Genomics in Cancer Care Market Competitive Landscape and Market Forecast (2022 - 2029)

Market Insights

The global genomics in cancer care market size was worth $YY million in 2020 and is forecasted to reach $YY million by 2028, at a CAGR of 18.0% during the forecast period.

Market Dynamics

The rise in cancer and biotechnological advancements related to cancer care is a significant factor in propelling the market growth. The rising incidence of cancer cases is anticipated to drive the need for superior diagnostics and treatment options for cancers, which is supposed to boost the market. These trends are prompting governments, including the U.S., China, and EU to look to precision medicine as a promising approach for addressing these pressing public health challenges.

 

MARKET SEGMENTATION – BY PRODUCT- Instruments

Instruments are expected to witness significant growth during the forecast period mainly due to increasing demand for rapid and accurate diagnostics devices. Increase in the healthcare expenditure by the developing nations for improving the healthcare systems, rise and adoption of personalized medicine, and growth in number of patients suffering from various types of cancer, act as the growth opportunity for the market. 

The instrument market dominated the overall industry as they are an indispensable component in cancer treatment. Technological advancements such as digitalization of PCR instruments, advanced sequencer & analyzers for cancer genotyping are the factors contributing towards the segment growth. 

Some of the sophisticated instruments used in this market are High-performance Liquid Chromatography (HPLC), Mass Spectrometry (MS), and Nuclear Magnetic Resonance (NMR), along with real-time PCR, Enzyme-linked ImmunoSorbent Assay (ELISA), RadioImmunoAssay (RIA), lateral flow devices, patient safety syringes, point-of-care testing devices, and others.

 

MARKET SEGMENTATION – BY GEOGRAPHY- North America

The increasing prevalence rate of cancer disease and initiatives undertaken by the government and other institutions related to cancer genomics is expected to drive the market in this region

In addition, several government agencies, such as the National Human Genome Research Institute, have been funding research related to the structure, purpose, and role of the genome in health and disease. Furthermore, these organizations encourage research into genome research's legal, ethical, and social implications. 

For instance, The Cancer Genome Atlas program, established by the National Cancer Institute (NCI) in the United States, has sequenced over 20,000 primary cancer samples from 33 different cancer types. This is just one of a number of NCI initiatives aimed at collecting and analyzing cancer-genomic data and assisting in the translation of that data into new treatments. The NCI also funds the Cancer Target Discovery and Development Network, a collaboration of 12 cancer research teams and centers from across the country, including the Dana-Farber Cancer Institute in Boston, Massachusetts, and Johns Hopkins University in Baltimore, Maryland.

 

COMPETITIVE LANDSCAPE

Global genomics in cancer care market is moderately competitive in nature, with the leading players capturing a whopping share in revenues. Vyant Bio Inc., Illumina, Inc., Merck(Sigma Aldrich), Bio-Rad Laboratories, Inc., Danaher(Beckman Coulter), F. Hoffmann-La Roche Ltd, ThermoFisher Scientific Inc.(Affymetrix), Qiagen, PerkinElmer, Inc., Agilent Technologies among others, are focused on technology advances for new launches at affordable price points, to remain ahead of the curve