Genomics in Cancer Care Market Snapshot
|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The Genomics in Cancer Care market is expected to register a CAGR of 12.5% over the forecast period.
The Genomics field is gaining popularity during the current COVID-19 pandemic, as a routine clinical diagnostic test, which is expected to show a positive impact on the studied market. For instance, in June 2020, Illumina received Emergency Use Authorization (EUA) from the FDA for its COVIDSeq test that is used to sequence the full genome of the novel SARS-CoV-2 virus. This test along with the high-throughput NovaSeq 6000 hardware of Illumina is capable of processing more than 3,000 samples and offers results within 24 hours. Similarly, in August 2020, Helix OpCo LLC received EUA for its Helix COVID-19 NGS Test for the detection of SARS-CoV-2 infection. However, as most of the elective surgeries and treatments were deferred to minimize the transmission of coronavirus and to reserve the healthcare infrastructure for COVID-19 infected patients, the genomics in cancer care has also been affected significantly, as cancer treatments were also postponed. Thus, the COVID-19 pandemic is expected to have a positive impact on COVID-19 based genomics, however, a slightly declining trend was observed with respect to cancer care.
The high prevalence of cancer and biotechnological advancements related to cancer care is expected to be the major factors to propel the market growth. According to the Globocan 2020, an estimated 19,292,789 new cancer cases were diagnosed worldwide, with nearly 9,958,133 deaths due to cancers, globally. Additionally, as per the International Agency for Research on Cancer (IARC), the incidence of cancers cases is expected to grow to 27.5 million new cases and 16.3 million deaths worldwide by 2040. The increasing incidence of cancer cases is expected to drive the need for advanced diagnostics and treatment options for cancers, which in turnis expected to boost the market. Also, the launch of new products and effective strategic collaborations among key players is anticipated to drive the studied market. For instance, in Sep 2020, Thermo Fisher Scientific's Ion Torrent Genexus System and Oncamine Precision Assay was selected by the LC-SCRUM-Asia, a leading cancer genomic screening program, for the advancement of precision medicine in Asia. Thus, in view of the aforementioned factors, the genomic in cancer care market is predicted to register significant growth over the forecast period globally.
Scope of the Report
Genomics plays a crucial role in precision medicine and drug development for cancer. Identifying Cancer-causing mutations is very crucial and Genomics plays a vital role in achieving this. Studying the genetic mutations aids the physicians to plan appropriate treatment options. For instance, the presence of TP53 gene mutation in chronic lymphocytic leukemia renders the patients non-responsive to chemotherapy and have to plan an alternative tratment such as stem cell transplant. The Genomics in Cancer Care Market is segmented by Product Type, 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 geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report offers the value (in USD million) for the above segments.
|By Product Type|
Key Market Trends
Genome Sequencing Segment is Expected to Hold a Major Market Share in the Genomics in Cancer Care Market
Emerging technology related to genome sequencing is expected to fuel market growth. Next-Generation sequencing is a novel method having wide application in oncology. The sequencing of DNA and RNA helps in detecting and analyzing the modifiers, mutation analysis, and pharmacogenetics of biopsy.
In the advent of the COVID-19 pandemic, in May 2020, Genomics England partnered with the GenOMICC consortium, which was led by the University of Edinburgh. This partnership was aimed at identifying and analyzing the whole genome sequences of nearly 35,000 COVID-19 infected patients with symptoms ranging from mild to severe. The Genomics England, UK Research and Innovation, the Department of Health and Social Care, and the National Institute for Health Research offered a fund of around GBP 28 million for this project in which Illumina was involved in sequencing all 35,000 genomes. Hence, the genome sequencing segment is expected to significantly grow during the COVID-19 pandemic.
Additionally, as per the research article published in Trends in Cancer, 2019, DNA sequencing and other –omics have been harnessed to study the genetic aberrations of human cancers to obtain information that aids in increasing precision in assigning drugs to patients. For instance, the development of targeted treatments which include small molecule therapeutics targeting specific gene mutations, such as imatinib for c-KIT gene mutation in Chronic Myeloid Leukemia and Gastrointestinal Stromal Tumors. Also, in Aug 2020, AncestryHealth based on Next Generation Sequencing was launched by Ancestry, with an intention to help customers gain awareness into their health and risk factors, as it acts as a vital tool to screen genes associated with breast cancer, heart disease, colon cancer, and blood disorders. Hence, the growing investment in the research and development activities of genome sequencing, along with the novel product launches is expected to aid in the healthy growth of the studied segment over the forecast period.
Also, in October 2019, GENOMIKA, the main genetic testing laboratory in Brazil, reached an agreement with Veritas Intercontinental to incorporate the whole genome and exome sequencing in its portfolio, along with all the services associated with these tests in the field of preventive medicine and clinical genetics.
Furthermore, its advantages over other techniques are known to boost the growth of the studied segment. For instance, in August 2020, the FDA approved the first liquid biopsy companion diagnostic that leverages Next-generation sequencing (NGS) technology to guide cancer treatment. The Guardant360 CDx assay promotes less invasive testing and the simultaneous mapping of several biomarkers of genomic alterations in the tumor.
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North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a major market share in the global genomics in cancer care market due to higher incidence rates of cancer disease and the initiatives taken by the government and other organizations related to genomics cancer. According to the Globocan 2020 report, an estimated 2,281,658 new cancer cases were diagnosed in the United States in 2020, with nearly 612,390 deaths. In 2020, The most common cancers were breast (253,465), lung (227,875), prostate (209,512), and colon (101,809) in the United States.
Also, various government bodies, like NHGRI (National Human Genome Research Institute, United States), have been supporting research related to human genome sequencing, while funding research related to the genome's structure, function, and role in health and disease. Moreover, these organizations support studies on the ethical, legal, and social implications of genome research.
Furthermore, in September 2019, Ontario Institute for Cancer Research (OICR), Thermo Fisher Scientific, and Genome Canada collaborated to develop next-generation sequencing assays and analysis software to specifically target pancreatic, prostate, and breast cancer. In April 2020, Genome Canada launched the Canadian COVID Genomics Network (CanCOGeN), a newly formed initiative backed by funding of USD 40 million and led by Genome Canada, in partnership with the six regional Genome Centres, national and provincial public health labs, genome sequencing centers through, hospitals, universities and the private sector, in which the CanCOGeN had planned to scale up genomics-based COVID-19 research in Canada.
Thus, owing to the rising burden of cancers in the region, along with increasing research activities pertaining to genomics, the studied market is expected to witness significant growth in the North American region.
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The Genomics in Cancer Care Market is moderately competitive. Some of the companies which are currently dominating the market are Illumina Inc., ThermoFisher Scientific Inc., Agilent Technologies, Cancer Genetics Inc., GE Healthcare (GE Company), Intrexon Bioinformatics Germany GmbH, Quest Diagnostics, Merck KGaA, and Pacific Biosciences, Inc. among others. Companies are adopting growth strategies such as collaborations, mergers, and acquisitions to expand the product portfolio and secure the position among global competitors. For instance, in Jan 2021, Personal Genome Diagnostics Inc entered into a strategic collaboration with QIAGEN to provide its Comprehensive Pan-Cancer Tumor Profiling tests and clinical decision support to molecular labs.
- In January 2021, Illumina entered into a partnership agreement with Bristol Myers Squibb, Kura Oncology, Myriad Genetics, and Merck to expand its comprehensive genomic profiling family of products, TruSight Oncology
- In September 2020, Illumina, Inc., entered into a definitive agreement to acquire GRAIL, which helps in the expansion of Illumina’s Product portfolio in Clinical Genomics and increases the adoption of NGS-based early Multi-Cancer Detection Test.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Cancer
4.2.2 Initiatives taken by Companies in Product Development
4.2.3 Speed, Accuracy and Potential Replacement for Traditional Technologies to Spur Market Growth
4.3 Market Restraints
4.3.1 Interpretation of Complex Data and Lack of Skilled Professionals
4.3.2 High Cost of Instruments and Procedures
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.2 By Technology
5.2.3 Genome Sequencing
5.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.4 Middle East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East and Africa
5.3.5 South America
22.214.171.124 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Agilent Technologies, Inc.
6.1.2 Cancer Genetic,s Inc.
6.1.3 GE Healthcare (GE Company)
6.1.4 Merck KGaA
6.1.5 Illumina Inc.
6.1.6 Intrexon Bioinformatics Germany GmbH
6.1.7 Pacific Biosciences of California, Inc.
6.1.8 Quest Diagnostics
6.1.9 F. Hoffmann-La Roche AG
6.1.10 ThermoFisher Scientific Inc.
6.1.11 Bio-Rad Laboratories, Inc.
6.1.12 Qiagen NV
6.1.13 Perkin Elmer
6.1.14 Myriad Genetics, Inc.
6.1.15 Luminex Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Genomics in Cancer Care Market market is studied from 2018 - 2026.
What is the growth rate of Global Genomics in Cancer Care Market?
The Global Genomics in Cancer Care Market is growing at a CAGR of 12.5% over the next 5 years.
Which region has highest growth rate in Global Genomics in Cancer Care Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Genomics in Cancer Care Market?
North America holds highest share in 2020.
Who are the key players in Global Genomics in Cancer Care Market?
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.