Genomic Cancer Testing is projected to Hit $45.92 Billion, Globally, by 2030 at 16.1% CAGR: Coherent Market Insights
Genomic cancer testing is a medical diagnostic process that involves analyzing the DNA of cancer cells to identify specific mutations, rearrangements, or alterations in the genome that drive the growth and spread of cancer.
Burlingame, Nov. 07, 2023 (GLOBE NEWSWIRE) — According to Coherent Market Insights, global genomic cancer testing market is estimated to be valued at US$ 16.15 billion in 2022 and is expected to exhibit a CAGR of 16.1% during the forecast period (2023-2030).
Genomic cancer testing is a diagnostic approach that helps analyze DNA of a patient in order for identifying genetic mutations and alterations linked to cancer. With this, oncologists can understand the molecular basis of the tumor and choose personalized treatment options, such as immunotherapies or targeted therapies for improving the effectiveness of cancer treatment and cut down its side effects. Genomic testing also helps inform prognosis and assessment of risk related recurrence of cancer.
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Growing cases of cancer around the world to boost market growth
The prevalence of cancer is increasing all over the world. With increasing cancer cases, the need for comprehensive and accurate genomic testing is increasing for understanding the molecular characteristics of tumors, and guide personalized treatment strategies. Thus, with increasing cancer prevalence, the demand for genomic cancer testing is also increasing, which in turn is expected to fuel growth of the global genomic cancer testing market over the forecast period.
Increasing developments in genomic technologies to fuel market growth
The field of genomic sequencing is witnessing significant technological advancements such as next generation sequencing. These advancements are revolutionizing the genomic field. Due to the growing advancements, genomic cancer testing has become more accessible, efficient, and cost-effective, which further drives the adoption of genomic cancer testing in clinical practice.
Genomic Cancer Testing Market Report Coverage
|Forecast Period||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR||16.1%|
|Market Size in 2023||$16.15 billion|
|2030 Value Projection||$49.92 billion|
|Historical Data for||2017 to 2021|
|Segments covered||• By Test Type, By Cancer Type, By Technology, By End-User, By Biomarker Type, By Service Provider, By Application, By Testing Setting|
|Growth Drivers||• Increasing Cancer Incidence
• Advancements in Genomic Technologies
• Shift towards Personalized Medicine
• Improved Treatment Outcomes
Market Key Developments:
In 2020, Illumina acquired Grail, a leading cancer detection technology provider. The acquisition of Grail is aimed at leveraging expertise of Illumina in genomic sequencing with innovative approaches of Grail for advancing early detection and monitoring of cancer.
In 2020, Exact Sciences and Thrive Earlier Detection signed a merger agreement. This partnership between the companies will focus on combining molecular diagnostic capabilities of Exact Sciences with CancerSEEK blood test of Thrive for development of a multi-cancer early detection test.
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Expanded clinical applications are anticipated to generate growth opportunities in the global genomic cancer testing market. Genomic cancer testing is in use across different stages of cancer care. With the growing knowledge of genomic basis of cancer advancements, there is a rise in potential of identifying new biomarkers and genetic targets to guide treatment decisions and improving patient outcomes. This is further creating significant growth opportunities in the global genomic cancer testing market.
High cost testing solutions to fuel the market growth
Genomic cancer testing can require high cost investment, specifically when making use of advanced technologies. The high cost of this testing poses major barrier to adoption of genomic cancer testing, which further limits accessibility for healthcare providers and patients. Thus, this factor is expected to hinder growth of the global genomic cancer testing market over the forecast period.
Key Trends and Analysis of the Global Genomic Cancer Testing Market:
Increasing adoption of next-generation sequencing is trending in the global genomic cancer testing market. This trend is anticipated to boost growth of the global genomic cancer testing market over the forecast period. Next-generation sequencing has transformed genomic cancer testing, as it enables cost-effective and rapid sequencing of the whole cancer genome. The use of next-generation sequencing platforms is increasing rapidly in clinical settings, which enables comprehensive profiling of tumors, and identification of actionable genetic alterations.
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Key Market Takeaways:
Global genomic cancer testing market is expected to exhibit a CAGR of 16.1% during the forecast period. The genomic cancer testing market is growing rapidly in response to the growing shift towards personalized medicine. Genomic cancer testing is important in personalized medicine, as it allows healthcare professionals to tailor treatment plans depending on the genetic profile of patients’ tumor. It makes the therapies more effective.
On the basis of Test Type, Genomic Profiling Tests Segment is expected to dominate the market during the forecast period and this is attributed to the higher demand for genomic profiling tests due to growing prevalence of genetic disorders.
On the basis of Cancer Type, Breast Cancer Segment is expected to dominate the market during the forecast period and this is attributed to the higher prevalence of breast cancer due to genetics.
On the basis Technology, Next-Generation Sequencing (NGS) Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of NGS due to its high-throughput outcome.
On the basis End User, Cancer Centers Segment is expected to dominate the market over the forecast period and this is attributed to the increase in number of cancer centers and government initiatives towards developments of cancer centers.
On the basis Biomarker Type, Molecular Biomarkers Segment is expected to dominate the market during the forecast period and this is attributed to their importance in diagnosing diseases with applications in analytic epidemiology, randomized clinical trials, disease prevention, prognosis, and management
On the basis Service Provider, Diagnostic Laboratories Segment is expected to dominate the market over the forecast period and this is attributed to the growing number of genetic testing lab centers.
On the basis Application, Targeted Therapy Selection Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for targeted therapies for treating cancers.
On the basis Testing Setting, Outsourced Testing Segment is expected to dominate the market over the forecast period and this is attributed to the higher adoption of outsourced testing in hospitals.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to presence of well-establish healthcare infrastructure, growing awareness, and high prevalence of cancer in the region. Moreover, growing investments in genomic cancer testing technologies and presence of major market players is also driving the market growth.
Key players operating in the global genomic cancer testing market include Tempus Labs, Inc., Illumina, Inc., Biocept, Inc., Thermo Fisher Scientific, Inc., Personal Genome Diagnostics Inc., Qiagen N.V., Guardant Health, Inc., F. Hoffmann-La Roche Ltd., ArcherDX, Inc. (Invitae Corporation), Foundation Medicine, Inc. (Roche), Caris Life Sciences, Invitae Corporation, Genomic Health, Inc. (Exact Sciences Corporation), NeoGenomics Laboratories, Inc., and Myriad Genetics, Inc.
- Global Genomic Cancer Testing Market, By Test Type:
- Genomic Profiling Tests
- Liquid Biopsy Tests
- Companion Diagnostic Tests
- Pharmacogenomic Tests
- Hereditary Cancer Tests
- Other specialized genomic tests
- Global Genomic Cancer Testing Market, By Cancer Type:
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Ovarian Cancer
- Other specific cancer types
- Global Genomic Cancer Testing Market, By Technology:
- Next-Generation Sequencing (NGS)
- Polymerase Chain Reaction (PCR)
- Fluorescence In Situ Hybridization (FISH)
- Immunohistochemistry (IHC)
- Other genomic testing technologies
- Global Genomic Cancer Testing Market, By End User:
- Diagnostic Laboratories
- Academic and Research Institutions
- Cancer Centers
- Other healthcare providers
- Global Genomic Cancer Testing Market, By Biomarker Type:
- Genetic Biomarkers
- Protein Biomarkers
- Molecular Biomarkers
- Epigenetic Biomarkers
- Global Genomic Cancer Testing Market, By Service Provider:
- Diagnostic Laboratories
- Biotechnology Companies
- Pharmaceutical Companies
- Contract Research Organizations (CROs)
- Global Genomic Cancer Testing Market, By Application:
- Targeted Therapy Selection
- Disease Monitoring
- Prognostic Testing
- Companion Diagnostics
- Risk Assessment
- Pharmacogenomic Testing
- Global Genomic Cancer Testing Market, By Testing Setting:
- In-House Testing
- Outsourced Testing
- Global Genomic Cancer Testing Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
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