July 12, 2024
Genomic Cancer Testing Market

Genomic Cancer Testing Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Cancer

The global Genomic Cancer Testing Market is estimated to be valued at US$ 16.15 billion in 2023 and is expected to exhibit a CAGR of 16.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Genomic cancer testing involves analyzing the DNA and RNA samples of cancer patients to identify specific genetic mutations and variations that may lead to the development of cancer. This testing helps in determining the best treatment options and enables personalized medicine for cancer patients. The advantages of genomic cancer testing include improved accuracy in diagnosis, targeted therapy selection, and better patient outcomes. With the increasing prevalence of cancer worldwide, there is a growing need for effective and precise cancer treatments, driving the demand for genomic cancer testing products.

Market Key Trends:

One key trend in the genomic cancer testing market is the adoption of next-generation sequencing (NGS) technologies. NGS allows for the rapid and cost-effective sequencing of entire genomes, enabling the identification of a wide range of genetic variations associated with cancer. This technology provides researchers and clinicians with valuable insights into the genomic landscape of cancer, facilitating the development of targeted therapies and personalized treatment plans.

Furthermore, the integration of genomic cancer testing with electronic health records (EHRs) is another significant trend in the market. This integration allows for seamless data sharing and analysis, ensuring that healthcare providers have access to comprehensive genomic information when making treatment decisions. It also helps in building large-scale databases for research and development purposes, leading to advancements in cancer diagnostics and therapeutics.

PEST Analysis:

Political: The political landscape can have a significant impact on the genomic cancer testing market. Government regulations and policies regarding healthcare and genetic testing can either promote or hinder the growth of this market.

Economic: The economic factors play a crucial role in the growth of the genomic cancer testing market. Factors such as disposable income, healthcare expenditure, and reimbursement policies can influence the adoption of genomic testing.

Social: Social factors, such as increasing awareness and acceptance of genetic testing among the population, can positively impact the genomic cancer testing market. The rising prevalence of cancer and the need for personalized treatment options also contribute to the market’s growth.

Technological: Technological advancements in genomic testing techniques, such as next-generation sequencing and liquid biopsies, have revolutionized cancer diagnosis and treatment. These advancements enable more accurate and efficient testing, driving the growth of the market.

Key Takeaways:

The Global Genomic Cancer Testing Market Growth  is expected to witness high, exhibiting a CAGR of 16.1% over the forecast period. This growth is primarily attributed to the increasing prevalence of cancer worldwide, coupled with rising awareness regarding the benefits of genomic testing in personalized treatment.

In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the genomic cancer testing market. The presence of a well-established healthcare infrastructure, higher adoption of advanced technologies, and favorable reimbursement policies contribute to the region’s growth.

Key players operating in the genomic cancer testing market include Illumina, Inc., Thermo Fisher Scientific, Inc., Qiagen N.V., F. Hoffmann-La Roche Ltd., Foundation Medicine, Inc. (Roche), Invitae Corporation, NeoGenomics Laboratories, Inc., Myriad Genetics, Inc., Genomic Health, Inc. (Exact Sciences Corporation), Caris Life Sciences, ArcherDX, Inc. (Invitae Corporation), Guardant Health, Inc., Personal Genome Diagnostics Inc., Biocept, Inc., and Tempus Labs, Inc. These key players are at the forefront of technological advancements in genomic testing and are actively involved in strategic collaborations and product launches to strengthen their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it