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Genomics in Cancer Care Market: Underpinning Growth Through Robust CAGR of 17.8% with Increasing Prevalence of Cancer
Genomics in Cancer Care Market
What Is The Projected Market Size Of The Genomics In Cancer Care Market And Its Growth Rate?
The market size of Genomics in Cancer Care is witnessing a substantial rise globally, attributed to continual advancements and initial market penetration.
•2024 Market Size: $17.6 billion
•2025 Market Size: $20.73 billion (17.8% CAGR)
•2029 Market Size: $38.57 billion (16.8% CAGR)
The growth is primarily driven by developments in companion diagnostics, data standardization, increasing prevalence of cancer, advancements in data analytics, improving healthcare infrastructure, and more.
What Is Driving The Growth In The Genomics In Cancer Care Market?
The surge in demand for cancer diagnostics is playing a pivotal role in driving the Genomics in Cancer Care market growth. Cancer diagnostics implicates identifying the exact type, location, extent, and stage of the tumor through accurate tests and procedures, thereby confirming the presence of the disease. Extending the boundaries of genomics in cancer care assists in identifying an appropriate treatment plan for cancer patients, keeping their genetic backgrounds in consideration. For instance, according to The Cancer Research UK, a UK-based cancer research organization, a significant rise in new cancer cases is expected from approximately 420,000 cases during 2023-2025 to about 506,000 cases by 2038-2040. Therefore, the growing demand for cancer diagnostics is anticipated to propel the genomics in cancer care market.
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Who Are the Key Players Driving Genomics In Cancer Care Market Growth?
The key companies operating in the Genomics in Cancer Care market are:
•Illumina Inc.
•Thermo Fisher Scientific Inc.
•Agilent Technologies Inc.
•PerkinElmer Inc.
•QIAGEN N.V.
•Bio-Rad Laboratories Inc.
•Danaher Corporation
•Pacific Biosciences of California Inc.
•Roche Holding AG
•Quest Diagnostics Incorporated, and others.
What Are The Key Trends In The Genomics In Cancer Care Market?
The key market trends include:
•Technological advancements
•Emergence of personalized medicine
•Reduced costs of genomic sequencing
•Regulatory support and guidelines
•Growing patient awareness and demand
What Are The Segments Of The Genomics In Cancer Care Market?
The Genomics in Cancer Care market is segmented into:
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
Which Region Leads The Genomics In Cancer Care Market?
North America was the leading region in the Genomics in Cancer Care market as of 2024. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period, with substantial advancements in healthcare infrastructure, increased public awareness, and emerging economies as its growth pillars. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Genomics In Cancer Care Market Global Market Report?
- Market Size Analysis: Analyze the Genomics In Cancer Care Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Genomics In Cancer Care Market for effective categorization.
- Key Player Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Genomics In Cancer Care Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Genomics In Cancer Care Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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