April 24, 2024
Genomic Cancer Testing Market

Genomic Cancer Testing Market Propelled by Increasing Cancer Screening Rates

Genomic cancer testing enables analysis of genes and proteins that could indicate cancer and its progression. These tests help in early detection of cancer and selection of targeted treatment. With rising cancer incidence, genomic cancer testing plays a vital role in risk assessment, diagnostics, and monitoring treatment response.

The global Genomic Cancer Testing Market is estimated to be valued at US$ 15.5 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increasing cancer screening rates across the globe is driving the genomic cancer testing market. Regular cancer screening enables early detection of cancer when the disease is most treatable. As per the World Cancer Research Fund, over 40% of cancers can be prevented through maintaining a healthy body weight, being physically active, eating a healthy diet high in whole grains, fruits and vegetables and limiting alcohol intake. This has led to rising awareness among people to opt for regular screening which detects cancers at an early stage when they can be treated effectively. Genome sequencing and analysis during screening helps understand genetic factors responsible for cancer development and aids in personalized treatment and monitoring of the disease.

SWOT Analysis
Strength: Genomic cancer testing analyzes cancer at a DNA level to provide targeted treatment options. This personalized approach improves clinical outcomes.
Weakness: Technological challenges and lack of coverage may limit the adoption of genomic cancer testing. High costs also restrict widespread use.
Opportunity: Rising incidence of cancer presents growth opportunities. Increasing funding for R&D of advanced testing methods will expand applications.
Threats: Stringent regulations pose compliance challenges. Ethical issues regarding data privacy and confidentiality can undermine consumer confidence.

Key Takeaways
Global Genomic Cancer Testing Market Size is expected to witness high growth. Genomic profiling is transforming cancer treatment by enabling personalized care decisions. Early detection is improving survival rates.

North America currently dominates due to rising healthcare investments and increasing prevalence of cancer. Favorable policies promote the adoption of advanced diagnostic techniques.

Key players like Illumina, Thermo Fischer Scientific, Agilent Technologies, and Qiagen offer comprehensive portfolio addressing evolving diagnostic needs. Key players operating in the genomic cancer testing market are Illumina, Thermo Fisher Scientific, Agilent Technologies, and Qiagen. Significant industry collaboration and M&As are expanding laboratory capabilities worldwide. Wider insurance coverage and lowering costs over time will enhance access to precision medicine.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it