June 16, 2024
Genomic Cancer Testing Market

The Genomic Cancer Testing Market Is Driven By Increased Awareness Of Early Cancer Detection

Genomic cancer testing helps analyze DNA, proteins, and genes to detect cancer at an early stage and aid clinicians in developing customized treatment plans. These tests examine genetic mutations and abnormalities across the genome that influence cancer risk, prognosis, and therapeutic response. They enable clinicians to determine the best treatment options by matching anti-cancer drugs with patients based on tumor’s genetic profile. This avoids one-size-fits-all approach and offers targeted therapies with higher chances of success. Rising awareness about early cancer detection and availability of direct-to-consumer genomic kits are enabling more people to opt for screening tests. Increasing adoption of screening practices and preference for targeted cancer therapies are expected to propel market growth over the forecast period.

The global Genomic Cancer Testing Market is estimated to be valued at US$ 16.15 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Several startups are working on developing cost-effective genomic tests with rapid turnaround time. Increasing investments in bioinformatics and computational biology are helping decode genomic cancer data at an affordable cost. Integration of artificial intelligence and machine learning algorithms is enabling analysis of huge cancer genomic datasets. This is improving diagnostic accuracy and prediction of drug responses. Additionally, collaborations between diagnostic companies, pharmaceutical players, and healthcare providers are simplifying process of translating genetic insights into personalized treatment plans. Such developments are expected to boost adoption of genomic cancer testing globally.

Porter’s Analysis

Threat of new entrants: The Global genomic cancer testing market size requires significant capital investments in R&D and technology which makes it difficult for new players to enter the market.

Bargaining power of buyers: Individual consumers have low bargaining power however large pharmaceutical companies and healthcare providers have significant bargaining power as buyers due to the large volume of testing procured.

Bargaining power of suppliers: A few companies dominate the supply of crucial genes sequencing equipment, materials and diagnostic kits used for cancer genomic testing giving them stronger bargaining power over buyers.

Threat of new substitutes: There are limited substitutes for genomic testing in cancer diagnostic and treatment monitoring. Technological advancements may lead to new alternatives in the long run.

Competitive rivalry: The market comprises a few large players and several smaller regional competitors. Intense competition on the basis of test accuracy, turnaround time and price keeps rivalry high.

Key Takeaways

The global genomic cancer testing market is expected to witness high growth. The global Genomic Cancer Testing Market is estimated to be valued at US$ 16.15 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.

North America dominates the market currently due to supportive regulatory environment and high adoption rates among healthcare providers and individuals. The Asia Pacific region is expected to grow at fastest pace over the forecast period led by countries like China and India due to increasing Healthcare expenditure and expanding diagnostic infrastructure.

Key players operating in the genomic cancer testing market are Bitmain Technologies, MicroBT, Canaan Creative, NVIDIA, AMD, Genesis Mining, Bitfury Group, Hut 8 Mining Corp., Riot Blockchain, Marathon Digital Holdings, Hive Blockchain Technologies. Technological advancements through R&D are helping these players launch newer, more efficient and economical testing solutions to gain market share. Several partnerships and mergers have also been announced to bolster product portfolios.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it