by Genomic cancer testing involves analyzing the DNA or RNA of cancer cells to identify genetic changes that contribute to cancer growth and proliferation. This helps to determine how likely a tumor is to progress and spread or return after treatment. Common types of genomic cancer tests are gene expression profiling, which analyzes which genes in a tissue sample are actively making RNA and proteins, and genomic sequencing tests that fully sequence the DNA or RNA of cancer cells to identify all mutations present. The increasing demand for personalized medicine for cancer treatment is a major driver for the genomic cancer testing market. Personalized treatment involves the use of genetic information about a person’s disease to guide decisions about prevention, diagnostic screening, and treatment. Genomic cancer testing plays a pivotal role in personalized cancer care as it helps physicians identify specific gene mutations or biomarkers driving a patient’s cancer. This information is used to select targeted drug therapies or immunotherapies that directly attack cancer at the molecular level.
The global genomic cancer testing market is estimated to be valued at US$ 7.2 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Development of personalized cancer treatment is a major driver of growth for the genomic cancer testing market. Genomic testing identifies genetic mutations, abnormalities or biomarkers driving an individual patient’s cancer. This information allows physicians to select the most effective targeted therapies or immunotherapies for that specific patient’s disease. Another driver is increased adoption of next-generation sequencing (NGS) technology. NGS allows rapid, high-throughput sequencing of entire human genomes at lower costs compared to previous technologies. The decreasing costs and increased availability of NGS is enabling genomic testing to be more widely adopted in clinical oncology practice.
Segment Analysis
The global genomic cancer testing market is dominated by the breast cancer segment. Breast cancer dominates as it accounts for over 25% of new cancer cases among women and has a 5 year survival rate of more than 90% if detected early. The breast cancer segment witnesses high demand for genomic cancer testing for prognosis, diagnosis and detection of recurrence of breast cancer.
PEST Analysis
Political: Governments across regions are supporting initiatives for early detection of cancer through screening and diagnostic programs. Favorable reimbursement policies for cancer diagnosis and treatment are boosting the adoption of genomic cancer testing.
Economic: Rising healthcare expenditure coupled with increasing disposable incomes is driving the demand for advanced genomic testing options for effective cancer treatment.
Social: Growing public awareness about early cancer screening and diagnosis is leading to higher uptake of genomic testing. Support groups are encouraging screening to enhance disease management.
Technological: Continuous technological advancements are making tests more convenient and less invasive. Developments in sequencing techniques, bioinformatics and data analytics are enhancing accuracy, accessibility and affordability of genomic testing.
Key Takeaways
Global Genomic Cancer Testing Market Size is expected to witness high growth in the forecast period.
Regional analysis: North America dominates the market currently due to supportive regulatory environment, higher healthcare spending and presence of key market players. The Asia Pacific genomic cancer testing market is poised to grow at the fastest rate led by Japan, China and India on account of increasing patient affordability, medical tourism and focus of players on emerging countries.
Key players: Myriad Genetics, Foundation Medicine, Illumina, QIAGEN, Roche, Agilent Technologies, Genomic Health, NeoGenomics, Sysmex Inostics, and Thermo Fisher Scientific. Key players are focusing on partnerships, strategic acquisitions and new test launches to strengthen their product portfolios and market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
