Genomics in Cancer Care Market to Grow with a CAGR of 17.50% through 2028
The growing
awareness of the benefits of personalized medicine is expected to drive Global Genomics
in Cancer Care Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Genomics in Cancer Care Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Genomics in Cancer Care Market stood at USD 13.23 billion in 2022
and is anticipated to grow with a CAGR of 17.50% in the forecast period,
2024-2028. This can be attributed to drug development and research. Pharmaceutical
and biotechnology companies are increasingly investing in genomics to drive
drug discovery and development. Genomic data plays a pivotal role in
identifying new drug targets and biomarkers, expediting the development of
novel cancer therapies. This synergy between genomics and drug research is
propelling market growth.
Moreover, the
trend towards patient-centric care will continue to gain momentum. Patients are
increasingly empowered to participate in their healthcare decisions, including
genomic testing and treatment choices. Shared decision-making and personalized
care plans will become standard practice.
The swift and
worldwide spread of COVID-19 presented a significant challenge to healthcare
systems, which had to provide intensive care to SARS-CoV-2-infected patients
while simultaneously ensuring uninterrupted healthcare services for all other
medical conditions, including cancer care. In response, both oncology centers
and governments swiftly implemented preventive measures and alternative
treatment strategies. Following the release of the Genome UK: 2021 to 2022
Implementation Plan in May 2021 and the Genome UK: shared commitments for
UK-wide implementation 2022 to 2025 in March 2022, the United Kingdom's government
announced a funding allocation of EUR 26 million in December 2022 for an
innovative cancer program. Genomics England led this initiative in
collaboration with NHS England and the National Pathology Imaging Co-operative,
with the goal of enhancing the precision and speed of cancer diagnosis.
Genomic
screening has become a common practice in many countries to guide the treatment
of cancer patients. Several studies have employed genome sequencing in cancer
patient samples to assess SARS-CoV-2 susceptibility and optimize the entire
cancer management process. For instance, research published in February 2021 in
PubMed revealed that cancer patients are more prone to progressing to severe
COVID-19 complications due to the presence of distinct variants compared to
non-cancer individuals. Likewise, the American Association for Cancer Research
reported in February 2023 that whole-genome sequencing (WGS) offers a
comprehensive understanding of the genetic alterations leading to conditions
like Hodgkin lymphoma, aiding in the development of highly personalized
treatment plans for patients with Hodgkin lymphoma and other cancers.
Consequently, the impact of the COVID-19 pandemic on genomics in cancer care is
expected to be beneficial.
The key drivers
propelling market growth include the increasing global incidence of cancer and
advancements in biotechnology related to cancer care. Therefore, the ongoing
expansion of the market is fueled by the growing demand for innovative products
and investments in research and development efforts aimed at potentially
replacing conventional technologies in the field.
Global Genomics
in Cancer Care Market is segmented into product, technology, application, end
user, regional distribution, and company.
Based on its technology,
it is anticipated that the advancement in genome sequencing technology will
serve as a catalyst for market expansion. Specifically, Next-Generation
Sequencing, an innovative approach with broad applications in the field of
oncology, plays a pivotal role. This technique involves the sequencing of DNA
and RNA, facilitating the identification and examination of modifiers,
mutations, and pharmacogenetics within biopsy samples.
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market data Figures spread through XX Pages and an in-depth TOC on "Genomics in Cancer Care Market.”
Over time, DNA
sequencing and related omics methodologies have been employed to investigate
genetic abnormalities in human cancers. This exploration yields valuable
insights that enhance the precision of drug allocation to individual patients.
In a research article published in the April 2022 issue of the Science journal,
a collaborative effort between Cambridge University Hospitals (CUH) and the
University of Cambridge scrutinized the entire genetic makeup, or whole-genome
sequences (WGS), of more than 12,000 NHS cancer patients contributed by the
100,000 Genomes Project. This endeavor led to the discovery of 58 previously
unidentified mutational signatures. Consequently, its advantages over
alternative techniques are known to drive growth in the analyzed sector.
Based on region,
North America is anticipated to command a substantial portion of the global
genomics in cancer care market, and this trend is expected to persist for the
following years. This dominance can be attributed to several factors, including
a higher incidence of cancer cases in the region, the presence of major
industry players, and government and organizational initiatives focused on
genomics in cancer care.
The region's
significant market share is primarily driven by the escalating number of cancer
cases within North America. According to data released by the American Cancer
Society in January 2023, it is estimated that there will be approximately
1,958,310 new cancer diagnoses in the United States, with nearly 609,820
cancer-related deaths projected for 2023. This number is expected to rise
during the forecast period, contributing to the market's growth trajectory.
Major companies
operating in Global Genomics in Cancer Care Market are:
- Illumina Inc
- Agilent Technologies, Inc.
- Roche Diagnostics
- Cancer Genetics, Inc.
- Bio-Rad Laboratories Inc
- Sigma-Aldrich Corp
- QIAGEN NV
- GE Healthcare Inc
- Life Technologies Corp
- Quest Diagnostics Inc
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“The Global
Genomics in Cancer Care Market is at the forefront of a transformative era in
cancer treatment and research. The upcoming trends represent the innovative
spirit of the field, offering new hope and possibilities for cancer patients
worldwide. As genomics continues to integrate with other cutting-edge technologies
and embraces a patient-centric approach, the future holds the promise of more
effective, personalized, and accessible cancer care. The journey towards
conquering cancer through genomics is an exciting and evolving adventure that
will undoubtedly shape the future of medicine,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Genomics in Cancer Care Market By Product
(Instruments, Consumables, Services), By Technology (Genome Sequencing, PCR,
Microarray, Nucleic Acid Extraction and Purification, Others), By Application
(Diagnostics, Personalized Medicine, Drug Discovery & Development,
Research), By End User (Hospitals, Research Institutes & Academic
Institutes, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth
potential of Global Genomics in Cancer Care Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Genomics in Cancer Care Market.
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