Genomics In Cancer Care Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region | Illumina Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., PerkinElmer Inc.

"The genomics in cancer care market size has grown rapidly in recent years. It will grow from $15.08 billion in 2023 to $17.79 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to early research and development, development of companion diagnostics, ethical and legal frameworks, data standardization and interpretation, initial market penetration.

The genomics in cancer care market size is expected to see rapid growth in the next few years. It will grow to $33.28 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to increasing prevalence of cancer, advancements in data analytics, market expansion in emerging economies, genomic data privacy and security, improving healthcare infrastructure. Major trends in the forecast period include technological advancments, personalized medicine, reduced costs of genomic sequencing, regulatory support and guidelines, patient awareness and demand.

Market Overview -
Genomics in cancer care refers to the examination of all variations in DNA sequence and gene expression between tumor cells and healthy host cells to recognize the patients' genetic backgrounds to provide better cancer treatment. Genomics in cancer care is used to detect cancer-causing mutations, enhance tumor-specific diagnostic techniques and treatment plans, enable precision medicine research and drug development, and allow the development of targeted therapies to offer personalized medicines to patients suffering from various types of cancers.

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The Ascendance Of Genomics In Meeting The Demand For Advanced Cancer Diagnostics
Growing demand for cancer diagnostics is expected to propel genomics in the cancer care market. Cancer diagnostics refers to identifying the right tumor kind, location, extent, and stage by tests and procedures confirming the disease's presence. Genomics in cancer care helps in determining a suitable treatment plan for cancer patients by recognizing their genetic backgrounds. For instance, in January 2021, according to the data published in ACS Journals, a US-based cancer journal for clinicians, a total of 1.8 million new cancer cases were diagnosed in the United States. Furthermore, in September 2020, the National Cancer Institute, a US-based national health institute, reported that the annual incidence of new cancer cases was 442.4 per 100,000 men and women. Therefore, the growing demand for cancer diagnostics is expected to drive genomics in the cancer care market.

Competitive Landscape -
Major companies operating in the genomics in cancer care market report are Illumina Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., PerkinElmer Inc., QIAGEN N.V., Bio-Rad Laboratories Inc., Danaher Corporation, Vyant Bio Inc., Pacific Biosciences of California Inc., Roche Holding AG, Quest Diagnostics Incorporated, DiaSorin S.p.A., BGI Group, Myriad Genetics Inc., Healthcare Global Enterprises Ltd., NeoGenomics Laboratories, Foundation Medicine Inc., Intermountain Healthcare, Laboratory Corporation of America Holdings, Flatiron Health Inc., Personal Genome Diagnostics Inc., Natera Inc., GRAIL Inc., Freenome Holdings Inc., Genomic Health Inc., Caris Life Sciences Inc., Tempus Labs Inc., OncoDNA S.A., Cancer Genetics Inc., Biocept Inc., GenomOncology Corp., OncoCyte Corporation, PathAI Inc., Enzyme Corporation, Karius Inc., N-of-One Inc., Oncora Medical Inc., Paradigm Diagnostics Inc., PierianDx Inc., Predicine Inc., Resolution Bioscience Inc., Strata Oncology Inc.

Advancements In Next-Generation Sequencing Technologies Transforming Genomics In Cancer Care
Technological advancement is a key trend gaining popularity in genomics in the cancer care market. Major market players are concentrating on creating innovative next-generation sequencing technologies to strengthen their position in the market. For instance, in December 2021, Personalis, Inc., a US-based provider of genomic sequencing and analytics solutions, launched NeXT Personal. This next-generation liquid biopsy assay considers the patient's tumor to identify and measure residual molecular disease (MRD) and cancer recurrence. It is a robust tumor-informed liquid biopsy assay that provide industry-leading MRD sensitivity in the range of 1-3 parts per million (PPM), representing a 10X-100X improvement over other available methods. This predictive biomarker extends existing tumor-informed MRD assays by simultaneously identifying and measuring clinically relevant mutations in circulating tumor DNA (ctDNA) that would one day be used to assist direct therapy when cancer is detected.

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Key Segments -
The genomics in cancer care market covered in this report is segmented -
1) By Product Type: Instruments, Consumables, Services
2) By Technology: PCR (​Polymerase Chain Reaction), MicroArrays, Genome Sequencing, Other Technologies
3) By Application: Diagnostics, Personalized Medicine, Drug Discovery And Development, Research
4) By End-user: Hospitals, Government Institutes, Research Facilities

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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