Genomics in Cancer Care Market
Number of pages: 100 | Report Format: PDF | Published date: March 06, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 3.42 billion |
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Revenue Forecast in 2031 |
US$ 28.52 billion |
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CAGR |
15.3% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Technology, Application and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global genomics in cancer care market was valued at US$ 3.42 billion in 2022 and is expected to register a revenue CAGR of 15.3% to reach US$ 28.52 billion by 2031.
Genomics in Cancer Care Market Fundamentals
Genomics is the study of an individual’s whole genetic sequence. Genomics is important in both health and disease. Genomics is widely utilized in cancer care treatment to diagnose and cure cancer. Genomics is classified into two types: structural genomics and functional genomics. The applications include gene therapy, gene discovery, personalized medicine, pharmacogenetics and targeted treatment, metagenomics, mitochondrial genomics, and pharmacogenomics. Metagenomics has emerged as a critical application in genomics. In gene therapy, the newer technique of genome editing is utilized. Genome editing helps create gene-editing tools that can change existing DNA in cells. Genomics is used in drug discovery due to qualities, such as high-throughput sequencing and characterization of expressed human genes. Due to knowledge about human genes and their activities, genomics has enabled effective preventive strategies, changes in drug research strategy, and changes in the medication development process.
The whole human genome has around 3 billion base pairs of DNA. Pharmacogenomics is the study of genes and their actions to develop safe, effective pharmaceuticals that can be provided based on a person’s genetic makeup. Pharmacogenomics utilizes genetic information to determine an individual's most suitable drugs and medication dosages. Pharmacogenomics helps improve patient safety, healthcare costs, and therapeutic efficacy. Single nucleotide variant (SNV) panels are used in pharmacogenetics. The study of cancer genome has enhanced understanding of cancer biology, allowing for the discovery of new approaches for detecting and treating the disease. The importance of genomics in cancer care has enabled the discovery of novel drugs and effective treatments for detecting and treating the disease, resulting in a beneficial impact on market revenue growth.
Most cancers are inherited, with a single gene mutation in the germline (ovary or sperm) predisposed an individual to developing particular cancers. The mother or father passes on most germline mutations to their offspring during conception. The transmission pattern is almost usually autosomal dominant, which means that each first-degree relative (sibling, child, or parent) of a mutation carrier has a 50% chance of receiving the mutation. Hereditary cancer is characterized by onset at a relatively younger age than expected for a specific malignancy. Although germline mutations account for a small proportion of cancer, the early age of start and significantly increased cancer risks associated with these syndromes make identifying mutation carriers necessary to provide personalized prevention-focused health treatment. Genomic care is no longer limited to a small set of patients and is becoming an integral part of the care for all individuals, including those with cancer. Physicians must be informed of discoveries in genomics and their implications on risk assessment, prevention, diagnosis, and management in this fast-evolving field. Educated nursing can implement evidence-based interventions and expert professional guidelines into their practices to improve patients’ overall health, quality of life, and safety.
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Genomics in Cancer Care Market Dynamics
The increase in the prevalence of cancer and the rise in biotechnology advances in cancer care are projected to drive revenue growth in the global market during the forecast period. According to Globocan 2020, an estimated 19,292,789 new cancer cases were diagnosed globally, with almost 9,958,133 cancer deaths. Furthermore, the International Institute for Research on Cancer (IARC) predicts that the number of new cancer cases is expected to increase to 27.5 million and the number of deaths to 16.3 million globally by 2040. The rising incidence of cancer cases is predicted to raise the need for advanced cancer diagnostics and treatment alternatives, boosting the market.
The study market is expected to be driven by the launch of new products and successful strategic collaborations among key players. For instance, in September 2020, Thermo Fisher Scientific’s Ion Torrent Genexus System and Oncamine Precision Assay were chosen to advance precision medicine in Asia by the LC-SCRUM-Asia, a major cancer genomic screening initiative.
Drug resistance is one of the most difficult challenges cancer researchers and patients experience. Recurrence or relapse occurs when cancer cells become resistant to the effects of therapeutic medications and multiply and rebuild tumors. Resistance can grow fast, frequently within weeks of starting therapy. In other cases, it can take months or even years to manifest. Resistance can emerge when cancer cells, even a small subset of cells within a tumor, have genetic changes that make them insensitive to a certain therapy before treatment begins. As cancer cells within the same tumor usually have a variety of molecular mutations, this is known as mutational cancer. According to the CDC, the annual number of new cancer cases (cancer incidence) is 439.2 per 100,000 men and women (based on 2011–2015 cases). According to NCBI 2018, gene therapy targeting defective genes, such as TP53 (tumor suppressor gene encodes for p53) and KRAS (oncogene) in CRC, can be an additional treatment option, consequently fueling the market revenue growth.
Genomics in Cancer Care Market Ecosystem
The global genomics in cancer care market has been analyzed from three perspectives: product type, technology, application, and region.
Genomics in Cancer Care Market by Product Type
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Based on product type, the global genomics in cancer care market has been segmented into instruments, consumables, and services.
The instruments segment is likely to dominate the market during the forecast period as they are an essential component in cancer treatment. Technical improvements, such as digitalizing PCR machines, improved sequencers, and cancer genotyping analyzers, drive segment revenue growth. The rising demand for consumables used in cancer genomics, such as sample preparation kits, reagents, and biomarkers, is expected to fuel revenue growth in the market. Genomic companies offer various services, including cancer risk assessment, genetic susceptibility testing, and genetic counseling. The segment is expected to develop rapidly throughout the projected period as patients become more aware of the availability of diagnostic and treatment alternatives.
Genomics in Cancer Care Market by Technology
Based on technology, the global genomics in cancer care market has been segmented into PCR, microarray, genome sequencing, and others.
The genome sequencing segment is likely to dominate the market during the forecast period owing to associated advantages, such as accurate diagnosis and effective results. Cancer whole genome sequencing, for instance, helps discover novel cancer-related variants, such as single nucleotide variants (SNVs), structural variants, and copy number alterations. It also helps in the comparison of normal and malignant DNA. It is predicted to be the dominating segment due to widespread usage in diagnostics and an increase in awareness of genomics technical developments. The results of genome sequencing are 95% accurate. The growing desire for rapid, cost-effective, adaptable, and high-throughput techniques is predicted to boost the adoption rate of genomics in the next few years.
The PCR and microarray segments are expected to observe significant revenue growth opportunities during the forecast period due to several advantages, such as increasing demand for genomics in cancer care market. The process is simple, easy to understand, and provides effects immediately. As a result, it helps evaluate changes in gene expression levels in tumors, bacteria, and other disease states. Additionally, the rising biotechnology uses in diagnostics and the emergence of technologically improved tools for performing these processes are propelling market development. The convergence of genetic breakthroughs and the development of microarray devices to test an analyte in bodily tissues and blood are expected to provide future growth prospects for this segment.
Genomics in Cancer Care Market by Application
Based on application, the global genomics in cancer care market has been segmented into diagnostics, personalized medicine, drug discovery & development, and research.
The diagnostics segment is likely to dominate the market during the forecast period due to the increasing need for early cancer diagnosis and growing awareness of genetics in cancer care. Increasing research and development for generating novel treatments based on individual immunity, on the other hand, would fuel the rise of the personalized medicine segment throughout the forecast period.
Genomics in Cancer Care Market by Region
Based on region, the global genomics in cancer care market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is predicted to account for a significant revenue share in the global genomics in cancer care market due to an increase in cancer disease incidence rates and a rise in the genomics cancer activities by the government and other organizations. According to the Globocan 2020 report, an estimated 2,281,658 new cancer cases will be identified in the United States in 2020, with almost 612,390 deaths. In 2020, Breast cancer (253,465), lung cancer (227,875), prostate cancer (209,512), and colon cancer (101,809) were the most frequent malignancies in the United States. Moreover, different government entities, such as the NHGRI (National Human Genome Research Institute, United States), have been funding research linked to human genome sequencing and research connected to the structure, function, and role of the genome in health and disease. Furthermore, these organizations fund research into the ethical, legal, and social ramifications of genomic research.
The market in Asia Pacific is expected to grow at a higher rate due to increasing healthcare infrastructures in countries such as India and China. Furthermore, ongoing government support and untapped market prospects have generated vast market opportunities in the Asia Pacific region.
Genomics in Cancer Care Market Competitive Landscape
Companies are implementing development initiatives such as collaborations, mergers, and acquisitions to expand their product portfolios and maintain their place among global competitors.
The prominent market players in the global genomics in cancer care market include:
Genomics in Cancer Care Market Strategic Developments
Asia Pacific is the key growth region in the global genomics in cancer care market.
The growing burden of cancer and the increasing initiatives by companies for new product development are the prime driving factors for the global market.
The genomics in cancer care market is expected to reach US$ 28.52 billion by 2031.
The genomics in the cancer market is expected to register a revenue CAGR of 15.3% during the forecast period.
Some prominent players in the global genomics in the cancer care market include Illumina, Inc., Pacific Biosciences, Inc., and Abbott Molecular Oxford Gene Technology.
*Insights on financial performance are subject to the availability of information in the public domain