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Evolving Market Trends In The Genomics In Cancer Care Industry: Transforming Cancer Care The Rise Of Robotic Genomic Testing Facilitie
Genomics In Cancer Care
What Is the Expected Genomics In Cancer Care Market Size During the Forecast Period?
The market for genomics in cancer care has seen significant expansion in the past few years. It is projected to rise from $17.6 billion in 2024 to $20.73 billion in 2025, illustrating a compound annual growth rate (CAGR) of 17.8%. Factors contributing to this substantial growth during the historical period include early R&D, the creation of companion diagnostics, the implementation of ethical and legal frameworks, standardizing and interpreting data, and initial market infiltration.
The market size for genomics in cancer care is set for a swift expansion in the coming years, with projections reaching $38.57 billion in 2029, at a Compound Annual Growth Rate (CAGR) of 16.8%. The forecasted growth for this period is ascribed to factors such as the rising incidence of cancer, advancements in data analytic techniques, market surge in evolving economies, protection and privacy of genomic data, and an improved healthcare infrastructure. Key trends shaping this predicted growth during the forecast period embrace technological innovations, individualized medicine approaches, a decline in the costs of genomic sequencing, regulatory backing and guidelines, alongside an increase in patient awareness and demand.
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What Are the High-Growth Segments in the Genomics In Cancer Care Market?
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
Subsegments:
1) By Instruments: Sequencers, PCR Machines, Microarrays, Other Diagnostic Instruments
2) By Consumables: Reagents And Kits, Sample Preparation Products, Nucleotides, Other Consumables
3) By Services: Data Analysis Services, Bioinformatics Services, Genetic Testing Services, Other Support Services
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What Key Drivers Are Expected to Influence Future Genomics In Cancer Care Market Growth?
The forecasted rise in the need for cancer diagnostics is predicted to boost genomics within the cancer care sector. Cancer diagnostics involves identifying the correct type and location of the tumor, its scope, and stage through tests and procedures that verify the presence of the disease. Genomics plays a critical role in cancer care by assisting in defining an appropriate treatment plan for cancer patients, recognizing their genetic backgrounds. For example, The Cancer Research UK, a UK-based cancer research entity, reported in July 2024 that the annual average number of new cancer cases in the UK is projected to escalate from around 420,000 cases in 2023-2025 to roughly 506,000 cases by 2038-2040. Hence, the surge in the need for cancer diagnostics is likely to fuel the growth of genomics in the cancer care market.
Which Companies Hold the Largest Share Across Different Genomics In Cancer Care Market Segments?
Major 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, DiaSorin S.p.A., BGI Group, Myriad Genetics Inc., 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., Caris Life Sciences Inc., Tempus Labs Inc., OncoDNA S.A., 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.
What Trends Are Driving Growth in The Genomics In Cancer Care Market?
Prominent businesses in the genomics in cancer care market are prioritizing the adoption of robotic genomic testing facilities to elevate precision and efficiency in genetic testing, cut down on response times, and promote better patient outcomes by facilitating personalized treatment plans hinged on individual genetic makeups. The term robotic genomic testing facilities pertains to sophisticated labs equipped with automated systems and robotic technologies designed for various genomic evaluations. By leveraging Automata's LINQ platform, the lab employs six robotic arms to automate the preparation of different biological materials such as saliva, blood, bone marrow, and tissue biopsies. For example, The Royal Marsden NHS Foundation Trust, a cancer hospital located in the UK, inaugurated a robotic genomic testing facility in September 2024 to optimize cancer diagnosis and treatment. This facility will increase the Royal Marsden's genomic testing capacity twofold, permitting a larger quantity of tests to be executed without jeopardizing precision.
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What Are the Emerging Geographies for The Genomics In Cancer Care Market Growth?
North America was the largest region in the genomics in cancer care market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the genomics in cancer care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Genomics In Cancer Care Market?
2. What is the CAGR expected in the Genomics In Cancer Care Market?
3. What Are the Key Innovations Transforming the Genomics In Cancer Care Industry?
4. Which Region Is Leading the Genomics In Cancer Care Market?
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