Genomic Cancer Testing Market Size is valued at USD 16.06 billion in 2023 and is predicted to reach USD 53.86 billion by the year 2031 at a 16.50% CAGR during the forecast period for 2024-2031.
Genomic cancer testing examines the DNA of cancer cells to detect hereditary abnormalities. This data informs individualized treatment strategies, such as precision medicines, tailored to the tumour's specific genetic characteristics. It offers predictive information, facilitates involvement in clinical studies, and assists in tracking the progression of cancer over time. This methodology improves precision medicine in oncology by customizing therapies based on the specific genetic traits of each individual.
The increasing demand for diagnostics, improvements in technologically advanced and cost-effective diagnostic technologies, and investments in the biotech and pharmaceutical industries are driving market expansion. Furthermore, the advancement of genetics in cancer care is aided by considerable research and development efforts to establish novel treatment techniques.
However, during the first stages of the pandemic, ordinary healthcare services, such as cancer screenings and elective operations, were disrupted. As a result, cancer diagnosis and treatments were delayed, potentially reducing demand for genetic cancer testing. However, telemedicine and virtual consultations became more popular during the pandemic to limit the danger of virus transmission. This transition influenced how people interacted with healthcare practitioners, including conversations regarding genomic testing possibilities.
Competitive Landscape
Some Major Key Players In The Genomic Cancer Testing Market:
- Illumina, Inc.
- Thermo Fisher Scientific, Inc.
- Qiagen N.V.
- Hoffmann-La Roche Ltd.
- Foundation Medicine, Inc. (Roche)
- Invitae Corporation
- NeoGenomics Laboratories, Inc.
- Myriad Genetics, Inc.
- Genomic Health, Inc. (Exact Sciences Corporation)
- Caris Life Sciences
- ArcherDX, Inc. (Invitae Corporation)
- Guardant Health, Inc.
- Personal Genome Diagnostics Inc.
- Biocept, Inc.,
- Tempus Labs, Inc.
- Danaher
- PerkinElmer
- Agilent Technologies, Inc
- Quest Diagnostics
- Luminex Corporation
- Others
Market Segmentation:
The Genomic Cancer Testing Market is segmented based on test type, cancer type, technology, end-user, biomarker type, service provider, application, and testing setting. The product segment comprises Genomic Profiling Tests, Liquid Biopsy Tests, Companion Diagnostic Tests, Pharmacogenomic Tests, Hereditary Cancer Tests, and Other specialized genomic tests. The cancer type segment includes Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Ovarian Cancer, Melanoma, Leukemia, Lymphoma, and Other specific cancer types. By technology, the market is segmented into Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Fluorescence In Situ Hybridization (FISH), Microarray, Immunohistochemistry (IHC), and Other genomic testing technologies. The end-user segment includes Hospitals, Diagnostic Laboratories, Academic and Research Institutions, Cancer Centers, and Other healthcare providers. The biomarker type segment is segmented into Genetic Biomarkers, Protein Biomarkers, Molecular Biomarkers, and Epigenetic Biomarkers. The service provider segment includes Diagnostic Laboratories, Biotechnology Companies, Pharmaceutical Companies, and Contract Research Organizations (CROs). By application, the market is segmented into Targeted Therapy Selection, Disease Monitoring, Prognostic Testing, Companion Diagnostics, Risk Assessment, and Pharmacogenomic Testing. The testing setting segment includes In-House Testing and Outsourced Testing.
Based On The Product, The Genomic Profiling Tests Segment Is A Major Contributor To The Genomic Cancer Testing Market.
The Genomic Profiling Tests category is expected to hold a major share of the global Genomic Cancer Testing Market in 2022. The genomic cancer testing market, which is primarily driven by genomic profiling tests, is impacted by a number of variables that contribute to the growing adoption and demand for these tests. Genomic profiling entails examining the whole collection of genes in a person's tumour in order to understand the genetic changes that cause cancer. Genomic technology developments, such as next-generation sequencing (NGS), have considerably increased genomic profiling studies' efficiency, speed, and cost-effectiveness. This has aided in the widespread use of these tests in clinical settings.
The Breast Cancer Segment Witnessed Growth At A Rapid Rate.
The Breast Cancer segment is projected to grow at a rapid rate in the global Genomic Cancer Testing Market. Various factors contribute to the increased use and demand for genetic testing specifically customized for breast cancer patients, driving the genomic cancer testing market for breast cancer. In breast cancer, genomic testing provides information about specific molecular traits, allowing doctors to make more informed treatment decisions. Identifying targeted medicines for tumours with specific genetic alterations, such as HER2-positive breast cancer.
The North America Genomic Cancer Testing Market Holds A Significant Revenue Share In The Region.
The North America Genomic Cancer Testing Market is expected to record the maximum market revenue share in the near future, owing to the high level of public awareness regarding cancer genomic testing in the United States and Canada. Because of the rise in the prevalence of breast cancer in BENELUX, Europe is the second most fastest growing region for the cancer genomic testing industry. In addition, Asia Pacific is estimated to grow rapidly in the global Genomic Cancer Testing Market because of an increase in the number of obese patients in nations such as India, China, and Japan. Because of a lack of awareness among people regarding cancer genomic testing, Latin America, the Middle East, and Africa are the least profitable regions for the cancer genomic testing business.
Recent Developments:
- In Jan 2022, Illumina, Inc. established a long-term collaboration with Agendia N.V. to jointly create in vitro diagnostic (IVD) assays specifically designed for oncology testing. The objective of the cooperation is to promote the utilization of next-generation sequencing for decentralized oncology testing. This matches with Illumina's strategy of forming in vitro diagnostic (IVD) partnerships in the field of oncology.
- In December 2021, Denovo Biopharma and Qiagen N.V. announced a collaboration to create a companion diagnostic test for treating diffuse large B-cell lymphoma. It is expected that the agreement will increase both businesses' revenue.
Genomic Cancer Testing Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 16.06 Bn |
|
Revenue Forecast In 2031 |
USD 53.86 Bn |
|
Growth Rate CAGR |
CAGR of 16.50 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Test Type, By Cancer Type, By Technology, By End-User, By Biomarker Type, By Service Provider, By Application, By Testing Setting |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Illumina, Inc., Thermo Fisher Scientific, Inc., Qiagen N.V., F. Hoffmann-La Roche Ltd., Foundation Medicine, Inc. (Roche), Invitae Corporation, NeoGenomics Laboratories, Inc., Myriad Genetics, Inc., Genomic Health, Inc. (Exact Sciences Corporation), Caris Life Sciences, ArcherDX, Inc. (Invitae Corporation), Guardant Health, Inc., Personal Genome Diagnostics Inc., Biocept, Inc., and Tempus Labs, Inc., Danaher, PerkinElmer, Agilent Technologies, Inc., Quest Diagnostics, Luminex Corporation |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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