The recent developments in genomics sequencing technologies have the potential to transform the diagnosis and treatment of many diseases, specifically inherited and cancers. Medicines based on genomics are making inroads in the fields of oncology, infection, pharmacology, and rare and undiagnosed diseases. Moreover, the genetic variants in the human genome, both at the whole genome and at the exome level, provide a rational approach to diagnosis, therapy, and personalized medicine. The clinical applications of the genome sequencing, termed as clinical genome and exome sequencing (CGES) have already entered in the clinics. In addition, the whole exome sequencing (WES) and the whole genome sequencing (WGS) provides distinct advantages for the clinicians. The WES approach focuses on the coding region of the genome, which is less expensive and currently offered by many testing laboratories across the globe. The WGS approach on the other hand, focuses on the entire genome and is more sensitive than the WES in detecting the structural variations. “Meticulous Research” in its latest publication states that, the “global market for clinical genomics is expected to grow at a CAGR of 17.1% from 2018 to 2023 to reach $879.0 million by 2023.”
This growth is primarily driven by growing significance on early disease detection and prevention, rising insistence for precision medicine, increasing application of genetic testing in oncology, and favorable reimbursement scenario related to genetic testing.
In the recent past, early detection of gene mutation represents one of the most vital approaches to reduce the growing cancer burden. According to The American Cancer Society (ACS), by 2030, the global cancer burden is expected to grow to 21.7 million and 13 million cancer deaths simply due to the growth in chronic diseases and aging population. The major advantage of early detection is that it will identify cancer while still localized and curable, which prevents not only mortality, but also reduces morbidity and costs of treatment. Further, various advancements in genomics and proteomics have altered the landscape of early detection, encouraging to immensely expanding the potential use of screening tests.
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The early detection has a key role in the management of cervical and breast cancer, and is likely to become more important in the control of colorectal, prostate, and lung cancer in near future. According to the ACS, there are an estimated 1,600,000 new cases of prostate cancer and 366,000 prostate cancer deaths recorded annually worldwide, making it the most commonly diagnosed cancer in men and the seventh leading cause of male cancer death. In addition, in the U.S., prostate cancer is the most commonly diagnosed visceral cancer; in 2017, there were approximately 161,000 new prostate cancer diagnoses and approximately 26,700 prostate cancer deaths recorded. Prostate cancer survival is related to many factors, especially the extent of tumor at the time of diagnosis.
Prostate-specific antigen (PSA) testing revolutionized prostate cancer screening. Routine screening using PSA testing is no longer recommended for men at average risk, as overdiagnosis is estimated to account for 23% to 42% of screen-detected cancers, and the side effects of treatment are often serious. Thus, a genetic screening test that could accurately identify asymptomatic men with aggressive localized tumors might be expected to substantially reduce prostate cancer morbidity, including urinary obstruction and painful metastases, and mortality which can enhance the human healthcare significantly. Thus, growing cancer prevalence and rising awareness for early detection of diseases is expected to drive the growth of clinical genomics market in near future.
The report provides meticulous analysis of clinical genomics market on the basis of test type (diagnostic, genetic, newborn screening, prenatal, carrier screening), software, method (molecular, chromosomal, biochemical tests), end user (hospitals & clinics), and geography.
The key players analyzed in the clinical genomics market are Quest Diagnostics Incorporated (U.S.), Eurofins Scientific SE (Luxembourg), Illumina, Inc. (U.S.), PerkinElmer, Inc. (U.S.), NeoGenomics Inc. (U.S.), Foundation Medicine, Inc. (U.S.), Rosetta Genomics Ltd. (Israel), Invitae Corporation (U.S.), Myriad Genetics, Inc. (U.S.), Natera, Inc. (U.S.), Genomic Health, Inc. (U.S.), OPKO Health, Inc. (U.S.), Centogene AG (Germany), Clinical Genomics Pty Ltd. (Australia), 23andMe, Inc. (U.S.), Iverson Genetic Diagnostics, Inc. (U.S.), Veritas Genetics (U.S.), Gene by Gene, Ltd. (U.S.), GenomeDx Biosciences, Inc. (Canada), MedGenome (India), Strand Life Sciences Pvt. Ltd. (India), Beijing Genomics Institute (BGI) (China), Retrogen, Inc. (U.S.), Personalis, Inc. (U.S.), and PathGroup (U.S.).
Clinical Genomics Market By Test Type (Diagnostic, Genetic, Newborn Screening, Prenatal, Carrier Screening), Software, Method (Molecular, Chromosomal, Biochemical Tests), End User (Hospitals & Clinics) – Global Opportunity Analysis And Industry Forecast To 2023
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