The global cancer genomics market is expected to witness a significant growth over the forecast period owing to the availability of cost-efficient and advanced diagnostic technology. Growing need for cancer diagnostics is anticipated to catapult product demand over the next eight years. Factors such as increasing R&D activities and investments in pharmaceutical & biotech industry are expected to impel demand over the forecast period. Additionally, growing need for personalized medicine is also anticipated to positively impact industry growth.
The genomics in cancer care market can be segmented on the basis of technology into bioinformatics & flow cytometry, purification & nucleic acid extraction, microarray, polymerase chain reaction (PCR) and genome sequencing. Genome sequencing is expected to dominate the market owing to the benefits such as accurate diagnosis and effective results associated with it. Cancer whole genome sequencing provides benefits including the discovery of novel cancer-associated variants such as structural variants and single nucleotide variants (SNVs). It also helps in comparing tumor and normal DNA.
Genome sequencing segment is anticipated to witness considerable growth due to rising awareness pertaining to technological advancements and extensive utilization of diagnostics in genomics coupled with high accuracy in results. Surging demand for flexible, cost-effective & rapid output is anticipated to elevate the genomics penetration rate in this segment.
Microarrays and PCR are also anticipated to witness considerable growth over the next eight years owing to the development of technologically advanced instruments. These instruments are used to perform genomics processes and increase in biotechnological applications in diagnostics. Development in microarray devices used to measure an analyte in blood and body tissues are expected to provide further opportunities for this segment over the next eight years.
Genomics may be available in the form of services, instruments and consumables. Instruments are expected to dominate the market as they are considered as an indispensable component in the target disease treatment. Advanced analyzers & sequencer for cancer genotyping and digital PCR instruments is also anticipated to provide further growth opportunities. Consumables are anticipated to exhibit positive growth owing to its wide application in target disease management. Consumables such as biomarkers, reagents, and sample preparation kits are widely used in genomics.
Services offered by genomic companies include genetic counseling, genetic susceptibility testing, and risk assessment. The service segment is anticipated to witness exponential growth over the forecast period owing to increasing awareness among patients for the treatment and diagnostic options.
The market finds a number of applications in cancer diagnosis owing to the high occurrence of target disease and mounting demand for accurate, rapid and sensitive molecular diagnostic procedures. Increasing cancer incidences across the globe is also expected to impel product demand over the next eight years.
Genomics can be used for clinical procedures, hospitals, and academic research. Research segment holds the largest market share owing to its wide application in accurate detection and diagnostics of the target disease. Growing demand for tumor profiling in patients, stratification for appropriate treatment and advancements in screening techniques is anticipated to catalyze growth over the next few years. The aforementioned techniques may also enable accurate disease prognosis.
North America is anticipated to dominate owing to growing biotechnology industry coupled with a high level of patient awareness. However, Asia Pacific region is expected to register significant growth owing to continuous government support, improved healthcare infrastructure and presence of untapped opportunities.
Major industry participants include Thermo Fisher scientific, General Electric Healthcare, Qiagen, PerkinElmer, Abbott Molecular, Oxford Gene Technology, Luminex, Quest Diagnostics, Pacific Biosciences, Sigma-Aldrich Corporation, Danaher Corporation, Bio-Rad Labs, Beckman Coulter Inc., Cancer Genetics Inc., Roche Diagnostics, Agilent Technologies, Affymetrix and Illumina Inc. The market is highly competitive and companies have adopted various strategies such as merger & acquisition and collaborative agreements to gain a competitive advantage. Further, companies are also expected to heavily invest in R&D to provide better treatment for the target disease.
