by Genomic cancer testing allows for analyzing a patient’s DNA to help determine the best treatment options. These tests help physicians develop personalized care plans by identifying specific genomic mutations and abnormalities that may be contributing to a patient’s cancer. They provide valuable insights into a patient’s genetic profile and biomarkers to recommend targeted therapies with the highest likelihood of positive outcomes and lowest risks of adverse reactions. Genomic testing is increasingly being used to understand cancer prognosis and guide therapy selection for various cancer types like breast, lung and colorectal cancer.
The global Genomic Cancer Testing Market is estimated to be valued at US$ 8.9 billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the genomic cancer testing market growth is the increasing adoption of multi-cancer early detection (MCED) tests. MCED tests screen for multiple cancer types using a single blood draw and are ideal for early cancer screening. Players are focusing on developing new MCED tests to meet the growing demand. For instance, in May 2022, Freenome, a privately held genome analysis company, received FDA breakthrough device designation for its multi-cancer early detection blood test, Freenome ColorectALERT.
Another key trend is the active M&A activities in the market. Leading players are acquiring companies offering innovative cancer genomic testing technologies to expand their product portfolios. For instance, in November 2021, Exact Sciences Corporation acquired Thrive Earlier Detection Corp., a cancer detection company developing blood-based tests including a multi-cancer early detection test using a single blood draw. Such acquisitions allow companies to accelerate their research and commercialization efforts in the genomics space.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. High capital requirements and presence of established players pose a challenge for new players. However, growing market offers opportunities.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternative treatment options. Buyers can negotiate on price and quality of testing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as leading testing kit manufacturers face competition. Suppliers differentiate products to increase buyer reliance.
Threat of new substitutes: Threat of substitutes is low as no close substitute for genomic cancer testing exists. However, alternative treatment methods are available based on cancer type and stage.
Competitive rivalry: The rivalry among existing competitors is high. Players compete based on testing accuracy, turnaround time, and service. Partnerships and portfolio expansion are common strategies to gain share.
Key Takeaways
Global Genomic Cancer Testing Market Demand is expected to witness high growth.
North America dominates due to established healthcare infrastructure and increasing cancer prevalence. Government initiatives to promote precision medicine boost the regional market.
Europe holds a significant share due to rising funding for genomic research. Growing initiatives by private organizations to sequence cancer genomes fuel market growth. The Asia Pacific market is expected to grow at the fastest pace, led by China and India. Increasing healthcare spending, expanding private hospital sector, and growing cancer burden drive the regional demand.
Key players operating in the genomic cancer testing market are Illumina, Inc., Roche Diagnostics, Agilent Technologies, Qiagen, Bio-Rad Laboratories, Myriad Genetics, ArcherDX, Inc. and Genomic Health. These players have adopted strategies like service expansion, partnerships, and new product launches to increase their genomic cancer testing offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
