Press release
Genomic Cancer Testing Market Forecasts Strong CAGR of 16.8% with Growing Demand for Personalized Medicine
Genomic Cancer Testing Market
According to the latest research by InsightAce Analytic, the Global Genomic Cancer Testing Market is valued at USD 18.47 billion in 2024, and it is expected to reach USD 86.13 billion by the year 2034, with a CAGR of 16.8% during the forecast period of 2025-2034.
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Genomic cancer testing represents a sophisticated diagnostic technique that analyzes a patient's DNA to detect genetic mutations and abnormalities linked to cancer development. This approach allows oncologists to gain a deeper understanding of the molecular characteristics of tumors and to recommend personalized treatment strategies, including targeted therapies and immunotherapies, thereby improving clinical outcomes while reducing adverse effects. Furthermore, genomic testing is instrumental in determining cancer prognosis and assessing the likelihood of disease recurrence.
A pivotal innovation in this domain is next-generation sequencing (NGS), which has revolutionized genomic analysis by enhancing accessibility, speed, and cost-efficiency in clinical settings. Consequently, genetic testing is being increasingly adopted to identify mutations associated with hereditary cancers, including those of the breast, ovaries, colon, uterus, thyroid, and kidneys. Projections by the American Cancer Society indicate that approximately 21.6 million new cancer cases will be diagnosed globally by 2030, underscoring the growing importance of genomic testing in confirming diagnoses and supporting the development of individualized treatment regimens.
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 rising global incidence of cancer is a key factor propelling the demand for advanced genomic cancer testing, as healthcare providers seek more precise diagnostic tools to understand tumor biology and formulate individualized treatment plans. With the increasing prevalence of cancer, the need for genetic testing continues to expand, thereby contributing to the projected growth of the global genomic cancer testing market. This diagnostic approach is central to the evolution of personalized medicine, as it enables the customization of therapies based on the genetic composition of a patient's tumor. The growing acceptance of personalized treatment protocols is expected to further drive the adoption of genomic cancer testing across clinical settings.
Challenges:
Despite its clinical advantages, the widespread implementation of genomic cancer testing faces significant cost-related challenges. The high expense associated with advanced genomic technologies restricts access for both healthcare providers and patients, posing a constraint on broader market penetration. Additionally, the interpretation of genomic data can be complicated by the identification of genetic variants with unclear clinical relevance, which may hinder healthcare professionals' ability to deliver definitive treatment recommendations. These challenges are anticipated to moderate market growth over the forecast period.
Regional Trends:
North America is anticipated to command a leading share of the genomic cancer testing market, driven by robust infrastructure and technological capabilities. The region's mature health information technology (HIT) ecosystem facilitates the integration of genomic data into electronic health records (EHRs), thereby enhancing collaboration between laboratories, clinicians, and patients. Furthermore, high levels of healthcare expenditure, coupled with sustained investments in research, innovation, and medical infrastructure, provide a strong foundation for the adoption and advancement of genomic testing solutions in the region.
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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 : +1 607 400-7072
Asia: +91 79 72967118
info@insightaceanalytic.com
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