by Genomic cancer testing involves analysis of genes, proteins, and other molecules in DNA, RNA, or proteins to detect mutations and other biomarkers to help determine cancer diagnosis, prognosis, and personalized treatment options. Genomic cancer tests help physicians to predict the risk of cancer, determine the most effective treatment options, check the progression of cancer, and monitor treatment response.
The global Genomic Cancer Testing Market is estimated to be valued at US$ 18.61 billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of genetic testing for cancer risk assessment has been a major trend boosting growth of the genomic cancer testing market size. Genetic testing helps determine the risk level of an individual who has family members diagnosed with cancer. It also helps detect inherited mutations in known cancer-predisposing genes. With growing awareness regarding benefits of early detection of cancer, the demand for genetic testing to evaluate cancer risk among high-risk population including those with family history of cancer has increased significantly. This is expected to continue fostering market growth over the forecast period.
SWOT Analysis
Strength: Genomic testing helps oncologists develop personalized treatment plans based on an individual’s DNA. It provides insights into cancer risks, diagnoses, and prognoses.
Weakness: Testing is expensive and often not covered by insurance. The high costs can limit patient access to these services. Data security and privacy is also a concern with genomic data.
Opportunity: Advancements in technology are making genomic testing more affordable and accessible. Growing awareness about its benefits for optimizing care can boost market demand. Rising cancer incidence worldwide presents an opportunity.
Threats: Ethical issues around how genomic data is used, shared and stored need robust regulations. Lack of expertise and infrastructure in many regions restrict market growth. Rapid changes in genomic research may quickly outdated some tests.
Key Takeaways
The global genomic cancer testing market is expected to witness high growth over the forecast period of 2024 to 2031.
North America currently dominates the market due to high patient awareness, favorable reimbursement policies, and regional presence of key players. Asia Pacific is expected to grow at the fastest CAGR during the forecast period driven by increasing healthcare expenditure, rising incidence of cancer, growing disposable income, and improving healthcare infrastructure in emerging countries of China and India.
Key players operating in the genomic cancer testing market are Bitmain Technologies, MicroBT, Canaan Creative, NVIDIA, AMD, Genesis Mining, Bitfury Group, Hut 8 Mining Corp., Riot Blockchain, Marathon Digital Holdings, and Hive Blockchain Technologies. Wide geographic presence, new product launches, mergers & acquisitions, collaborations and partnerships are some key strategies adopted by leading players to gain competitive edge in the market. For instance, in 2023, Bitmain Technologies partnered with Ebang to launch healthcare blockchain solutions for genomic data security and management.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
