The Global Genomics in Cancer Care Market is expected to reach USD 40.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.1% from 2022 to 2028. The increased prevalence of cancer coupled with the development of diagnostics and therapeutics procedures is anticipated to augment the growth of the market during the forecast period.
- The genome sequencing segment held a significant share in 2021. This is attributable to the rising incidences of genetic disorders across the globe. Furthermore, increasing benefits such as accurate diagnosis with effective results is also expected to support the segmental growth of the market.
- The instrument segment is expected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period since these are the most important components in cancer treatment. Additionally, technological advancements in these instruments like the digitalization of PCR instruments are also contributing to the segment growth.
- The diagnostics segment held a significant share in 2021. This is attributable to the rising incidences of cancer across the globe. Furthermore, rising demand for rapid molecular diagnostic techniques is also expected to support the segmental growth of the market.
- Asia Pacific is expected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the presence of untapped opportunities in emerging economies like India, and China along with the increasing target population in the region. Furthermore, the government support and rising standards of research & development are also anticipated to support the regional growth of the market.
Some of key players in Genomics in Cancer Care market include 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 increasing incidence of cancer across the globe is expected to fuel the growth of the Genomics in Cancer Care market in the years to come. According to World Health Organization estimation, nearly 10 million deaths in 2020, or nearly one in six deaths were due to cancer and among these about one-third of deaths are due to consumption and use of tobacco, high body mass index, low fruit and vegetable intake, alcohol consumption, and lack of physical activity. It is further estimated that approximately 30% of cancer cases are found in lower and middle-income countries. Furthermore, according to National Cancer Institute, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million by 2040. Thus, cancers are considered to be the leading cause of death worldwide. This is expected to increase the demand for genomics in cancer in the years to come. However, lack of awareness and low adoption rates of Genomics in Cancer Care are expected to hamper the growth of the market in the years to come. Moreover, increasing investments pharmaceutical and biotech industry is further expected to augment the growth of the market within the forecast period.
North America held the largest shares in 2021. This is attributable to the growing biotechnology industry in the region. Furthermore, the rising healthcare expenditure is also expected to fuel the regional growth of the market. Additionally, increasing awareness pertaining to cancer genomics is also supporting the growth of the Genomics in Cancer Care market in the region.