Genomics in Cancer Care Market to Exhibit a CAGR of 17.3% till 2024
The global genomics in cancer care Market is projected to expand at a CAGR over 17.3% during the forecast period (2016 to 2024). Factors driving the industry are availability of sophisticated & cost effective diagnostic technologies and surging R&D investment in biotechnology & pharmaceuticals. Growing popularity of personalized medicine could favorably influence demand in the forthcoming years.
Genome refers to the material that contains genetic information in an organism. The DNAs contained within cells make up one’s genome. Cancer is a disease that adversely impacts the genome. It alters the DNA structure within cells. These cells then start producing a protein that has an adverse effect on the working of the cells. Companies operating in the global industry constantly strive towards enhancing the efficacy of genome based cancer treatment. Rising cancer cases worldwide may catapult demand for precise & affordable diagnostic solutions.
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The worldwide Genomics In Cancer Care Market is categorized on the basis of the following parameters: products, applications, technologies, end users, and regions. As per products, the trifurcations are consumables & reagents, instruments, and services. When it comes to target specific treatment, demand for instruments is by far the highest. This segment may witness robust growth over the next couple of years. Rising awareness among the masses about the availability of several treatment & diagnostic options can drive the market for services. Based on applications, the industry is segmented into personalized medicine, research, diagnostics, and drug discovery & development. The research segment is highly lucrative and thus holds a major share in the overall industry.
Various technologies employed in the Genomics In Cancer Care Market are nucleic acid extraction & purification, genome sequencing, microarray, PCR (polymerase chain reaction), and others. ‘Others’ refers to bioinformatics and flow cytometry. Genome sequencing facilitates effective & precise diagnosis. This is a key aspect that may fuel the genome sequencing segment in the years to come. The introduction of highly advanced instruments for genomics processes may drive the PCR & microarrays segments. Furthermore, these instruments are widely employed in biotechnological applications. Key end users in the genomics in cancer care industry are academic institutes, research organizations, and hospitals. The other end users are commercial organizations, physician offices, and even diagnostic laboratories.
As per regions, the worldwide Genomics In Cancer Care Market is divided into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa. Due to widespread awareness, North America may continue leading the biotechnology industry from 2016 to 2024. Asia Pacific may register a high growth rate due to factors, such as better healthcare infrastructure, steady government assistance, and untapped opportunities for further market progress. Prominent industry players are Cancer Genetics Inc.; Roche Diagnostics; Bio-Rad Laboratories; Affymetrix; and GE Healthcare.
DNA liquid biopsy testing is an upcoming disease fighting tool that may gain popularity in the near future. This technique involves a simple blood draw. Dying cancer cells generally release minute quantities of DNA into the patient’s blood. This can facilitate early detection of cancer. In China, a number of research hospitals have begun conducting major studies that employ such tests. This leads to better DNA analyses that may act as screenings tests for illnesses, like nasopharyngeal carcinoma and liver tumors.
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