Market Trends of Global Genomics in Cancer Care Industry
Genome Sequencing Segment is Expected to Hold a Major Market Share
Emerging technology related to genome sequencing is expected to fuel market growth. Next-Generation sequencing is a novel method having wide applications in oncology. The sequencing of DNA and RNA helps in detecting and analyzing the modifiers, mutation analysis, and pharmacogenetics of biopsy.
DNA sequencing and other omics have been harnessed over time to study the genetic aberrations of human cancers to obtain information that aids in increasing precision in assigning drugs to patients. According to the research article published in the Science journal in April 2022, the team from Cambridge University Hospitals (CUH) and the University of Cambridge analyzed the complete genetic make-up or whole-genome sequences (WGS) of more than 12,000 NHS cancer patients provided by the 100,000 Genomes Project. It was able to spot 58 new mutational signatures. Thus, its advantages over other techniques are known to boost the growth of the studied segment.
Furthermore, the increasing number of investments for research and development in the genomics sequencing segment is expected to drive market growth. For instance, in March 2022, the government of the UK announced an investment of EUR 22 million to carry out tailored genomic sequencing of 15,000 to 25,000 research participants from diverse ancestry groups currently under-represented in genomic research. This initiative, coordinated by Genomics England, aims to eliminate healthcare disparities and enhance patient outcomes across all communities by advancing knowledge of genetic diversity and its effects on scientific, clinical, and health system outcomes.
Hence, the genome sequencing segment is expected to grow significantly during the studied period due to technological advancements and increased government agencies and private institutions' funding.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a major market share in the global genomics in cancer care market and is expected to continue the trend over the coming years due to higher incidence rates of cancer disease, the presence of major key players, and the initiatives taken by the government and other organizations related to genomics in cancer care.
An increase in the number of cancer cases in the region is the major factor contributing to the major share of the market. According to statistics published by the American Cancer Society in January 2023, an estimated 1,958,310 new cancer cases are estimated to be diagnosed in the United States, with nearly 609,820 deaths due to cancer projected to occur in 2023. The number of cancer cases in the country is expected to increase during the forecast period, thus driving the market's growth.
Additionally, various government bodies, such as National Human Genome Research Institute, United States (NHGRI), have been supporting research related to human genome sequencing while funding research related to the genome's structure, function, and role in health and disease. Moreover, these organizations support studies on genome research's ethical, legal, and social implications. For instance, in April 2021, United States Administration announced a USD 1.7 billion investment to overcome COVID-19 variants. This includes USD 1 billion to expand genomic sequencing and USD 400 million to support innovation initiatives, including the launch of new innovative Centers of Excellence in genomic epidemiology. Also, the Biden Administration invested nearly USD 200 million to help increase genomic sequencing to 29,000 samples per week by April 2021. Hence, these numerous initiatives undertaken by government agencies, universities, academic and research institutions, and research establishments for utilizing genomics in identifying the root cause of cancer are likely to propel the segment growth.
The companies in the marketplace are also adopting growth strategies such as collaborations, mergers, and acquisitions to expand their product portfolio and secure their position among global competitors. For instance, in January 2021, Personal Genome Diagnostics Inc entered into a strategic collaboration with QIAGEN to provide its Comprehensive Pan-Cancer Tumor Profiling tests and clinical decision support to molecular labs. Further, in January 2023, Arima Genomics, Inc. announced an agreement with Protean BioDiagnostics to make an Arima next-generation sequencing (NGS)-based test available to clinicians for patient management in the United States. The new diagnostic service will be ready for order in the first half of 2023. It will use Arima's cutting-edge genomic technology to discover clinically actionable gene fusions in tumor samples from cancer patients. All these developments, along with the rising healthcare expenditure and increasing geographic footprints of the players, are driving market growth in this region.
Thus, owing to the rising burden of cancers in the region, along with increasing research activities and strategic initiatives taken by key players in the genomics field, the studied market is expected to witness significant growth in the North American region.
