Genomic cancer testing helps in determining cancer type and its driver genes for effective treatment of cancer. Such testing provide accurate diagnosis and assist oncologists in personalized treatment planning. The genomic profiling helps analyze cancer cells at molecular level and recommend targeted therapy. Advancements in next-generation sequencing technologies have enabled high-throughput and cost-effective cancer testing.
The global Genomic Cancer Testing Market is estimated to be valued at US$ 13.67 billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The innovation in cancer testing techniques has accelerated the growth of Genomic Cancer Testing Market. Next generation sequencing techniques such as whole genome sequencing and whole exome sequencing help analyze multiple genes simultaneously and provide comprehensive genomic profile of cancer. This enable accurate diagnosis and selection of personalized treatment for patients. Such advance testing techniques analyze both germline and somatic genetic changes and have emerged as standard of care for cancer treatment management. This trend is expected to continue during forecast period with further advancement in sequencing technologies.
Segment Analysis
Genomic cancer testing market is segmented based on technology, application and end user. The sequencing technology segment dominated the market in 2022 due to reducing cost of sequencing and increasing use of sequencing for diagnosis and treatment of cancer. Sequencing allows detection of genetic mutations and is used to tailor treatment based on genomic profile of cancer.
Key Takeaways
Global Genomic Cancer Testing Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: North America dominated the genomic cancer testing market in 2022 owing to presence of major pharmaceutical companies, high healthcare expenditure and favourable reimbursement policies. However, Asia Pacific is expected to register highest growth rate over the forecast period due to growing healthcare spending, increasing awareness regarding precision medicine and expanding pharmaceutical industry in the region.
Key players: Key players operating in the genomic cancer testing market are Myriad Genetics, Foundation Medicine, Color Genomics, Illumina, Genomic Health, Adaptive Biotechnologies, Natera, Roche, Guardant Health and Biodesix. These players are focusing on developing innovative targeted therapy and precision diagnostic tests to customize cancer treatment.
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