The global genomics in cancer care market is forecasted to reach USD 39.94 Billion by 2027, according to a new report by Reports and Data.
The global genomics in cancer care market is forecasted to reach USD 39.94 Billion by 2027, according to a new report by Reports and Data. The genomics in cancer research market is observing high demand attributed to the rising incidence of cancer. Cancer has a significant impact on society in the U.S. and across the globe. It has been estimated that 1,735,350 new disease cases were diagnosed in the U.S., and 609,640 people suffered death from the disease. The number of new incidences of the disease is 439.2 per 100,000 men and women annually, and the number of cancer-related morbidities is 163.5 per 100,000 men and women annually. Moreover, it has been estimated that in 2017, 15,270 children and adolescents in the age range of 0-19 years were diagnosed with disease, out of which 1,790 suffered death owing to the disease. In the year 2017, an estimated USD 147.30 billion was spent on cancer care in the US.
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Further key findings from the report suggest
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- Pharmaceutical companies are making use of the available genomic information in personalized medicine, which is forecasted to significantly impact the growth of the market. The reduction in the cost of sequencing has enabled whole-genome sequencing at a very affordable price, which has made it more attractive to pharmaceutical and biotechnology companies.
- Genome sequencing held a significant share of genomics in the cancer care market in 2019 due to its adoption of whole-genome sequencing and application of the sequence databases for disease prognosis and screening.
- Polymerase chain reaction (PCR) has several advantages, which are boosting the demand for genomics in the cancer care market. The reaction is simple, easy to understand, and also produces results quickly. The technique is very sensitive, with the potential to produce billions of copies of a certain product for cloning, sequencing, and analysis. Thus, it finds its use in analyzing alterations of gene expression levels in tumors, microbes, or other disease states.
- North America contributed to the largest genomics in cancer care market share in 2019. The market dominance is owing to the higher acceptance of advanced technologies, well-established healthcare diagnostic facilities, the surging incidence of cancer, and the enactment of numerous initiatives for raising awareness about the disease in the region.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Agilent Technologies, Bio-Rad Laboratories, Qiagen, GE Healthcare, Roche Diagnostics, Abbott Laboratories, Illumina Inc., Cancer Genetics Inc., Sigma Aldrich, and Perkin Elmer, among others.
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Genomics In Cancer Care Market Segmentation:
Product Type Outlook (Revenue, USD Million; 2017-2027)
- Instruments
- Consumables
- Services
Technology Outlook (Revenue, USD Million; 2017-2027)
- PCR
- Genome Sequencing
- Nucleic Acid Extraction & Purification
- Microarray
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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