ID: PMRREP32721| Upcoming | Format: PDF, Excel, PPT* | Healthcare
According to the latest research by Persistence Market Research, the genomic cancer testing market is set to witness positive growth of CAGR 14% during 2021-2031. The genomic cancer testing market is majorly driven by advancements in DNA sequencing techniques and increasing research in the life science domain.
Cancer genomic tests are done on the entire genome of the cancerous cell and their level of expression rather than focusing only on one gene. Therefore, genomic testing provides a more accurate and targeted course of treatment.
The major driver demand for genomic cancer testing is increasing cancer prevalence, awareness of genetic screening, availability of modern diagnostic methods and increasing life science R&D. Various technological advancements are happening in DNA sequencing.
Next-generation sequencing is the new method that is currently used for DNA sequencing. For instance, In 2019 Veracyte announced the introduction of Percepta Genomic Sequencing Classifier (GSC) for lung cancer. This identifies any modification in the genome related to lung cancer with the help of machine learning in former smokers. This is accomplished using a simple brushing of the person’s airway.
Another driver is the prevalence of lung cancer, breast cancer. According to a WHO report, 1.8 billion deaths were caused by lung cancer and 2.26 million new cases of breast cancer were diagnosed in 2020. These cancers can be treated if they are diagnosed at an early stage. This can be achieved with genomic testing and hence acts as market drivers.
An increase in the awareness about cancer treatments and R & D investment by the companies for developing new techniques and acquiring other companies is expected to increase demand for genomic cancer testing during the forecast period.
COVID-19 had an impact on the genomic cancer testing market. The funds from the government increased during this time for research. But these funds were utilized for researching Sars Cov 2 genomics. This impacted the cancer screening and many early signs of cancer went undetected. However, this pandemic has allowed researchers to come up with new techniques for genomic cancer testing.
Some of the leading manufacturers of genomic cancer testing include
The market is majorly dominated by North America with countries like the US and Canada. This is due to the presence of major players in this region and increase in the healthcare spending. Also, Advancements in research, research funding and collaboration between premium institutes are factors driving the market growth. This region is mainly driven by acquisitions.
For instance, in August 2021 Pacific Biosciences acquired Circulomics to make long-read DNA sequences more accessible and readable at scale.
Another region that is expected to dominate the market is Asia. This is due to advancements in the DNA sequencing technique, an increase in life science research and new players in the market. Apart from this, according to a report published by Pfizer, the prevalence of cancer in Asia is 3 times more than that of the US. This acts as a technological driver for the region to advance their techniques for a better outcome.
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