association array for the Indian population to create cost-effectively, precision healthcare and diagnostics for serious diseases. Throughout the anticipated term, this will start to work in the market's favor.
The development of new goods and services has resulted from the move towards customized medicine and the decline in sequencing costs brought about by the development of NGS technology. As more competitors steadily join the market, competition is increasing, thus businesses are developing cutting-edge products and services to strengthen their positions. For instance, Illumina delivered ready-to-use infrastructure for whole genome sequencing that may be used to diagnose genetic illnesses in July 2020 when it announced the availability of the e TruSight Software Suite. This is expected to support market expansion.
Report Segmentation
The market is primarily segmented based on product, technology, application, end-use, and region.
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By Technology |
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The Instruments Segment Holds the Major Market Share in 2022
The instruments segment holds the major market share owing to the increasing technological developments & advancements that support the growing digitalization of various PCR instruments for analyzing genome sequencing.
While consumable in the genomics market is observed to be the fastest-growing segment during the forecast period. The driver driving cancer genomics' quickest growth in the future years will be the rising demand for consumables including sample preparation kits, reagents, and biomarkers that are utilized in the field. Because of its numerous uses in the therapy of cancer, the consumables market sector is anticipated to increase its market share.
Genomic Sequencing to Hold the Major Share of the Market
Genomic sequencing holds the major share in the market, owing to the accurate diagnosis and cost-effective treatment that gives an effective result. Similarly, this technique helps in discovering novel drugs, such as single nucleotide variants (SNVs), structural variants, and copy number changes.
Furthermore, increasing use of this technology for the diagnosis of cancer, a rising number of technological advancements. It is also observed to be flexible, cost-effective, and flexible driving the market of genomic sequencing segments market during the forecast period.
The Diagnostics Segment is Observed to Grow at a Faster Rate over the Forecast Period
The Diagnostics segment is observed to grow at a faster rate owing to the rising need for cancer diagnosis at an early stage, and rising awareness for genomics in cancer care. On the other hand, increasing research and development for developing novel drugs according to individual immunity would fuel the growth of the personalized medicine segment during the forecast period.
The Research Institute Accounted the Largest Revenue in 2022
The research institute is the largest segment as an end user for the market, and would hold dominating position during the forecast period. The growth of genomics in cancer care market is primarily driven by the need for accurate screening techniques that give the point diagnosis of cancer.
North America Dominated the Global Industry in 2022
North America dominates the entire market for genomics in cancer care. The growth in North America is primarily driven by the increasing number of patients suffering from cancer, rising government & biopharmaceutical company funding for developing new drugs, and the presence of key players in this region.
On the other hand, Asia Pacific is considered to grow at a faster rate owing to the developing healthcare infrastructures of the countries such as India, and China. Additionally, improved healthcare infrastructure, continuous government support, and untapped market opportunities have further generated significant market opportunities for the APAC market.
Competitive Insight
Some of the major players operating in the global market include Agilent Technologies, Roche Diagnostics, Beckman Coulter, Illumina, Inc., Affymetrix, Cancer Genetic Inc., Bio-Rad Labs, Pacific Bio-science, Sigma Aldrich Corporation, GE Healthcare, Quest Diagnostics, Abbott Laboratories, PerkinElmer, and Luminex.
Recent Developments
- In February 2020, Nebula Genomic launched a product that provides whole genome sequencing at USD 299
- July 2020, e TruSight Software Suite, which offers a ready-to-use infrastructure for whole genome sequencing that may be used to discover genetic illnesses, was introduced by Illumina, Inc.
- In April 2020, A new next-generation sequencing (NGS) service from Eurofins, dubbed "SARS-CoV-2 Full-length Genome Sequencing," has been launched. It allows for end-to-end monitoring of the coronavirus genome sequence and mutational drift.
Genomics in Cancer Care Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 18.75 billion |
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Revenue forecast in 2032 |
USD 72.87 billion |
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CAGR |
16.3% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Product, By Technology, By Application, By End-use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Agilent Technologies, Roche Diagnostics, Beckman Coulter, Illumina, Inc., Affymetrix, Cancer Genetic Inc., Bio-Rad Labs, Pacific Bio-science, Sigma Aldrich Corporation, GE Healthcare, Quest Diagnostics, Abbott Laboratories, PerkinElmer, and Luminex. |
FAQ's
Key companies in genomics in cancer care market are Agilent Technologies, Roche Diagnostics, Beckman Coulter, Illumina, Inc., Affymetrix, Cancer Genetic Inc., Bio-Rad Labs, Pacific Bio-science, Sigma Aldrich Corporation, GE Healthcare, Quest Diagnostics.
The global genomics in cancer care market expected to grow at a CAGR of 16.3% during the forecast period.
The genomics in cancer care market report covering key segments are product, technology, application, end-use, and region.
Key driving factors in genomics in cancer care market are initiatives taken by companies in product development and growing burden of cancer.
The global genomics in cancer care market size is expected to reach USD 72.87 billion by 2032.
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