Genomics In Cancer Care: Market Size, Share & Growth Forecast 2027

Market Segmentation

Our-in depth analysis of the global genomics in cancer care market includes the following segments:

By Product Type

Consumables
Instruments
Services

By Technology

PCR
DNA Sequencing
Microarray Technology
Flow Cytometry
Bioinformatics
Nucleic Acid Extraction and Purification
Others

By Application

Personalized Medicine
Diagnostics
Drug Discovery and Development
Research

By End User

Research Institutes
Academic Institutes
Hospitals

By Region

On the basis of regional analysis, the global genomics in cancer care market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America is expected to dominate the global genomics in cancer care market on account of rapidly developing biotech and diagnostic industry coupled with high level of awareness among patients. Along with that, the increased funding by the government and private organizations in the research and development is one of the major factors that are driving the growth of the market in this region.

Further, the market in Asia Pacific region is expected to witness significant growth on the back of improved healthcare infrastructure and effective government support coupled with the enhancement in the penetration rate of new technologies and rising expenditure on research and development by the biotech industry.

The global genomics in cancer care market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

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Market Size and Forecast

The market is observing vibrant growth on account of increasing demand for personalized medicines for the molecular characterization of cancer to identify specific therapeutic targets. Increasing healthcare expenditure coupled with rapid development in diagnostics and therapeutics procedures is also augmenting the growth of the market. Enhancement in investments in the pharmaceutical and biotech industry coupled with rise in the research and development activities are expected to propel the market growth in upcoming years. Further, high prevalence of cancer across the globe is one of the major factors that are expected to augment the growth of the market over the forecast period i.e. 2019-2027.

Genomics in cancer care market is anticipated to record a CAGR of 17.6% over the forecast period. The market is segmented by technology into PCR, DNA sequencing, microarray technology, flow cytometry, bioinformatics, nucleic acid extraction and purification and others, out of which, PCR and microarray technology is anticipated to observe robust growth on account of introduction of advanced instruments which includes instruments that are used to conduct genomics processes.

Genomics in cancer care market Graph

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High Prevalence of Cancer

Genomics is widely used in cancer care for cancer treatment and diagnosis. Advancement in genomics followed by various improvements in sequencing technology have paved new roads for cancer care. According to the report of World Health Organization, the global cancer burden has enhanced to 18.1 million new cases. The number of deaths due to cancer was 9.6 million in 2018. Therefore, high prevalence of cancer across the globe along with the adoption of precision medicines in the field of oncology to get information about different types of genetic changes in the tumor are anticipated to augment the growth of the market over the forecast period.

Rise in Healthcare Expenditure

The advent of genomics in the past few years especially in the area of oncology has led to various research and developments in genomics for cancer care as genomics play an important role in the field of oncology. There is a rise in the healthcare expenditure across the globe. The healthcare expenditure of United States in the year 2016 was USD 8,047 per capita which enhanced to USD 10,209 per capita in the year 2017. These factors are anticipated to boost the market shares over the forecast period.

Restraints

Low Rate of Adoption of Genomics in Cancer Care

The low rate of adoption of genomics in cancer care in the developing economies and the high cost associated with it is estimated to hinder the growth of the market over the forecast period.

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Top Featured Companies Dominating the Market

Bio-Rad Labs
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
General Electric Healthcare
Abbott Molecular
Affymetrix and Illumina, Inc.
Beckman Coulter, Inc.
Agilent Technologies
Oxford Gene Technology
Pacific Biosciences
Roche Diagnostics
Thermo Fisher Scientific
Other Prominent Players

In The News

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.