WASHINGTON, March 07, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Genomics in Cancer Care Market finds that rising demand for technologically advanced & cost-efficient diagnostic technology and increasing demand for diagnostics centres are augmenting the growth of Genomics in Cancer Care Market in upcoming years. In addition, growing research activities for the development of novel treatment therapies and increasing funding for the development of pharmaceutical and biotech industry are some other important parameters that bolstering the market demand in the projected time span. The total Global Genomics in Cancer Care Market is estimated to reach USD 40.5 Billion by 2028.
The market stood at a revenue of USD 12.1 Billion in the year 2021, and expected to grow at a Compound Annual Growth Rate (CAGR) of 16.1%, states Vantage Market Research, in a report, titled “Genomics in Cancer Care Market by Product (Instruments, Consumables, Services), by Application (Diagnostics, Personalized Medicine, Drug Discovery & Development, Research), by Technology (Genome Sequencing, PCR, Microarrays, Nucleic Acid Extraction & Purification), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Genomics in Cancer Care Market:
Agilent Technologies, Illumina, Inc., Pacific Biosciences, Inc., Thermo Fisher Scientific Inc., Intrexon Bioinformatics Germany GmbH are the major companies operating in Global Genomics in Cancer Care Market.
Market Dynamics:
Usage of Technologically Advanced Methods for Providing Better Diagnoses and Treatment Strategies Propels the Market
The cancer disease is mainly occur due to the changes in DNA. This change alters cell behaviour, causes uncontrollable growth and malignancy. This abnormal activity can take many forms, such as, DNA rearrangements, deletions, amplifications, mutations, addition or removal of chemical marks. This genomic alterations can cause cancer. Thus, structural genomics method will provide better diagnoses and treatment strategies. In addition, technological advancement to study human genome measures the activity of genes encoded in DNA and understand which proteins are abnormally active or silenced in cancer cells to stop uncontrolled growth of cancer. Thus, the usage of technologically advanced methods for providing better diagnoses and treatment strategies will create various growth opportunities for the market in the near future.
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Increasing Occurrences of Cancer Drives the Market
The major factors that fuels the growth of Genomics in Cancer Care Market are biotechnological advancements and increasing prevalence of cancer. According to International Agency for Research on Cancer (IARC), the occurrences of cancer cases is predicted to increase to around 27.5 million and around 16.3 million deaths worldwide by 2040. Thus, the increasing occurrences of cancer patients increases the demand for advanced diagnostics and treatment options for cancer treatment. This, in turn, propels the growth of Genomics in Cancer Care Market. In addition, multiple leading players investing time in effective strategic collaborations and launching new products, which helps in fuelling the market growth. For instance, LC-SCRUM-Asia, a leading cancer genomic screening program, has selected Thermo Fisher Scientific's Ion Torrent Genexus System and Oncomine Precision Assay, a pan-cancer panel, to advance precision medicine in Asia. The next-generation sequencing (NGS) solutions will be used in two prospective, observational projects to support the development of future therapeutics and diagnostics for non-small cell lung cancer (NSCLC).
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Genomics in Cancer Care Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Accounted Largest Growth of Market
North America is predicted to hold the largest share for Genomics in Cancer Care Market during forecast period. This growth is happens owing to the government & other institution’s initiatives in the development of genomics cancer treatment and increasing cancer patients in this region. In addition, various government authorities are investing for research activities related to human genome sequencing, this is also augmenting the market growth in this region. For instance, National Human Genome Research Institute, United States, (NHGRI) have funded in research activity related to genome's function, structure, and role in health & disease.
Recent Developments:
November, 2021: GE Healthcare announced collaborations with SOPHiA GENETICS, The University of Cambridge and Optellum as part of its vision to advance care, make precision health more accessible, and ultimately improve outcomes for cancer patients.
July 2021: GE Healthcare and SOPHiA GENETICS announced that they have signed a letter of intent to collaborate on advancing cancer care, with the goal of better targeting and matching treatments to each patient’s genomic profile and cancer type, helping to ensure the most effective and personalized treatment.
March 2021: Agilent Technologies Inc. announced that it has entered into a definitive agreement to acquire Resolution Bioscience Inc. The acquisition complements and expands Agilent’s capabilities in NGS-based cancer diagnostics and provides the company with innovative technology to further serve the needs of the fast-growing precision medicine market.
Browse market data Tables and Figures spread through 167 Pages and in-depth TOC on "Genomics in Cancer Care Market by Product (Instruments, Consumables, Services), by Application (Diagnostics, Personalized Medicine, Drug Discovery & Development, Research), by Technology (Genome Sequencing, PCR, Microarrays, Nucleic Acid Extraction & Purification), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/genomics-in-cancer-care-market-248288
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Genomics in Cancer Care Market?
- How will the Genomics in Cancer Care Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Genomics in Cancer Care Market?
- What is the Genomics in Cancer Care market drivers and restrictions?
- What will be the CAGR and size of the Genomics in Cancer Care Market throughout the forecast period?
This market titled “Genomics in Cancer Care Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 12.1 Billion |
| Projected Market Size in 2028 | USD 40.5 Billion |
| CAGR Growth Rate | CAGR of 16.1% From 2022 – 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product • Instruments • Consumables • Services Application • Diagnostics • Personalized Medicine • Drug Discovery & Development • Research Technology • Genome Sequencing • PCR • Microarrays • Nucleic Acid Extraction & Purification • Other |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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