As stated in our extensive report, providing insights on Type and Applications, theGlobalGenomics in Cancer Care Marketaccounted for USD 40.5 Billion in 2020.
Rising demand for diagnostics combined with the availability of cost-efficient and advanced diagnostic technology is likely to drive market growth in the forecast period. Increasing investments in the pharmaceutical & biotech industry and rising Research & Development activities for the novel treatment remedies are the determinants attributing to the development of Genomics in Cancer Care Market. In addition, the rising demand for customized medicine is likely to fuel the demand in the forecast period.
Genome sequencing held a significant share in the market, owing to the benefits related to it such as effective results and accurate diagnosis. For instance, cancer whole genome sequencing assisted in the discovery of novel cancer-related variants, like structural variants, single nucleotide variants (SNVs), and copy number changes. It also assists in comparing tumor and normal DNA. Rising demand for cost-effective, rapid, high through output, and flexible techniques is likely to grow the penetration rate for the segment.
The instrument market also held a significant share in terms of revenue share in the Genomics in Cancer Care Market. Technological advancements like analyzers and advanced sequencers for cancer genotyping, digitalization of PCR instruments are the determinants contributing towards the growth of the segment. Rising consumables demand used in cancer genomics like, reagents, sample preparation kits, and biomarkers is the determinant responsible for the growth in the coming years.
The rising investment in the Research and Development (R&D) activities of genome sequencing, coupled with the novel launches of new products is likely to aid in the growth of the segment which is being studied over the forecast period. In 2019 October, GENOMIKA, the genetic testing laboratory in Brazil, came to an agreement with Veritas Intercontinental to start the whole exome and genome sequencing in its portfolio, coupled with all the services related to these tests in the area of clinical genetics and preventive medicine.
North America is the largest market in Genomics in Cancer Care Market. A high awareness level with respect to cancer genomics and rising biotechnology sector are the key factors owing to the largest share in the market of this region. Asia-Pacific is likely to register considerable growth in the coming years owing to the growing genomics market combined with the existence of several untapped opportunities, continuously growing healthcare infrastructure, and government support.
Some of the prominent players operating in the GlobalGenomics 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..