Genomic Cancer Testing Market Is Estimated to Witness High Growth...

Genomic Cancer Testing Market Is Estimated to Witness High Growth Owing to Advancements and Adoption of Personalized Medicine Services

Posted 2024-02-08 05:27:13

Genomic cancer testing utilizes next-generation sequencing (NGS), which is a cost-effective technology to sequence genomes and analyze multiple genes simultaneously. It is being widely adopted for analyzing genetic abnormalities and mutations in cancers to determine tailored treatment plans for patients. Genomic cancer testing can identify cancer risks, diagnose cancer types, determine prognosis, and select appropriate therapies based on genetic markers.

The global genomic cancer testing market is estimated to be valued at US$ 18.61 Mn 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 Dynamics:
The growth of the genomic cancer testing market size is majorly driven by the advancements and rising adoption of personalized medicine services. Personalized medicine aims to design treatment strategies tailored to the individual patient's needs based on their genetic makeup and molecular analysis of cancer. It helps deliver right treatment to the right patient at the right time using genomic approach. Genomic cancer testing plays a vital role in identifying right therapies and medicines for personalized cancer treatment depending on a patient's genetic alterations and mutations. The governments across countries are also supporting and funding projects aimed at driving personalized cancer care approach through the robust application of genomics. This is positively impacting the adoption of genomic cancer testing.

SWOT Analysis
Strength: Genomic cancer testing helps in the accurate diagnosis of cancer at the molecular level. It provides a more personalized form of treatment and monitoring. Testing helps doctors understand which treatments will work best.

Weakness: Genomic cancer testing is still in the early stages. Wide availability of tests are still limited and costs are high which limits access. Interpreting genetic results can also be complicated.

Opportunity: As costs continue to decline, testing will become more widely available. This will help high-risk individuals get proper screening and diagnosis. Research into new cancer genes will expand the number of cancers genomic testing can help with.

Threats: Reliance on third party laboratories and manufacturers poses risks if supply chains are disrupted. Ethical and legal issues around data privacy and genetic discrimination also need oversight. Competing technologies could challenge genomic testing's role.

Key Takeaways
The global genomic cancer testing market is expected to witness high growth. It is estimated to reach a value of US$ 30.15 Mn by 2031 from US$ 18.61 Mn in 2024, expanding at a CAGR of 7.8%.

Regional analysis: North America currently dominates the market due to higher acceptance and early availability. However, Asia Pacific is expected to see the fastest growth due to rising healthcare investments and greater awareness. Countries like China, India and Japan will be major revenue generators.

Key players: Key players operating in the genomic cancer testing market are Bitmain Technologies, MicroBT, Canaan Creative, NVIDIA, AMD, Genesis Mining, Bitfury Group, Hut 8 Mining Corp., Riot Blockchain, Marathon Digital Holdings, and Hive Blockchain Technologies. These companies are focusing on research and development of advanced tests to expand applications and lower costs of testing. Partnerships for test distribution are also allowing greater geographic access.