Increasing progress in cancer research, technological advancements in technologies such as PCR and NGS, and rising focus on personalized medicine are some key factors expected to drive market growth
According to Emergen Research, the global tumor genomics market size was USD 21.42 billion in 2020 and is expected to reach USD 56.54 billion in 2028 and register a revenue CAGR of 12.8% during the forecast period, 2021-2028.
Rapid adoption of next-generation sequencing and advanced computational data analysis has significantly changed the dynamics of cancer genomics and understanding of cancer development and progression. Application of parallel and next-generation sequencing to large-scale cancer genomics discovery projects have uncovered novel information about underlying genomic drivers of cancer development and progression. In addition, genomics-based assays provide crucial information about immunotherapeutic agents and this has further increased their applications in clinical and diagnostic medicine. Rising prevalence of cancer, advancements in NGS and other analytical approaches, and growing focus on personalized medicine are key factors expected to drive market revenue growth over the forecast period.
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The field of cancer or tumor genomics has developed significantly over the recent past owing to recent technological advancements to better understand the human genome. Sequencing of DNA and RNA of cancer cells and comparing the sequences to normal tissues and cells enables scientists to better identify genetic differentiations that are responsible for the onset and progression of cancer. Identification of cancer-causing alterations help in better understanding the molecular basis of cancer growth, metastasis, and drug resistance. Availability of large genomic datasets about cancer has led to better diagnostics capabilities and development of robust treatment approaches that are tailored according to patients’ tumors. These targeted therapies combat specific characteristics of cancer cells that differentiate them from normal cells. Tumor genomics has played a crucial role in the progress of precision medicine by defining cancer types and subtypes to enable a more precise diagnosis and personalized treatment strategies. This is another key factor expected to drive market revenue growth going ahead.
Development of cost-effective kits, reduction in sequencing costs due to availability of high-end sequencing services, growing demand for minimally – and non-invasive detection techniques, and increasing focus on early diagnosis and detection of cancer are some other key factors expected to fuel market growth over the forecast period. In addition, increasing government investment to accelerate cancer genomics research, development of robust pipeline of drugs and therapeutics, and rising number of mergers and acquisitions to develop new diagnostic techniques are major factors expected to contribute to revenue growth of the market going ahead. However, high costs associated with cancer genomic equipment and lack of availability of standardized protocols are some factors expected to restrain market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Next-Generation Sequencing Segment Accounted for Largest Revenue Share in 2020:
Next-generation sequencing segment accounted for largest revenue share in 2020 and is expected to register significant revenue growth over the forecast period attributed to rapid technological advancements in sequencing technologies, increasing application of NGS in clinical practice, and high potential of NGS application in cancer precision medicine. In addition, NGS offers numerous advantages as compared to traditional sequencing such as low costs and high-throughput sequencing and this has further boosted its application in cancer genomics study.
Academics and Research Organizations Segment to Register Robust Revenue Growth:
Academics and research organizations segment is expected to register robust revenue CAGR over the forecast period owing to increasing investment to accelerate cancer genomics research, development of cost-effective and highly efficient kits for detecting cancer, and growing focus on gene discovery, drug discovery, and development of targeted therapies.
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North America to Dominate Other Regional Markets in Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period attributable to growing prevalence of cancer, increasing advancements in cancer research and personalized medicine, availability of state-of-the-art healthcare and research infrastructure, growing investment and funding to boost drug discovery and development, and presence of key players in the region.
Major Companies in the Market Include:
- Thermo Fisher Scientific, Inc.
- Illumina, Inc.
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Hoffman-La Roche, Ltd.
- Merck KGaA
- Pacific Biosciences of California, Inc.
- NeoGenomics Laboratories Inc.
- Myriad Genetics, Inc.
For the purpose of this report, Emergen Research has segmented the global tumor genomics market on the basis of technique, application, end-use, and region:
Technique Outlook (Revenue, USD Billion; 2018-2028)
- Next Generation Sequencing Technique (NGS)
- Polymerase Chain Reaction (PCR)
- In-Situ Hybridization (ISH)
- Immunohistochemistry (IHC)
- Others (Mass Spectrometry and Flow Cytometry)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Diagnostic and Monitoring
- Drug Discovery and Development
- Biomarker Discovery
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Academics & Research Organizations
- Hospitals and Ambulatory Clinics
- Clinical and Diagnostic Laboratories
- Biotechnology and Pharmaceutical Companies
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of LATAM
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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