Cancer-focused Genetic Testing Service Market Size, Share & Trends Analysis Report By Test Type (Chromosome Testing, DNA Testing, Direct DNA Testing, Indirect DNA Testing, Biochemical Genetic Testing), By Cancer Type (Breast Cancer, Colorectal Cancer, Lung Cancer, Bladder Cancer, Kidney Cancer, Other), By Service Provider, By Region, And By Segment Forecasts, 2024-2031

The Cancer-focused Genetic Testing Service Market Size is valued at USD 7.82 billion in 2023 and is predicted to reach USD 14.41 billion by the year 2031 at an 8.2% CAGR during the forecast period for 2024-2031.

Genetic testing services that specifically target cancer are an essential part of contemporary oncology, providing substantial advantages in evaluating risk, preventing the disease, and tailoring treatment to individual patients. Through comprehending genetic predispositions, individuals and healthcare practitioners can make well-informed judgments that enhance outcomes and potentially preserve lives.

The increasing prevalence of cancer worldwide is fueling the need for specialized genetic testing services tailored to cancer detection. Prompt detection and personalized therapy are crucial as the prevalence of cancer increases. Genetic testing services have the ability to identify gene mutations that drive the likelihood of developing cancer, allowing for focused treatment and preventative strategies. These services are also more precise and efficient due to the utilization of advanced genetic testing technologies such as next-generation sequencing (NGS). Next-generation sequencing (NGS) rapidly and comprehensively examines many genes, unveiling an individual's genetic makeup and susceptibility to cancer. This technique has facilitated cost reduction and simplification of genetic testing, hence fostering the growth of the sector.

The cancer-specific genetic testing business faces obstacles due to regulatory and ethical concerns, despite its increasing potential. The development and adoption of novel diagnostic technologies might be hindered by restrictions on patient privacy and the exploitation of genetic data. Issues such as hereditary discrimination and the psychological impact of test results add complexity to the situation. Specialized expertise is required for the interpretation of genetic data, so skilled specialists are necessary. The limited availability of these experts might impede the collaboration of genetic testing into clinical practice.

Competitive Landscape

Some Major Key Players In The Cancer-focused Genetic Testing Service Market:

• Cleveland Clinic
• Fortis Healthcare
• KIMS Hospitals
• Rush University Medical Center
• The Johns Hopkins Hospital
• Bridgeport Hospital
• Greenwich Hospital
• Lawrence Memorial Hospital
• Westerly Hospital
• Yale New Haven Hospital
• Northeast Medical Group
• Other Market Players

Market Segmentation:

The Cancer-focused Genetic Testing Service market is segmented on the basis of Test Type, Cancer Type, and Service Provider. Based on Test Type segment, the market is divided into Chromosome Testing, DNA Testing, Direct DNA Testing, Indirect DNA Testing, and Biochemical Genetic Testing. By Cancer Type, the market is segmented into Breast Cancer, Lung Cancer, Bladder Cancer, Colorectal Cancer, Kidney Cancer, and Others. By service providers, the market is segmented into hospitals, speciality clinics, diagnostic laboratories, and specialized cancer institutes.

According To Cancer Type, The Breast Cancer Segment Is Accounted As A Major Contributor In The Cancer-Focused Genetic Testing Service Market.

The Breast Cancer sub-segment is expected to hold a major share in the global Cancer-focused Genetic Testing Service market in 2023. Breast cancer, a widespread kind of cancer that affects women worldwide, often does not exhibit clear signs in its first stages. The proliferation of private diagnostic centres for breast cancers worldwide may be ascribed to escalating demand for diagnostic imaging operations and the increasing burden on public hospitals, which often have restricted access to imaging modalities. In response to this prevailing pattern, FUJIFILM Corporation developed NURA, a dedicated medical screening facility with a specific emphasis on cancer screening, located in Bangalore, India. This facility is a partnership between FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty's Healthcare (DKH). FUJIFILM DKH LLP is a collaborative partnership between FUJIFILM and Dr. Kutty's Healthcare, a healthcare provider that manages hospitals and screening facilities across India and the Middle East.

The Diagnostic Laboratories Segment Witnessed Growth At A Rapid Rate

Conversely, the diagnostic laboratory category is seeing the most rapid growth among end users in the worldwide genetic testing market. Genetic testing firms are forming partnerships and collaborations with digital labs, resulting in a rapid increase in their growth rate. Thermo Fisher Scientific has facilitated genetic research in labs by offering tools such as NGS (Next-Generation Sequencing) and quantitative PCR. The use of these emerging technologies will facilitate the detection and analysis of genetic testing, hence stimulating market growth throughout the projected timeframe.

In The Region, The North America Cancer-Focused Genetic Testing Service Market Holds A Significant Revenue Share.

North America leads the way in market innovation due to its robust healthcare infrastructure, rapid technology advancements, and elevated prevalence of cancer. Prominent industry leaders emphasize the advancement of genetic testing capabilities to provide complete solutions for tailored cancer treatment and prevention.The market is also propelled by government initiatives targeted at fostering accessible healthcare and advancements in genetic research and technology. Leading companies in these fields use artificial intelligence and big data analytics to improve the accuracy and efficiency of genetic testing, hence fueling their rapid expansion in the market. Moreover, The Asia-Pacific region is at the forefront of the market for cancer-focused genetic testing services. This phenomenon may be attributed to the fast development of the healthcare sector and the growing incidence of cancer, both of which are fueled by significant investments. These nations benefit from the increase in healthcare expenditure, the expansion of the middle-class population, and the increasing recognition of the benefits of genetic testing for cancer therapy.

Cancer-focused Genetic Testing Service Market Report Scope

Segmentation of Cancer-focused Genetic Testing Service Market-

Cancer-focused Genetic Testing Service Market By Test Type -

• Chromosome Testing
• DNA Testing
• Direct DNA Testing
• Indirect DNA Testing
• Biochemical Genetic Testing

Cancer-focused Genetic Testing Service Market By Cancer Type -

• Breast Cancer
• Colorectal Cancer
• Lung Cancer
• Bladder Cancer
• Kidney Cancer
• Other

Cancer-focused Genetic Testing Service Market By Service Provider-

• Hospital
• Specialty Clinics
• Diagnostic Laboratories
• Specialized Cancer Institutes

Cancer-focused Genetic Testing Service Market By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa