Cancer Genome Sequencing Market - Current Trend Analysis & Forecast 2015-2023
The reduction in the cost associated with whole genome sequencing and overall time required to perform these sequencing has drastically reduced in last couple of years. A study published by TheHuffingtonPost.com, Inc. in 2013 illustrated that five years ago expenses for performing whole genome sequencing were in millions of dollars which currently can be performed solely for few thousand dollars. Numerous technological advancements have significantly contributed in advancing the research studies pertaining to cancer diagnosis and treatment. Despite this the recombinant DNA cloning is still in its infancy and is yet not competent enough in unraveling the full complexity of the human cell.
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In June 2014, a new genome sequencing test developed at Memorial Sloan Kettering known as MSK-IMPACT made cancer analysis far more comprehensive and can be used on any type of solid tumor, irrespective of its location in the human body. According to the scientists of Memorial Sloan Kettering, cancer identification and its predisposition can benefit patients, health practitioners and eventually help in reducing the morbidity and mortality with respect to cancer. A study by Johns Hopkins scientists published in April 2015 illustrated that in last few years several hospitals and companies have collaborated to sequence patient’s tumor in an attempt to personalize therapy for cancer treatment. In addition to selecting personalized therapies for patients with cancer, sequencing the normal tissue genome can also increase the overall understanding of cancer, including finding reasons for cancer predisposition due to germline genome changes.
Regulations pertaining to personalized cancer sequencing are primarily governed by the accreditation of the laboratories performing the sequencing services and analysis, and also the usage of FDA approved tests for conducting these tests. Drivers to the cancer genome sequencing encompass comprehensive view of whole genome, ability to majority of mutations, and eliminating the need for having any prior knowledge about the patient history and current disease status. Such potential growth attributors are likely to boost the demand for gene sequencing-based personalized cancer treatment in the near future. High procedural cost and time consuming interpretation of large datasets are among the key restraints to the market. An alternative to the whole genome sequencing is the targeted gene sequencing method that is comparative less costly, with easy results interpretation and high sensitivity for rare clones.
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Geographically, the market is studied for four regions; North America, Europe, Asia Pacific and Rest of the World. North America market includes the United States and Canada which form the major revenue contributors owing to increasing inclination towards gene therapy-based cancer treatment. The region is followed by Europe which has also initiated several genome-based studies in cancer. An analysis conducted by Genomics England Ltd. in 2014, revealed that the U.K. is set to become the world leader in ground breaking genetic research into cancer and rare diseases post a grant of USD 473.3 million by Prime Minister of U.K. Asia Pacific and Rest of the World are still in nascent stage owing to the need for high initial investment on laboratory set-up and conducting research activity. However the APAC market is expected to grow in the forthcoming years due to availability of skilled and scientific-based manpower, strength in information technology and its growing economy.
Some of the major companies operating in cancer genome sequencing market include Illumina, Inc., Beckman Coulter Genomics, SeqWright, BGI Americas Corporation, Pacific Biosciences, Ambry Genetics, and Foundation Medicine.
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