PUBLISHER: The Business Research Company | PRODUCT CODE: 1425505
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425505
Genomics In Cancer Care Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on genomics in cancer care market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for genomics in cancer care? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The genomics in cancer care market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Genomics in cancer care involves the comprehensive examination of all variations in DNA sequence and gene expression between tumor cells and healthy host cells. This approach aims to identify patients' genetic backgrounds for more effective cancer treatment. Genomics in cancer care is utilized to detect cancer-causing mutations, improve tumor-specific diagnostic techniques and treatment plans, facilitate precision medicine research and drug development, and enable the creation of targeted therapies to offer personalized treatment to patients with various types of cancers.
The main product types in genomics for cancer care include instruments, consumables, and services. Instruments are devices or equipment used for the detection of tumors in cancer genomics, providing accurate diagnostics. Various technologies, such as PCR, microarrays, genome sequencing, and others, are employed in these instruments. The applications of genomics in cancer care span diagnostics, personalized medicine, drug discovery and development, and research. These applications are utilized by hospitals, government institutes, and research facilities to enhance cancer diagnosis and treatment strategies.
The genomics in cancer care market research report is one of a series of new reports from The Business Research Company that provides genomics in cancer care market statistics, including genomics in cancer care industry global market size, regional shares, competitors with a genomics in cancer care market share, detailed genomics in cancer care market segments, market trends and opportunities, and any further data you may need to thrive in the genomics in cancer care industry. This genomics in cancer care market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The genomics in cancer care market size has grown rapidly in recent years. It will grow from $15.08 billion in 2023 to $17.79 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth observed in the historical period can be attributed to early-stage research and development, the establishment of companion diagnostics, the development of ethical and legal frameworks, efforts in data standardization and interpretation, and the initial penetration of the market.
The genomics in cancer care market size is expected to see rapid growth in the next few years. It will grow to $33.28 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The anticipated growth in the forecast period can be attributed to the increasing prevalence of cancer, advancements in data analytics, the expanding market in emerging economies, concerns related to genomic data privacy and security, and ongoing improvements in healthcare infrastructure. Major trends expected in the forecast period include technological advancements, the rise of personalized medicine, the reduction in costs of genomic sequencing, increased regulatory support and guidelines, and a growing awareness and demand from patients for genomic-based healthcare solutions.
The genomics in cancer care market is witnessing significant growth due to the growing demand for cancer diagnostics. Cancer diagnostics, which involves identifying tumor characteristics and determining the right treatment plan, has become increasingly reliant on genomics in cancer care. This approach enables a deeper understanding of the genetic background of cancer patients, facilitating personalized and targeted treatment strategies. With millions of new cancer cases diagnosed annually in the United States, the demand for advanced genomics technologies in cancer care is escalating. Therefore, the market is expected to be driven by the continued need for precise and personalized cancer diagnostics.
The genomics in cancer care market is experiencing growth, propelled by an increase in funding and investments for genomics research in cancer. Significant financial resources are being directed towards companies and initiatives advancing genomics technologies in cancer care. Investors are particularly interested in supporting innovative technologies, ranging from next-generation sequencing platforms to liquid biopsy assays, which provide comprehensive genomic profiling and non-invasive monitoring of cancer progression. Notably, the UK government's substantial investment of around £175 million to boost genomics research underscores the increasing financial support for cutting-edge genomic healthcare solutions. This influx of funding and investments is a key factor driving the growth of the genomics in cancer care market.
Technological advancements are a key trend driving the growth of the genomics in cancer care market. Major players in the market are focusing on developing innovative next-generation sequencing technologies to enhance their market positions. For example, Personalis, Inc. launched NeXT Personal, a next-generation liquid biopsy assay with industry-leading sensitivity for detecting residual molecular disease (MRD) and cancer recurrence. This predictive biomarker provides significant improvements over existing methods, contributing to more accurate and sensitive cancer diagnostics. The ongoing trend of technological advancements in genomics is anticipated to positively impact the market by offering more effective and precise cancer care solutions.
Major companies operating in the genomics in cancer care market are engaging in strategic partnerships to strengthen their positions. These partnerships involve structured affiliations between commercial enterprises, often established through business agreements or contracts. The collaboration between C2i Genomics and Karkinos Healthcare exemplifies this trend, where innovative cancer detection technology is brought together with the goal of driving research and development (R&D), establishing future pharma partnerships, and facilitating clinical use in India. Such strategic partnerships contribute to the expansion and global scalability of genomics in cancer care technologies, fostering growth and development in the market.
In March 2021, Agilent Technologies Inc., a leading U.S.-based life sciences company, successfully acquired Resolution Bioscience Inc. for a total consideration of $550 million. This strategic acquisition significantly expands Agilent's product portfolio in Next-Generation Sequencing (NGS)-based cancer diagnostics. The integration of Resolution Bioscience's non-invasive liquid biopsy assay platform enables Agilent to address the evolving needs of patients through the development of innovative technologies for precision medicine. Resolution Bioscience Inc., headquartered in the United States, specializes in precision oncology technologies centered around Next-Generation Sequencing (NGS).
Major companies operating in the genomics in cancer care market report are Illumina Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., PerkinElmer Inc., QIAGEN N.V., Bio-Rad Laboratories Inc., Danaher Corporation, Vyant Bio Inc., Pacific Biosciences of California Inc., Roche Holding AG, Quest Diagnostics Incorporated, DiaSorin S.p.A., BGI Group, Myriad Genetics Inc., Healthcare Global Enterprises Ltd., NeoGenomics Laboratories, Foundation Medicine Inc., Intermountain Healthcare, Laboratory Corporation of America Holdings, Flatiron Health Inc., Personal Genome Diagnostics Inc., Natera Inc., GRAIL Inc., Freenome Holdings Inc., Genomic Health Inc., Caris Life Sciences Inc., Tempus Labs Inc., OncoDNA S.A., Cancer Genetics Inc., Biocept Inc., GenomOncology Corp., OncoCyte Corporation, PathAI Inc., Enzyme Corporation, Karius Inc., N-of-One Inc., Oncora Medical Inc., Paradigm Diagnostics Inc., PierianDx Inc., Predicine Inc., Resolution Bioscience Inc., Strata Oncology Inc.
North America was the largest region in the genomics in cancer care market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the genomics in cancer care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the genomics in cancer care market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The genomics in the cancer care market consists of revenues earned by entities by providing sequencing to identify DNA and RNA alterations, and defining molecular subtypes. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.