Rising incidence of cancer is one of the significant factors influencing the growth of the genomics in cancer care market.
The global genomics in cancer care market is forecasted to reach USD 39.94 Billion by 2027, according to a new report by Reports and Data. The genomics in cancer research market is observing high demand attributed to the rising incidence of cancer. Cancer has a significant impact on society in the U.S. and across the globe. It has been estimated that 1,735,350 new disease cases were diagnosed in the U.S., and 609,640 people suffered death from the disease. The number of new incidences of the disease is 439.2 per 100,000 men and women annually, and the number of cancer-related morbidities is 163.5 per 100,000 men and women annually. Moreover, it has been estimated that in 2017, 15,270 children and adolescents in the age range of 0-19 years were diagnosed with disease, out of which 1,790 suffered death owing to the disease. In the year 2017, an estimated USD 147.30 billion was spent on cancer care in the US.
The COVID-19 impact:
The COVID-19 pandemic has made it essential to repurpose the operating rooms for surgeries into intensive care units (ICUs) and pushed hospitals to accommodate patients beyond their full capacity of beds. As a result, in several cases, cancer patients were categorized as non-urgent. Further, the psychological influence of postponed disease diagnosis as a result of the COVID-19 pandemic cannot be undermined as when psychological, physical, and social health of patients are handled in a positive way, chances of patients’ survival have been seen to improve from a state of illness towards recovering from the disease. COVID-19 has had a significant and negative impact on cancer treatment and research, making a new health emergency for cancer patients’ management a necessity.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
Agilent Technologies, Bio-Rad Laboratories, Qiagen, GE Healthcare, Roche Diagnostics, Abbott Laboratories, Illumina Inc., Cancer Genetics Inc., Sigma Aldrich, and Perkin Elmer, among others.
Market Segmentation by Types:
Product Type Outlook (Revenue, USD Million; 2017-2027)
- Instruments
- Consumables
- Services
Technology Outlook (Revenue, USD Million; 2017-2027)
- PCR
- Genome Sequencing
- Nucleic Acid Extraction Purification
- Microarray
- Others
Application Outlook (Revenue, USD Million; 2017-2027)
- Diagnostics
- Personalized Medicine
- Drug Discovery Development
- Others
End-User Outlook (Revenue, USD Million; 2017-2027)
- Hospitals
- Research Institutes
- Others
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Genomics In Cancer Care market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
Further key findings from the report suggest
- Pharmaceutical companies are making use of the available genomic information in personalized medicine, which is forecasted to significantly impact the growth of the market. The reduction in the cost of sequencing has enabled whole-genome sequencing at a very affordable price, which has made it more attractive to pharmaceutical and biotechnology companies.
- Genome sequencing held a significant share of genomics in the cancer care market in 2019 due to its adoption of whole-genome sequencing and application of the sequence databases for disease prognosis and screening.
- Polymerase chain reaction (PCR) has several advantages, which are boosting the demand for genomics in the cancer care market. The reaction is simple, easy to understand, and also produces results quickly. The technique is very sensitive, with the potential to produce billions of copies of a certain product for cloning, sequencing, and analysis. Thus, it finds its use in analyzing alterations of gene expression levels in tumors, microbes, or other disease states.
- North America contributed to the largest genomics in cancer care market share in 2019. The market dominance is owing to the higher acceptance of advanced technologies, well-established healthcare diagnostic facilities, the surging incidence of cancer, and the enactment of numerous initiatives for raising awareness about the disease in the region.
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