The Genomics in Cancer Care market is expected to register a CAGR of 12.5% over the forecast period.
The rapid and global spread of COVID-19 posed an enormous challenge to healthcare systems, which were forced to provide high-intensity treatment to patients infected with SARS-CoV-2 while ensuring continuous care for all other diseases, including healthcare utilization for cancer care delivery. In the advent, the oncology centers and government rapidly responded with preventive measures and alternative treatment approaches. Followed by the Genome UK: 2021 to 2022 Implementation Plan released in May 2021, and the Genome UK: shared commitments for UK-wide implementation 2022 to 2025, published in March 2022; the government of the United Kingdom announced funding of EUR 26 million in December 2022 for an innovative cancer program. The plan was led by Genomics England, in partnership with NHS England and the National Pathology Imaging Co-operative, to evaluate and improve the accuracy and speed of diagnosis for cancer patients.
Genomic screening is now often utilized in several countries to direct the treatment of cancer patients. Numerous studies were also carried out employing genome sequencing in cancer patient samples to determine SARS-CoV-2 susceptibility and assist in optimizing the full cycle of cancer management. For instance, research published by PubMed in February 2021 showed that cancer patients are more likely to clinically progress to more severe COVID-19 problems since they carry noticeably more minor variants than their non-cancer counterparts. Similarly, the American Association for Cancer Research in February 2023 revealed that whole-genome sequencing (WGS) provides the clearest picture of the genetic changes leading to Hodgkin lymphoma that will help to create the most effective, personalized treatment plans for patients with Hodgkin lymphoma or other cancers. Thus, the COVID-19 pandemic is expected to impact genomics concerning cancer care positively.
The major factors driving the market are the rising incidence rates of cancer globally and biotechnological advancements related to cancer care. As a result, the market expansion under study is being driven by increased demands for launching new products and investments in research and development initiatives in the arena of a potential replacement for traditional technologies.
The high prevalence of cancer and rising investments in the biotechnology and pharmaceutical industry related to cancer care are expected to be the major factors to propel the market growth. According to the World Health Organization (WHO) February 2023 update, 734,000 individuals are diagnosed with cancer yearly in Mediterranean Region, and the nu was about 50% higher in 2040. Additionally, as per the National Cancer Institute (INCA) report published in December 2022, the incidence of cancer cases is expected to grow to 704,000 new cases in Brazil for the three years from 2023 to 2025. The increasing incidence of cancer cases is expected to drive the need for advanced diagnostics and treatment options for cancers, which in turn is expected to boost the market.
Furthermore, launching new products and effective strategic collaborations among key players will drive the studied market. For instance, in January 2023, Bionano Genomics, Inc. released research findings on the capacity of its Optical Genome Mapping (OGM) to identify Homologous Recombination Deficiency (HRD) in human breast tumors in an effective, low-cost manner with more sensitivity than whole-genome sequencing (WGS). Thus, given the rising prevalence of cancer and initiatives taken by companies in product development, genomics in the cancer care market is predicted to register significant growth over the forecast period globally.
However, the high cost associated with genomics equipment and procedures, as well as limited awareness of understanding of complex data coupled with a lack of skilled professionals, is expected to hinder the market growth during the study period.
DNA sequencing and other omics have been harnessed over time to study the genetic aberrations of human cancers to obtain information that aids in increasing precision in assigning drugs to patients. According to the research article published in the Science journal in April 2022, the team from Cambridge University Hospitals (CUH) and the University of Cambridge analyzed the complete genetic make-up or whole-genome sequences (WGS) of more than 12,000 NHS cancer patients provided by the 100,000 Genomes Project. It was able to spot 58 new mutational signatures. Thus, its advantages over other techniques are known to boost the growth of the studied segment.
Furthermore, the increasing number of investments for research and development in the genomics sequencing segment is expected to drive market growth. For instance, in March 2022, the government of the UK announced an investment of EUR 22 million to carry out tailored genomic sequencing of 15,000 to 25,000 research participants from diverse ancestry groups currently under-represented in genomic research. This initiative, coordinated by Genomics England, aims to eliminate healthcare disparities and enhance patient outcomes across all communities by advancing knowledge of genetic diversity and its effects on scientific, clinical, and health system outcomes.
Hence, the genome sequencing segment is expected to grow significantly during the studied period due to technological advancements and increased government agencies and private institutions' funding.
An increase in the number of cancer cases in the region is the major factor contributing to the major share of the market. According to statistics published by the American Cancer Society in January 2023, an estimated 1,958,310 new cancer cases are estimated to be diagnosed in the United States, with nearly 609,820 deaths due to cancer projected to occur in 2023. The number of cancer cases in the country is expected to increase during the forecast period, thus driving the market's growth.
Additionally, various government bodies, such as National Human Genome Research Institute, United States (NHGRI), have been supporting research related to human genome sequencing while funding research related to the genome's structure, function, and role in health and disease. Moreover, these organizations support studies on genome research's ethical, legal, and social implications. For instance, in April 2021, United States Administration announced a USD 1.7 billion investment to overcome COVID-19 variants. This includes USD 1 billion to expand genomic sequencing and USD 400 million to support innovation initiatives, including the launch of new innovative Centers of Excellence in genomic epidemiology. Also, the Biden Administration invested nearly USD 200 million to help increase genomic sequencing to 29,000 samples per week by April 2021. Hence, these numerous initiatives undertaken by government agencies, universities, academic and research institutions, and research establishments for utilizing genomics in identifying the root cause of cancer are likely to propel the segment growth.
The companies in the marketplace are also adopting growth strategies such as collaborations, mergers, and acquisitions to expand their product portfolio and secure their position among global competitors. For instance, in January 2021, Personal Genome Diagnostics Inc entered into a strategic collaboration with QIAGEN to provide its Comprehensive Pan-Cancer Tumor Profiling tests and clinical decision support to molecular labs. Further, in January 2023, Arima Genomics, Inc. announced an agreement with Protean BioDiagnostics to make an Arima next-generation sequencing (NGS)-based test available to clinicians for patient management in the United States. The new diagnostic service will be ready for order in the first half of 2023. It will use Arima's cutting-edge genomic technology to discover clinically actionable gene fusions in tumor samples from cancer patients. All these developments, along with the rising healthcare expenditure and increasing geographic footprints of the players, are driving market growth in this region.
Thus, owing to the rising burden of cancers in the region, along with increasing research activities and strategic initiatives taken by key players in the genomics field, the studied market is expected to witness significant growth in the North American region.
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The rapid and global spread of COVID-19 posed an enormous challenge to healthcare systems, which were forced to provide high-intensity treatment to patients infected with SARS-CoV-2 while ensuring continuous care for all other diseases, including healthcare utilization for cancer care delivery. In the advent, the oncology centers and government rapidly responded with preventive measures and alternative treatment approaches. Followed by the Genome UK: 2021 to 2022 Implementation Plan released in May 2021, and the Genome UK: shared commitments for UK-wide implementation 2022 to 2025, published in March 2022; the government of the United Kingdom announced funding of EUR 26 million in December 2022 for an innovative cancer program. The plan was led by Genomics England, in partnership with NHS England and the National Pathology Imaging Co-operative, to evaluate and improve the accuracy and speed of diagnosis for cancer patients.
Genomic screening is now often utilized in several countries to direct the treatment of cancer patients. Numerous studies were also carried out employing genome sequencing in cancer patient samples to determine SARS-CoV-2 susceptibility and assist in optimizing the full cycle of cancer management. For instance, research published by PubMed in February 2021 showed that cancer patients are more likely to clinically progress to more severe COVID-19 problems since they carry noticeably more minor variants than their non-cancer counterparts. Similarly, the American Association for Cancer Research in February 2023 revealed that whole-genome sequencing (WGS) provides the clearest picture of the genetic changes leading to Hodgkin lymphoma that will help to create the most effective, personalized treatment plans for patients with Hodgkin lymphoma or other cancers. Thus, the COVID-19 pandemic is expected to impact genomics concerning cancer care positively.
The major factors driving the market are the rising incidence rates of cancer globally and biotechnological advancements related to cancer care. As a result, the market expansion under study is being driven by increased demands for launching new products and investments in research and development initiatives in the arena of a potential replacement for traditional technologies.
The high prevalence of cancer and rising investments in the biotechnology and pharmaceutical industry related to cancer care are expected to be the major factors to propel the market growth. According to the World Health Organization (WHO) February 2023 update, 734,000 individuals are diagnosed with cancer yearly in Mediterranean Region, and the nu was about 50% higher in 2040. Additionally, as per the National Cancer Institute (INCA) report published in December 2022, the incidence of cancer cases is expected to grow to 704,000 new cases in Brazil for the three years from 2023 to 2025. The increasing incidence of cancer cases is expected to drive the need for advanced diagnostics and treatment options for cancers, which in turn is expected to boost the market.
Furthermore, launching new products and effective strategic collaborations among key players will drive the studied market. For instance, in January 2023, Bionano Genomics, Inc. released research findings on the capacity of its Optical Genome Mapping (OGM) to identify Homologous Recombination Deficiency (HRD) in human breast tumors in an effective, low-cost manner with more sensitivity than whole-genome sequencing (WGS). Thus, given the rising prevalence of cancer and initiatives taken by companies in product development, genomics in the cancer care market is predicted to register significant growth over the forecast period globally.
However, the high cost associated with genomics equipment and procedures, as well as limited awareness of understanding of complex data coupled with a lack of skilled professionals, is expected to hinder the market growth during the study period.
Genomics in Cancer Care Market Trends
Genome Sequencing Segment is Expected to Hold a Major Market Share
Emerging technology related to genome sequencing is expected to fuel market growth. Next-Generation sequencing is a novel method having wide applications in oncology. The sequencing of DNA and RNA helps in detecting and analyzing the modifiers, mutation analysis, and pharmacogenetics of biopsy.DNA sequencing and other omics have been harnessed over time to study the genetic aberrations of human cancers to obtain information that aids in increasing precision in assigning drugs to patients. According to the research article published in the Science journal in April 2022, the team from Cambridge University Hospitals (CUH) and the University of Cambridge analyzed the complete genetic make-up or whole-genome sequences (WGS) of more than 12,000 NHS cancer patients provided by the 100,000 Genomes Project. It was able to spot 58 new mutational signatures. Thus, its advantages over other techniques are known to boost the growth of the studied segment.
Furthermore, the increasing number of investments for research and development in the genomics sequencing segment is expected to drive market growth. For instance, in March 2022, the government of the UK announced an investment of EUR 22 million to carry out tailored genomic sequencing of 15,000 to 25,000 research participants from diverse ancestry groups currently under-represented in genomic research. This initiative, coordinated by Genomics England, aims to eliminate healthcare disparities and enhance patient outcomes across all communities by advancing knowledge of genetic diversity and its effects on scientific, clinical, and health system outcomes.
Hence, the genome sequencing segment is expected to grow significantly during the studied period due to technological advancements and increased government agencies and private institutions' funding.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a major market share in the global genomics in cancer care market and is expected to continue the trend over the coming years due to higher incidence rates of cancer disease, the presence of major key players, and the initiatives taken by the government and other organizations related to genomics in cancer care.An increase in the number of cancer cases in the region is the major factor contributing to the major share of the market. According to statistics published by the American Cancer Society in January 2023, an estimated 1,958,310 new cancer cases are estimated to be diagnosed in the United States, with nearly 609,820 deaths due to cancer projected to occur in 2023. The number of cancer cases in the country is expected to increase during the forecast period, thus driving the market's growth.
Additionally, various government bodies, such as National Human Genome Research Institute, United States (NHGRI), have been supporting research related to human genome sequencing while funding research related to the genome's structure, function, and role in health and disease. Moreover, these organizations support studies on genome research's ethical, legal, and social implications. For instance, in April 2021, United States Administration announced a USD 1.7 billion investment to overcome COVID-19 variants. This includes USD 1 billion to expand genomic sequencing and USD 400 million to support innovation initiatives, including the launch of new innovative Centers of Excellence in genomic epidemiology. Also, the Biden Administration invested nearly USD 200 million to help increase genomic sequencing to 29,000 samples per week by April 2021. Hence, these numerous initiatives undertaken by government agencies, universities, academic and research institutions, and research establishments for utilizing genomics in identifying the root cause of cancer are likely to propel the segment growth.
The companies in the marketplace are also adopting growth strategies such as collaborations, mergers, and acquisitions to expand their product portfolio and secure their position among global competitors. For instance, in January 2021, Personal Genome Diagnostics Inc entered into a strategic collaboration with QIAGEN to provide its Comprehensive Pan-Cancer Tumor Profiling tests and clinical decision support to molecular labs. Further, in January 2023, Arima Genomics, Inc. announced an agreement with Protean BioDiagnostics to make an Arima next-generation sequencing (NGS)-based test available to clinicians for patient management in the United States. The new diagnostic service will be ready for order in the first half of 2023. It will use Arima's cutting-edge genomic technology to discover clinically actionable gene fusions in tumor samples from cancer patients. All these developments, along with the rising healthcare expenditure and increasing geographic footprints of the players, are driving market growth in this region.
Thus, owing to the rising burden of cancers in the region, along with increasing research activities and strategic initiatives taken by key players in the genomics field, the studied market is expected to witness significant growth in the North American region.
Genomics in Cancer Care Industry Overview
The Genomics in Cancer Care Market is moderately competitive. Some companies currently dominating the market are Illumina Inc., ThermoFisher Scientific Inc., Agilent Technologies, Cancer Genetics Inc., GE Healthcare (GE Company), Intrexon Bioinformatics Germany GmbH, Quest Diagnostics, Merck KGaA, Pacific Biosciences, Inc. among others.Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Agilent Technologies, Inc.
- Cancer Genetics Inc.
- GE Healthcare (GE Company)
- Merck KGaA
- Illumina Inc.
- Intrexon Bioinformatics Germany GmbH
- Pacific Biosciences of California, Inc.
- Quest Diagnostics
- F. Hoffmann-La Roche AG
- ThermoFisher Scientific Inc.
- Bio-Rad Laboratories, Inc.
- Qiagen NV
- Perkin Elmer
- Myriad Genetics, Inc.
- Luminex Corporation
Methodology
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