Genomic Cancer Testing Market Exclusive Overview Report | 2024-2031

Genomic Cancer Testing Market to Record an Exponential CAGR of 16.21% by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "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), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Ovarian Cancer, Melanoma, Leukemia, Lymphoma, Other specific cancer types), By Technology (Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Fluorescence In Situ Hybridization (FISH), Microarray, Immunohistochemistry (IHC), Other genomic testing technologies), By End-User (Hospitals, Diagnostic Laboratories, Academic and Research Institutions, Cancer Centers, Other healthcare providers), By Biomarker Type (Genetic Biomarkers, Protein Biomarkers, Molecular Biomarkers, Epigenetic Biomarkers), By Service Provider (Diagnostic Laboratories, Biotechnology Companies, Pharmaceutical Companies, Contract Research Organizations (CROs)), By Application (Targeted Therapy Selection, Disease Monitoring, Prognostic Testing, Companion Diagnostics, Risk Assessment, Pharmacogenomic Testing), By Testing Setting (In-House Testing, Outsourced Testing)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Genomic Cancer Testing Market is valued at US$ 13.96 Billion in 2022, and it is expected to reach US$ 53.36 Billion by 2031, with a CAGR of 16.21% during the forecast period of 2023-2031.

Genomic cancer testing is a diagnostic strategy that analyses a patient's DNA to find genetic mutations and abnormalities associated with cancer. Oncologists can use this to identify the molecular foundation of the tumour and select personalized therapy alternatives, such as immunotherapies or targeted medicines, to improve cancer treatment effectiveness and reduce side effects. Genomic testing also aids in cancer prognosis and risk-related recurrence assessment. Next-generation sequencing is a significant technological improvement in the field of genomic sequencing. These developments are transforming the field of genomics. Because of technological progress, genomic cancer testing has become more accessible, efficient, and cost-effective, propelling its use in clinical practice. Genetic testing is gaining popularity to detect gene mutations, which are a risk factor for hereditary or inherited cancer. Cancers caused by hereditary mutations include kidney, thyroid, uterine, colon, ovarian, and breast cancer. According to the American Cancer Society, roughly 21.6 million additional cancer cases are expected by 2030. These reasons will increase the acceptability of cancer genetic testing to confirm diagnosis and assist healthcare providers in treatment planning.

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List of Prominent Players in the Genomic Cancer Testing Market:
• 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.,
• Tempus Labs, Inc.
• Danaher
• PerkinElmer
• Agilent Technologies, Inc
• Quest Diagnostics
• Luminex Corporation
• Others

Market Dynamics:

Drivers-
The prevalence of cancer is rising across the globe. The number of cancer cases is increasing, which means that more thorough and precise genomic testing is required to comprehend the molecular features of tumours and direct the development of individualized treatment plans. The need for genetic cancer testing is, therefore, rising along with the occurrence of cancer, and this is anticipated to drive the growth of the worldwide genomic cancer testing market over the forecast period. The transition to personalized medicine is greatly aided by genomic cancer testing. By customizing treatment strategies according to the genetic makeup of each patient's tumour, medical practitioners can develop more effective and focused treatments. Genomic cancer testing is becoming more and more popular as personalized therapy methods gain traction.

Challenges:
Testing for genomic cancer can be very expensive, mainly if cutting-edge technologies are used. Adoption of genomic cancer testing is severely hampered by its high cost, which further restricts patient and healthcare provider accessibility. For the duration of the forecast period, this factor is anticipated to impede the growth of the global market for genomic cancer testing. Furthermore, variations of uncertain relevance-genetic changes whose clinical significance is unknown-can be found through genomic testing. Healthcare professionals may find it challenging to make well-informed treatment recommendations when interpreting these variations.

Regional Trends:
The North America Genomic Cancer Testing Market is expected to record a significant market revenue share and it is projected to grow at a high CAGR in the near future. Numerous factors influence the market for genomic cancer testing in North America and aid in the development and uptake of genomic testing technologies. North America boasts a highly established infrastructure for health information technology (HIT), which enables the smooth integration of genomic data into EHRs ( electronic health records) and promotes communication between patients, laboratories, and healthcare providers. Spending on healthcare is considerable in North America, with significant investments in infrastructure, technology, and medical research. This funding aids in the creation and uptake of cutting-edge genetic testing techniques.

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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.

Segmentation of 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
By Cancer Type-
• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Ovarian Cancer
• Melanoma
• Leukaemia
• Lymphoma
• Other specific cancer types
By Technology-
• Next-Generation Sequencing (NGS)
• Polymerase Chain Reaction (PCR)
• Fluorescence In Situ Hybridization (FISH)
• Microarray
• Immunohistochemistry (IHC)
• Other genomic testing technologies
By End-User-
• Hospitals
• Diagnostic Laboratories
• Academic and Research Institutions
• Cancer Centers
• Other healthcare providers
By Biomarker Type-
• Genetic Biomarkers
• Protein Biomarkers
• Molecular Biomarkers
• Epigenetic Biomarkers
By Service Provider-
• Diagnostic Laboratories
• Biotechnology Companies
• Pharmaceutical Companies
• Contract Research Organizations (CROs)
By Application-
• Targeted Therapy Selection
• Disease Monitoring
• Prognostic Testing
• Companion Diagnostics
• Risk Assessment
• Pharmacogenomic Testing
By Testing Setting-
• In-House Testing
• Outsourced Testing
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

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