Worldwide genomics in cancer care market is projected to reach around US $14.6 billion by the year 2025, demonstrating a 17.7% CAGR throughout the estimated period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
According to the report, significant factors driving the growth of the global genomics in cancer care market include rising prevalence of cancer patients around the world, burgeoning demand for diagnostics, and the availability of advanced & cost-effective technology. The global market also gets a push by increasing awareness as well as preferences among consumers for personalized medicines. Also, growing investment by the pharmaceutical & biotechnology companies in research and development further contributes to market growth.
The product landscape of the global genomics in cancer care market is segmented into instruments, consumables & reagents, and services. Reportedly, the instruments segment bagged the biggest market fragment in terms of revenue, in the year 2018. The instruments segment holds a major market share by virtue of the speedy technological enhancements, coupled with constant efforts by manufacturers to incorporate digitalization into instruments for easing use. The consumables & reagents segment holds the second-largest market share in the global market, followed by the services segment, cites the report.
Speaking of the technology spectrum, the global market is bifurcated into genome sequencing, microarray nucleic acid extraction & purification, and PCR. During 2017, the genome sequencing segment held the largest market share and is anticipated to maintain the leading position throughout the forecast timeline. Growth in this segment is propelled by precise and effective diagnosis results, along with surging awareness of the technology’s use in cancer diagnosis. Furthermore, burgeoning demand for cost effective technologies and technique’s flexibility would positively influence the growth of the genome sequencing market.
The broad application landscape of the global genomics in cancer care market is categorized into personalized medicines, diagnostics, research, and drug delivery. The study cites that the diagnostics sector leads the global market, holding the largest market share, given the rising number of cancer patients across the world.
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Based on the end-user spectrum, the global market is fragmented into research institutes, academic research institutes, and hospitals. The research institutes sector is the largest end user segment in the worldwide market and is likely to sustain dominance in the market in the course of the forecast period. The need for precise screening techniques providing point diagnosis of cancer stimulates growth in this market space.
The global genomics in cancer care market is geographically divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America leads the global market and is followed by Europe and APAC. The North America market is growing rapidly due to advanced R&D infrastructure for researchers, high spending in healthcare by individuals, and growing number of cancer patients in the region. However, the APAC region is anticipated to witness substantial growth due to higher technology penetration rate, along with surging R&D expenditure by biopharma industries, cites the report.
The well-known companies participating in this industry include Roche Diagnostics, Illumina Inc., Cancer Genetic Inc., Pacific Bioscience, Agilent Technologies, Beckman Coulter, Affymetrix, Bio-Rad Labs, Quest Diagnostics, Aldrich Corporation, Abbott Laboratories, GE Healthcare, Luminex, and PerkinElmer. Based on the key findings of the report, the leading companies of this business space are currently endeavoring to develop new technologies and reach the untapped market, with accurate cancer diagnosis.