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Genomic Cancer Testing Market Projections for 2031 and the Role of Next-Generation Sequencing in Cancer Diagnosis
Genomic Cancer Testing Market
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 16.50% during the forecast period of 2023-2031.
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Genomic cancer testing is a diagnostic approach that examines a patient's DNA to identify genetic mutations and abnormalities associated with cancer. This method enables oncologists to determine the molecular basis of tumors and select personalized therapeutic options, such as immunotherapies or targeted therapies, to enhance treatment efficacy and minimize side effects. Additionally, genomic testing plays a crucial role in assessing cancer prognosis and evaluating the risk of recurrence. A key technological advancement in genomic sequencing, next-generation sequencing (NGS), has significantly transformed this field, making genomic cancer testing more accessible, efficient, and cost-effective for clinical use. As a result, genetic testing is increasingly utilized to detect gene mutations that contribute to hereditary or inherited cancers, including those affecting the kidney, thyroid, uterus, colon, ovaries, and breast. The American Cancer Society forecasts that approximately 21.6 million new cancer cases will be diagnosed by 2030, further driving the adoption of genetic testing to confirm diagnoses and assist healthcare providers in developing tailored treatment plans.
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
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Market Dynamics:
Drivers:
The global incidence of cancer continues to rise, driving the demand for more comprehensive and accurate genomic testing to understand the molecular characteristics of tumors and guide the development of personalized treatment plans. As cancer rates increase, the need for genetic cancer testing is expanding, which is expected to accelerate the growth of the global genomic cancer testing market during the forecast period. Genomic cancer testing plays a crucial role in the shift toward personalized medicine. By tailoring treatment strategies based on the genetic profile of each patient's tumor, healthcare providers can deliver more effective and targeted therapies. The growing adoption of personalized treatment methods further fuels the demand for genomic cancer testing.
Challenges:
The high cost of genomic cancer testing, particularly when advanced technologies are involved, presents a significant barrier to adoption. This expense limits accessibility for both patients and healthcare providers, hindering the broader use of genomic testing. Over the forecast period, this challenge is anticipated to slow the growth of the global genomic cancer testing market. Additionally, genomic testing can sometimes reveal genetic variations of uncertain clinical significance, making it difficult for healthcare professionals to interpret the results and provide clear treatment recommendations.
Regional Trends:
The North American genomic cancer testing market is expected to capture a substantial revenue share and experience significant growth in the near future. Several factors contribute to the development and adoption of genomic testing technologies in North America. The region benefits from a well-established health information technology (HIT) infrastructure that facilitates the seamless integration of genomic data into electronic health records (EHRs), enhancing communication among patients, laboratories, and healthcare providers. Moreover, substantial healthcare spending in North America, coupled with significant investments in infrastructure, technology, and medical research, supports the advancement and adoption of cutting-edge genetic testing technologies.
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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
Read Overview Report- https://www.insightaceanalytic.com/report/genomic-cancer-testing-market/2267
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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