In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
DNA is the genetic material of the body where the genetic information of an individual is stored. The total DNA enclosed in the cell makes up the genome. The study of the sequence of DNA and the transformation of information in the body is referred as genomics. During cancer, there are certain minor changes in the genetic letters which can result in genetic alterations which includes mutations, deletions, insertions and many more. In cancer, change in the single nucleotide can hinder the working of the cell and can cause abnormalities.
The study of cancer genomes revealed various types of abnormalities in genes which propels the growth and proliferation of various types of cancer. The cancer causing epigenetic and genetic changes has led to the development of specialized therapies which effectively targets these changes. The coupling of advanced computational data analysis and next generation sequencing has revolutionized the understanding of the genomics involved in cancer progression and cancer development. The advent of antibody based therapies that target a cancer’s genomic dependencies have fueled the transition of genomic assays into clinical applications for patients suffering from cancer.
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.
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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.
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.
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.
Our-in depth analysis of the global genomics in cancer care market includes the following segments:
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: