Genomic cancer testing is rapidly transforming the field of oncology. It involves analyzing the genetic makeup of cancer cells to gain insights into the mutations driving a patient’s disease. This personalized approach enables clinicians to tailor treatment based on an individual’s genetic profile and select therapeutics that directly target the abnormalities present. The genomic analysis of a tumor helps predict response to certain drugs, checks for genetic markers that may indicate higher risk of recurrence, and pinpoints biological pathways that can be blocked to stop cancer growth. With continued advances in genomic technologies, cancer testing is becoming more comprehensive and affordable. This is expected to significantly improve outcomes for many cancer patients in the coming years.
Market Dynamics:
The global genomic cancer testing market is primarily driven by rising cancer burden worldwide and subsequent demand for precision medicine approaches. Growing application of next-generation sequencing (NGS) technologies for biomarker identification is also fueling market growth. However, lack of infrastructure and skilled professionals required for genomic analysis poses a major challenge, especially in developing nations. High cost of testing procedures further limits widespread adoption. Yet funding from private and public bodies to develop novel diagnostic tools presents lucrative opportunities. Partnerships between diagnostic companies and cancer centers aim to expand access to genomic profiling. Other strategic initiatives to detect actionable genomic alterations and validate companion diagnostics will further stimulate the genomic cancer testing market. MOrevoer, increasing collaboration between market players is expected to drive the market growth over forecast period. For instance, in April 2023, Tempus, a leader in artificial intelligence and precision medicine, today announced a new collaboration sponsored by Eli Lilly and Company designed to expand access to genomic testing for eligible patients who have advanced or metastatic medullary thyroid cancer (MTC) OR advanced or metastatic non-medullary thyroid cancer (non-MTC). This collaboration offers Tempus’ molecular profiling offerings at no cost while simultaneously working with physicians to support them in providing data-driven treatment to their patients with the use of broad-panel genomic testing.
Key features of the study:
- This report provides in-depth analysis of the global genomic cancer testing market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global genomic cancer testing market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Illumina, Inc., Thermo Fisher Scientific, Inc., Qiagen N.V., F. Hoffmann-La Roche Ltd., Foundation Medicine, Inc. (Roche), Invitae Corporation, NeoGenomics Laboratories, Inc., Myriad Genetics, Inc., Genomic Health, Inc. (Exact Sciences Corporation), Caris Life Sciences, ArcherDX, Inc. (Invitae Corporation), Guardant Health, Inc., Personal Genome Diagnostics Inc., Biocept, Inc., and Tempus Labs, Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global genomic cancer testing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global genomic cancer testing market
Detailed Segmentation:
- Global Genomic Cancer Testing Market, By Test Type:
-
- Genomic Profiling Tests
- Liquid Biopsy Tests
- Companion Diagnostic Tests
- Pharmacogenomic Tests
- Hereditary Cancer Tests
- Other specialized genomic tests
- Global Genomic Cancer Testing Market, By Cancer Type:
-
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Ovarian Cancer
- Melanoma
- Leukemia
- Lymphoma
- Other specific cancer types
- Global Genomic Cancer Testing Market, By Technology:
-
- Next-Generation Sequencing (NGS)
- Polymerase Chain Reaction (PCR)
- Fluorescence In Situ Hybridization (FISH)
- Microarray
- Immunohistochemistry (IHC)
- Other genomic testing technologies
- Global Genomic Cancer Testing Market, By End User:
-
- Hospitals
- Diagnostic Laboratories
- Academic and Research Institutions
- Cancer Centers
- Other healthcare providers
- Global Genomic Cancer Testing Market, By Biomarker Type:
-
- Genetic Biomarkers
- Protein Biomarkers
- Molecular Biomarkers
- Epigenetic Biomarkers
- Global Genomic Cancer Testing Market, By Service Provider:
-
- Diagnostic Laboratories
- Biotechnology Companies
- Pharmaceutical Companies
- Contract Research Organizations (CROs)
- Global Genomic Cancer Testing Market, By Application:
-
- Targeted Therapy Selection
- Disease Monitoring
- Prognostic Testing
- Companion Diagnostics
- Risk Assessment
- Pharmacogenomic Testing
- Global Genomic Cancer Testing Market, By Testing Setting:
-
- In-House Testing
- Outsourced Testing
- Global Genomic Cancer Testing Market, By Region:
-
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- Company Profiles:
-
- Illumina, Inc.
- Thermo Fisher Scientific, Inc.
- Qiagen N.V.
- F. Hoffmann-La Roche Ltd.
- Foundation Medicine, Inc. (Roche)
- Invitae Corporation
- NeoGenomics Laboratories, Inc.
- Myriad Genetics, Inc.
- Genomic Health, Inc. (Exact Sciences Corporation)
- Caris Life Sciences
- ArcherDX, Inc. (Invitae Corporation)
- Guardant Health, Inc.
- Personal Genome Diagnostics Inc.
- Biocept, Inc.
- Tempus Labs, Inc.
