“Global Genomics In Cancer Care Market to reach a market value of USD 53.5 Billion by 2031 growing at a CAGR of 15.7%”
The Global Genomics In Cancer Care Market size is expected to reach $53.5 billion by 2031, rising at a market growth of 15.7% CAGR during the forecast period.
High-throughput capabilities are provided by microarrays, which allow for the simultaneous analysis of thousands of transcripts in a single experiment. This extensive data collection is crucial for understanding cancer’s complex genetic and molecular landscapes, leading to increased demand for microarray technologies in research and clinical applications. Microarrays enable comprehensive gene expression profiling, which helps identify differentially expressed cancer-associated genes. By providing a broad overview of gene activity, microarrays support discovering biomarkers, elucidating cancer mechanisms, and developing new therapeutic targets. Thus, the microarrays segment held 21% revenue share in the genomics in cancer care market.
The major strategies followed by the market participants are Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In 2023, January, Agilent Technologies acquired Avida Biomed, a cancer care solutions provider. The acquisition enhances its SureSelect portfolio with advanced target enrichment workflows for next-generation sequencing. Additionally, In 2021, June, PerkinElmer, now known as Revvity, Inc., took over Sirion Biotech, a German biotech company. The acquisition enhances Perkinelmer's cell and gene therapy offerings.
Based on the Analysis presented in the KBV Cardinal matrix; F. Hoffmann-La Roche Ltd. is the forerunners in the Genomics In Cancer Care Market. Companies such as Abbott Laboratories, Danaher Corporation (Beckman Coulter, Inc.), GE HealthCare Technologies, Inc. are some of the key innovators in Genomics In Cancer Care Market.
Budget cuts and reallocating funds towards COVID-19 response efforts resulted in reduced investment in genomic research and development. Many clinical trials for genomic-based cancer therapies were paused or delayed during the pandemic. Recruitment of participants was hindered, and trial timelines were extended, affecting the development and availability of new genomic treatments. Thus, the COVID-19 pandemic had a negative impact on the market.
A better grasp of cancer genomics allows for developing personalized medicine approaches. By analyzing a patient’s unique genetic makeup, healthcare providers can tailor treatment plans specifically to the individual’s cancer type and genetic profile. This personalized approach improves treatment efficacy and minimizes adverse effects, leading to a growing demand for genomic-based treatments.
Additionally, the increased focus on genomic research drives market growth by fostering the development of new genomic technologies and therapies. Thus, the rise in cancer incidence and prevalence is driving the growth of the market.
High costs of genomic testing can exacerbate disparities in healthcare access, particularly in low- and middle-income regions or among underserved populations. These disparities can result in unequal access to advanced genomic technologies and personalized treatments, affecting the overall market growth and hindering equitable cancer care. Hence, the high costs of genomic testing impede the market’s growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions.
On the basis of application, the market is segmented into diagnostics, personalized medicine, drug discovery & development, and research. The diagnostics segment recorded 39% revenue share in the genomics in cancer care market in 2023. Genomic diagnostics are crucial in early detection and accurate cancer diagnosis.
Based on product, the market is divided into instruments, consumables, and services. The services segment attained 21% revenue share in the genomics in cancer care market in 2023. As genomic technologies advance, the complexity of analyzing and interpreting genomic data increases.
By technology, the market is divided into genome sequencing, PCR, microarrays, nuclei acid extraction and purification, and others. In 2023, the PCR segment registered 32% revenue share in the genomics in cancer care market. PCR is known for its high sensitivity and specificity, which are crucial for accurately detecting and quantifying cancer-related genetic material.
Free Valuable Insights: Global Genomics In Cancer Care Market size to reach USD 53.5 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 26% revenue share in the genomics in cancer care market. The Asia-Pacific region is experiencing a rising incidence of cancer due to factors such as population growth, aging demographics, and changes in lifestyle and environmental exposures.
The Genomics in Cancer Care market is fiercely competitive, driven by rapid technological advancements and the increasing demand for personalized medicine. Key attributes include innovative genomic testing techniques, comprehensive data analytics capabilities, and robust bioinformatics solutions. Companies strive to differentiate through superior accuracy in cancer diagnostics, treatment selection, and monitoring. Market leaders focus on integrating multi-omic data to enhance therapeutic outcomes, while regulatory compliance and data privacy remain critical concerns.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 16.9 Billion |
| Market size forecast in 2031 | USD 53.5 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 15.7% from 2024 to 2031 |
| Number of Pages | 268 |
| Number of Tables | 383 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Application, Product, Technology, Region |
| Country scope |
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| Companies Included | Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Danaher Corporation (Beckman Coulter, Inc.), Abbott Laboratories, Bio-Rad Laboratories, Inc., GE HealthCare Technologies, Inc., Quest Diagnostics Incorporated, Revvity, Inc., Eurofins Scientific SE and Hologic, Inc. |
By Application
By Product
By Technology
By Geography
This Market size is expected to reach $53.5 billion by 2031.
Increased understanding of cancer genomics are driving the Market in coming years, however, High costs of genomic testing restraints the growth of the Market.
Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Danaher Corporation (Beckman Coulter, Inc.), Abbott Laboratories, Bio-Rad Laboratories, Inc., GE HealthCare Technologies, Inc., Quest Diagnostics Incorporated, Revvity, Inc., Eurofins Scientific SE and Hologic, Inc.
The expected CAGR of this Market is 15.7% from 2024 to 2031.
The Instruments segment is leading the Market by Product in 2023; thereby, achieving a market value of $27.1 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $18.7 billion by 2031.
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![North America Genomics In Cancer Care Market Size [2031]](https://www.kbvresearch.com/upload/cover/north-america-genomics-in-cancer-care-market.jpg "North America Genomics In Cancer Care Market Size [2031]")
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