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Table of Contents
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Market Size of Global Genomics in Cancer Care Industry
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Study Period
2019 - 2029
Base Year For Estimation
2023
Forecast Data Period
2024 - 2029
Historical Data Period
2019 - 2022
CAGR
12.50 %
Fastest Growing Market
Asia Pacific
Largest Market
North America
Major Players
*Disclaimer: Major Players sorted in no particular order
Genomics in Cancer Care Market Analysis
The Genomics in Cancer Care market is expected to register a CAGR of 12.5% over the forecast period.
The rapid and global spread of COVID-19 posed an enormous challenge to healthcare systems, which were forced to provide high-intensity treatment to patients infected with SARS-CoV-2 while ensuring continuous care for all other diseases, including healthcare utilization for cancer care delivery. In the advent, the oncology centers and government rapidly responded with preventive measures and alternative treatment approaches. Followed by the Genome UK: 2021 to 2022 Implementation Plan released in May 2021, and the Genome UK: shared commitments for UK-wide implementation 2022 to 2025, published in March 2022; the government of the United Kingdom announced funding of EUR 26 million in December 2022 for an innovative cancer program. The plan was led by Genomics England, in partnership with NHS England and the National Pathology Imaging Co-operative, to evaluate and improve the accuracy and speed of diagnosis for cancer patients.
Genomic screening is now often utilized in several countries to direct the treatment of cancer patients. Numerous studies were also carried out employing genome sequencing in cancer patient samples to determine SARS-CoV-2 susceptibility and assist in optimizing the full cycle of cancer management. For instance, research published by PubMed in February 2021 showed that cancer patients are more likely to clinically progress to more severe COVID-19 problems since they carry noticeably more minor variants than their non-cancer counterparts. Similarly, the American Association for Cancer Research in February 2023 revealed that whole-genome sequencing (WGS) provides the clearest picture of the genetic changes leading to Hodgkin lymphoma that will help to create the most effective, personalized treatment plans for patients with Hodgkin lymphoma or other cancers. Thus, the COVID-19 pandemic is expected to impact genomics concerning cancer care positively.
The major factors driving the market are the rising incidence rates of cancer globally and biotechnological advancements related to cancer care. As a result, the market expansion under study is being driven by increased demands for launching new products and investments in research and development initiatives in the arena of a potential replacement for traditional technologies.
The high prevalence of cancer and rising investments in the biotechnology and pharmaceutical industry related to cancer care are expected to be the major factors to propel the market growth. According to the World Health Organization (WHO) February 2023 update, 734,000 individuals are diagnosed with cancer yearly in Mediterranean Region, and the nu was about 50% higher in 2040. Additionally, as per the National Cancer Institute (INCA) report published in December 2022, the incidence of cancer cases is expected to grow to 704,000 new cases in Brazil for the three years from 2023 to 2025. The increasing incidence of cancer cases is expected to drive the need for advanced diagnostics and treatment options for cancers, which in turn is expected to boost the market.
Furthermore, launching new products and effective strategic collaborations among key players will drive the studied market. For instance, in January 2023, Bionano Genomics, Inc. released research findings on the capacity of its Optical Genome Mapping (OGM) to identify Homologous Recombination Deficiency (HRD) in human breast tumors in an effective, low-cost manner with more sensitivity than whole-genome sequencing (WGS). Thus, given the rising prevalence of cancer and initiatives taken by companies in product development, genomics in the cancer care market is predicted to register significant growth over the forecast period globally.
However, the high cost associated with genomics equipment and procedures, as well as limited awareness of understanding of complex data coupled with a lack of skilled professionals, is expected to hinder the market growth during the study period.
Genomics in Cancer Care Industry Segmentation
Genomics in Cancer Care studies the totality of DNA sequence and gene expression differences between tumor cells and normal host cells, leading to better diagnoses and treatment strategies. The Genomics in Cancer Care Market is segmented by product type (Instruments, Consumables, and Services), by technology (PCR, MicroArrays, Genome Sequencing, and others), and by geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.
By Product Type Instruments Consumables Services
By Technology PCR MicroArrays Genome Sequencing
Geography North America United States Canada Mexico
Europe Germany United Kingdom France Italy Spain Rest of Europe
Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
Middle East and Africa GCC South Africa Rest of Middle East and Africa
South America Brazil Argentina Rest of South America
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Global Genomics in Cancer Care Market Size Summary
The Genomics in Cancer Care market is poised for substantial growth, driven by the increasing incidence of cancer globally and advancements in biotechnological applications. The market is experiencing a surge in demand for innovative products and research initiatives aimed at replacing traditional cancer care technologies. The COVID-19 pandemic has inadvertently accelerated the adoption of genomic screening in cancer treatment, as it highlighted the need for precise and rapid diagnostics. Initiatives like the Genome UK plan, supported by significant government funding, exemplify the commitment to enhancing cancer care through genomics. The integration of whole-genome sequencing and other advanced genomic techniques is expected to play a crucial role in developing personalized treatment plans, thereby improving patient outcomes.
North America is anticipated to maintain a dominant position in the global genomics in cancer care market, supported by high cancer incidence rates and robust governmental and organizational support for genomic research. The region's market growth is further bolstered by strategic collaborations and investments in genomic technologies by key industry players. Despite the high costs and complexity associated with genomic procedures, the market is expected to expand due to the increasing prevalence of cancer and the ongoing advancements in genomic sequencing technologies. Companies are actively engaging in mergers, acquisitions, and partnerships to enhance their product offerings and strengthen their market presence, contributing to the overall growth of the market during the forecast period.
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Global Genomics in Cancer Care Market Size - Table of Contents
1. MARKET DYNAMICS
1.1 Market Overview
1.2 Market Drivers
1.2.1 Growing Burden of Cancer
1.2.2 Initiatives taken by Companies in Product Development
1.2.3 Speed, Accuracy and Potential Replacement for Traditional Technologies to Spur Market Growth
1.3 Market Restraints
1.3.1 Interpretation of Complex Data and Lack of Skilled Professionals
1.3.2 High Cost of Instruments and Procedures
1.4 Porter's Five Force Analysis
1.4.1 Threat of New Entrants
1.4.2 Bargaining Power of Buyers/Consumers
1.4.3 Bargaining Power of Suppliers
1.4.4 Threat of Substitute Products
1.4.5 Intensity of Competitive Rivalry
2. MARKET SEGMENTATION
2.1 By Product Type
2.1.1 Instruments
2.1.2 Consumables
2.1.3 Services
2.2 By Technology
2.2.1 PCR
2.2.2 MicroArrays
2.2.3 Genome Sequencing
2.3 Geography
2.3.1 North America
2.3.1.1 United States
2.3.1.2 Canada
2.3.1.3 Mexico
2.3.2 Europe
2.3.2.1 Germany
2.3.2.2 United Kingdom
2.3.2.3 France
2.3.2.4 Italy
2.3.2.5 Spain
2.3.2.6 Rest of Europe
2.3.3 Asia-Pacific
2.3.3.1 China
2.3.3.2 Japan
2.3.3.3 India
2.3.3.4 Australia
2.3.3.5 South Korea
2.3.3.6 Rest of Asia-Pacific
2.3.4 Middle East and Africa
2.3.4.1 GCC
2.3.4.2 South Africa
2.3.4.3 Rest of Middle East and Africa
2.3.5 South America
2.3.5.1 Brazil
2.3.5.2 Argentina
2.3.5.3 Rest of South America
Global Genomics in Cancer Care Market Size FAQs
What is the current Global Genomics in Cancer Care Market size?
The Global Genomics in Cancer Care Market is projected to register a CAGR of 12.5% during the forecast period (2024-2029)
Who are the key players in Global Genomics in Cancer Care Market?
Agilent Technologies, Illumina, Inc. , Pacific Biosciences, Inc. , ThermoFisher Scientific Inc. and Intrexon Bioinformatics Germany GmbH are the major companies operating in the Global Genomics in Cancer Care Market.
Genomics in Cancer Care Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)
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