Genomic cancer testing involves analyzing the complete set of genes or genome of cancerous cells or a tumor to check for any mutations or other changes that can help determine a patient's risk for cancer, detect cancer in early stages, prognosis, targeted therapies, and monitor recurrence. Such testing offers oncologists and physicians deep clinical insights to develop more personalized and targeted treatment plans for cancer patients.
The global Genomic Cancer Testing Market is estimated to be valued at US$ 14.66 billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to drive personalized medicine is expected to boost the genomic cancer testing market during the forecast period. Genomic cancer testing provides vital insights about specific mutations in a patient's tumor which help physicians customize treatment plans. For example, genomic profiling can identify patients that are likely to respond to certain targeted therapies through analysis of specific gene mutations. This enables administration of most effective drugs and avoids exposure to ineffective or harmful treatments. Personalized treatment improves clinical outcomes and survival rates of cancer patients. With continuous advancements in precision oncology, genomic cancer testing is poised to play a pivotal role in driving wider adoption of personalized medicine approaches in cancer treatment over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the genomic cancer testing market is low as it requires huge capital investments to set up facilities for conducting genetic tests and analysis. It also requires professional expertise in oncology and genetics which make the entry barriers high for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate in the genomic cancer testing market. The test results directly impact the treatment decisions, so buyers have moderate control over price. However, multiple service providers are available.
Bargaining power of suppliers: The bargaining power of suppliers is low in the genomic cancer testing market due to the availability of substitute raw material and technology suppliers. Suppliers do not have pricing leverage.
Threat of new substitutes: The threat of new substitutes is low as genomic cancer testing provides precise diagnosis and personalized treatment which cannot be substituted.
Competitive rivalry: The competitive rivalry is high as the major players actively compete on the basis of pricing, innovation, and service quality.
SWOT Analysis
Strength: Availability of advanced technologies for comprehensive genomic profiling and analysis. Growing demand for personalized cancer treatment.
Weakness: High cost of tests limits widespread adoption. Requirement of well-equipped labs and skilled professionals.
Opportunity: Increasing incidence of cancer worldwide. Growing healthcare expenditure in emerging economies.
Threats: Stringent regulations for product approval. Reimbursement issues especially in developing nations.
Key Takeaways
Global Genomic Cancer Testing Market Demand is expected to witness high growth during the forecast period of 2024-2031.
Regional analysis: The North America genomic cancer testing market is expected to continue its dominance during the forecast period due to increasing incidence of cancer, favorable reimbursement policies, and adoption of advanced cancer diagnostic tools. The Asia Pacific market is projected to witness the highest growth rate owing to rising healthcare expenditure, improving healthcare infrastructure, and growing medical tourism industry in the region.
Key players operating in the genomic cancer testing market are Myriad Genetics, Illumina, Roche, Qiagen, Thermo Fisher Scientific, among others. Myriad Genetics offers a comprehensive portfolio of tests for hereditary cancer risk assessment, including BRACAnalysis, BRACAnalysis CDx, Colaris, and Colaris AP.
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