Genomics In Cancer Care Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Genomics In Cancer Care Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

Increase in funding and investments for genomics research for cancer is expected to propel the growth of the genomics in cancer care market going forward. 'Funding and investments' refer to the financial resources provided to a business, project, or initiative to support its operations, development, or expansion. The integration of genomics in cancer care has spurred significant funding and investment across the healthcare and biotechnology sectors. As the understanding of genetic factors influencing cancer continues to advance, investors are increasingly drawn to innovative companies developing cutting-edge genomics technologies. These technologies range from next-generation sequencing platforms for comprehensive genomic profiling to liquid biopsy assays that enable non-invasive monitoring of cancer progression. For instance, in December 2022, according to an article published by the gov.uk, a UK-based public sector information website, the UK government has invested around £175 million ($1.2 million) to boost the cutting-edge genomics research. The funding will enable research which could deliver world-leading genomic healthcare to patients. Therefore, an increase in funding and investments for genomics research for cancer is driving the genomics in cancer care market.

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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Major Key Players of the Market:

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.

Genomics In Cancer Care Market 2024 Key Insights:

• 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 Ascendance Of Genomics In Meeting The Demand For Advanced Cancer Diagnostics
• Advancements In Next-Generation Sequencing Technologies Transforming Genomics In Cancer Care
• North America was the largest region in the genomics in cancer care market in 2023

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