Genomic Cancer Testing Market to Grow with a CAGR of 9.42% through 2029
Shift towards Personalized Medicine is expected to
drive the Global Genomic Cancer Testing Market growth in the forecast period,
2025-2029.
According to TechSci Research report, “Genomic Cancer Testing Market - Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029F”, the Global
Genomic Cancer Testing Market stood at USD 12.35 Billion in 2023 and is
anticipated to grow with a CAGR of 9.42% through 2029. Personalized medicine utilizes genomic
testing to customize treatment approaches based on specific genetic mutations
underlying a patient's cancer. This testing enables oncologists to pinpoint
precise genetic alterations or biomarkers within a tumor, facilitating the
selection of targeted therapies that are more effective against the molecular
drivers of the cancer. This personalized approach improves treatment results
and reduces side effects compared to traditional chemotherapy. By analyzing a
patient's genetic information, genomic testing enhances the accuracy of cancer
diagnosis and offers insights into the disease's prognosis. Clinicians can
better predict the cancer's progression and adjust monitoring and treatment
strategies accordingly. Personalized medicine aims to optimize treatment
effectiveness by aligning therapies with each patient's genetic profile, which
has demonstrated benefits such as improved overall survival rates, longer
progression-free survival, and enhanced quality of life for cancer patients.
Genomic testing empowers patients by
providing personalized insights into their cancer and treatment options. This
enables patients and their healthcare providers to make informed decisions
about their care. Moreover, personalized medicine drives innovation in
diagnostic technologies and therapeutic strategies, shaping the future of
global cancer care by continually advancing treatment outcomes and patient care
standards.
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Global Genomic Cancer Testing Market is segmented into
test type, technology, end user, regional distribution, and company.
Based on Test Type, The Liquid biopsy tests emerged as the fastest
growing segment in the global market for Genomic Cancer Testing during the
forecast period. Liquid biopsy detects genetic mutations and cancer-related biomarkers in
the bloodstream, often identifying them at early stages of the disease, before
symptoms appear or conventional imaging methods can detect tumors. This early
detection capability is critical for timely intervention and treatment
planning, potentially leading to improved patient outcomes. In 2024, The Royal
Marsden and Guardant Health collaborated to develop Marsden360, a new liquid
biopsy test aimed at benefiting lung cancer patients by accelerating and
personalizing their treatment. This cutting-edge circulating tumor DNA (ctDNA)
test represents a significant advancement in oncology care. Liquid biopsy is
versatile across various types of solid cancers, demonstrating effectiveness in
detecting and monitoring breast, lung, colorectal, prostate cancers, and
others. This versatility underscores its broad utility in clinical practice. European
research institutions in pediatric oncology, led by the European Society for
Pediatric Oncology (SIOPE), the Princess Máxima Center for Pediatric Oncology,
and St. Anna Children's Cancer Research Institute, are exploring liquid
biopsies as diagnostic tools for high-risk childhood cancers under a Horizon
Europe project spanning five years. Ongoing advancements in sequencing
technologies and bioinformatics are continually enhancing the sensitivity,
specificity, and reliability of liquid biopsy assays. These improvements are
expanding the clinical applications of liquid biopsy in oncology, reinforcing
its role in cancer diagnosis and treatment management.
Based on region, the Asia Pacific region is expected
to be fastest growing region during the forecast period. This stems from a
combination of factors: increasing cancer incidence rates, ongoing enhancements
in healthcare infrastructure, rising awareness of personalized medicine,
supportive governmental policies, technological advancements, genetic
diversity, and substantial investment opportunities. Countries across
Asia-Pacific are investing heavily in their healthcare infrastructures to
enhance access to advanced medical technologies and improve healthcare delivery
systems. This investment is pivotal in integrating genomic cancer testing into
standard clinical practices. In January 2023, Taiwan-based ACT Genomics
achieved a significant milestone by securing clearance from the United States
Food and Drug Administration (US FDA) for ACTOnco, marking it as the first
Asia-based company to receive approval for a comprehensive genomic profiling
test covering all types of solid tumors. Collaborations among research
institutions, biotechnology firms, and healthcare providers are fostering
innovation and accelerating the adoption of genomic cancer testing. For
example, in 2023, Agilent Technologies Inc. entered into a Research Collaboration
Agreement (RCA) with the National Cancer Centre Singapore (NCCS) to advance
translational cancer research focusing on the genomic characteristics of
prevalent cancers in Asia. This collaboration includes deploying Agilent's
Magnis Next-Generation Sequencing (NGS) Preparation System to address
challenges related to limited tissue samples available from routine clinical
care. The burgeoning market potential for genomic cancer testing in
Asia-Pacific has attracted substantial investments from global healthcare
companies and biotechnology firms. These investments are driving market
expansion and catalyzing technological advancements throughout the region.
Major companies operating in Global Genomic Cancer Testing Market are:
- Illumina, Inc.
- F. Hoffmann-La
Roche Ltd
- QIAGEN NV
- Merck KGaA
- Abbott
Laboratories Inc.
- Novogene Co.,
Ltd.
- Guardant Health,
Inc.
- Personal Genome
Diagnostics Inc.
- Thermo Fisher
Scientific Inc.
- NeoGenomics
Laboratories, Inc.
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“The global market for genomic cancer testing leads in
medical innovation, powered by technologies like Next-Generation Sequencing
(NGS) and personalized medicine. This sector boosts diagnostic precision and
transforms treatment approaches by identifying specific genetic traits. As
cancer rates rise and research progresses, the market offers customized
therapies that enhance patient treatment. As technology advances further,
genomic testing is poised to play a crucial role in shaping oncology's future,
promising improved outcomes and renewed hope on a global scale.”, said Mr.
Karan Chechi, Research Director of TechSci Research, a research-based
management consulting firm.
“Genomic Cancer Testing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Test Type (Genomic Profiling Tests, Liquid Biopsy Tests, Companion Diagnostic Tests, Pharmacogenomic Tests, Hereditary Cancer Tests, Others), By Technology (Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Fluorescence In Situ Hybridization (FISH), Immunohistochemistry (IHC), Others), By End User (Hospitals, Diagnostic Laboratories, Academic and Research Institutions, Cancer Centers, Others), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global
Genomic Cancer Testing 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 Genomic
Cancer Testing Market.
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