Market Size of Global Genomics in Cancer Care Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 12.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Genomics in Cancer Care Market Analysis
The Genomics in Cancer Care market is expected to register a CAGR of 12.5% over the forecast period.
The rapid and global spread of COVID-19 posed an enormous challenge to healthcare systems, which were forced to provide high-intensity treatment to patients infected with SARS-CoV-2 while ensuring continuous care for all other diseases, including healthcare utilization for cancer care delivery. In the advent, the oncology centers and government rapidly responded with preventive measures and alternative treatment approaches. Followed by the Genome UK: 2021 to 2022 Implementation Plan released in May 2021, and the Genome UK: shared commitments for UK-wide implementation 2022 to 2025, published in March 2022; the government of the United Kingdom announced funding of EUR 26 million in December 2022 for an innovative cancer program. The plan was led by Genomics England, in partnership with NHS England and the National Pathology Imaging Co-operative, to evaluate and improve the accuracy and speed of diagnosis for cancer patients.
Genomic screening is now often utilized in several countries to direct the treatment of cancer patients. Numerous studies were also carried out employing genome sequencing in cancer patient samples to determine SARS-CoV-2 susceptibility and assist in optimizing the full cycle of cancer management. For instance, research published by PubMed in February 2021 showed that cancer patients are more likely to clinically progress to more severe COVID-19 problems since they carry noticeably more minor variants than their non-cancer counterparts. Similarly, the American Association for Cancer Research in February 2023 revealed that whole-genome sequencing (WGS) provides the clearest picture of the genetic changes leading to Hodgkin lymphoma that will help to create the most effective, personalized treatment plans for patients with Hodgkin lymphoma or other cancers. Thus, the COVID-19 pandemic is expected to impact genomics concerning cancer care positively.
The major factors driving the market are the rising incidence rates of cancer globally and biotechnological advancements related to cancer care. As a result, the market expansion under study is being driven by increased demands for launching new products and investments in research and development initiatives in the arena of a potential replacement for traditional technologies.
The high prevalence of cancer and rising investments in the biotechnology and pharmaceutical industry related to cancer care are expected to be the major factors to propel the market growth. According to the World Health Organization (WHO) February 2023 update, 734,000 individuals are diagnosed with cancer yearly in Mediterranean Region, and the nu was about 50% higher in 2040. Additionally, as per the National Cancer Institute (INCA) report published in December 2022, the incidence of cancer cases is expected to grow to 704,000 new cases in Brazil for the three years from 2023 to 2025. The increasing incidence of cancer cases is expected to drive the need for advanced diagnostics and treatment options for cancers, which in turn is expected to boost the market.
Furthermore, launching new products and effective strategic collaborations among key players will drive the studied market. For instance, in January 2023, Bionano Genomics, Inc. released research findings on the capacity of its Optical Genome Mapping (OGM) to identify Homologous Recombination Deficiency (HRD) in human breast tumors in an effective, low-cost manner with more sensitivity than whole-genome sequencing (WGS). Thus, given the rising prevalence of cancer and initiatives taken by companies in product development, genomics in the cancer care market is predicted to register significant growth over the forecast period globally.
However, the high cost associated with genomics equipment and procedures, as well as limited awareness of understanding of complex data coupled with a lack of skilled professionals, is expected to hinder the market growth during the study period.
