Genomics in Cancer Care Market

Market Synopsis:

Global Genomics in Cancer Care market is valued at USD 13.91 Billion in 2022 and is projected to attain a value of USD 45.27 Billion by 2030 at a CAGR of 15.90% during the forecast period, 2022–2028. In the next years, the market is likely to develop due to rising demand for diagnostics and the availability of technologically improved and cost-effective diagnostic technology. The expansion of genomics in the cancer care market is attributed to rising investments in the biotech and pharmaceutical industries, as well as increased R&D activities for the development of novel treatment treatments. Furthermore, over the projection period, rising need for personalised medication is expected to drive demand.

In the most hopeful scenario, the COVID-19 pandemic would have a long-term positive impact on the global Genomics in Cancer Care business. In early 2020, the COVID-19 pandemic had a detrimental impact on the Genomics in Cancer Care market, as most dental offices, clinics, and laboratories were forced to close due to lockdowns and quarantine regulations in many regions of the world. However, most regions, particularly North America and Europe, are recovering as laboratory services has return to normalcy.

Supportive Government Policies

The market is fueled by government regulations that favour synthetic biology. Investors have moved their focus to synthetic biology in recent years as demand for the technology has grown. By 2020, the synthetic biology field will have received around USD 8 billion in governmental and private funding. In terms of fresh growth potential, the ongoing COVID-19 epidemic has been beneficial to the market. Scientific communities are researching uncharted territory in the space, resulting in increased revenue. Researchers at the National Institute of Standards and Technology (NIST), for example, have created synthetic COVID-19 viral gene segments to aid diagnostic developers in developing more reliable and accurate diagnostic tests for the disease.

Long Approval Time

Long approval times for Genomics in Cancer Care and the goods synthesised with these products limit product producers' ability to gain a competitive advantage in the market, reducing total market size and so posing a hurdle to the Genomics in Cancer Care market's growth.

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Also, the high cost associated with genomics equipment may create hindrances in the growth of the genomics in cancer care market in the forecast period.

The Genomics in Cancer Care market scope can be tabulated as below:

Market Segmentation:

The Genomics in Cancer Care Market is segmented by Product Type, Application, Technology, and Geography. By product type, the market is segmented into Instruments, Consumables, Services. By technology, the market is segmented into PCR, Microarrays, Genome Sequencing, and Others. By Application into Diagnostics, Personalized medicine, Drug discovery & development and Research. Based on Region, the Genomics in Cancer Care Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Genomics in Cancer Care Market

In terms of sales, North America dominated the industry in 2020, accounting for about 33.6% of the total. The greatest market share of this region is due to a higher level of awareness regarding cancer genomics and a burgeoning biotechnology industry. The thriving genomics industry, combined with the presence of untapped potential, government assistance, and continuously growing healthcare infrastructure, is likely to drive significant growth in Asia-Pacific throughout the projection period.

Key Players:

Key participants operating in the Genomics in Cancer Care market are: Agilent Technologies, Illumina, Inc., Pacific Biosciences, Inc., ThermoFisher Scientific Inc., Intrexon Bioinformatics Germany GmbH are the major companies operating in Global Genomics in Cancer Care Market.

The Genomics in Cancer Care market is segmented as follows: