Tumor Genomics Market Size to Reach USD 56.54 Billion in 2028 Growing at a CAGR of 12.8%, says Emergen Research

Emergen Research has published its latest report titled “Tumor Genomics Market, By Technique (Next-generation Sequencing Technique, Polymerase Chain Reaction, Microarrays, In-situ Hybridization, Immunohistochemistry, Others), By Application (Diagnostics and Monitoring, Drug Discovery and Development, Biomarker Discovery), By End-use (Academic & Research Organizations, Hospitals & Ambulatory Clinics, Clinical & Diagnostic Laboratories, Biotechnology & Pharmaceutical Companies, Others), and By Region, Forecast to 2028”

According to Emergen Research, the global tumor genomics market size was USD 21.42 billion in 2020 and is expected to reach USD 56.54 billion in 2028 and register a revenue CAGR of 12.8% during the forecast period, 2021-2028.

Market Dynamics:

Rapid revenue growth of the global tumor genomics market is majorly attributed to factors such as rising prevalence of cancer of worldwide, increasing cancer awareness among the population, rapid progress in cancer research, and increasing government investments in research & development of advanced and more effective cancer drugs and therapeutics.

Implementation of technologies such as next-generation sequencing (NGS), polymerase chain reaction (PCR), and advanced computational data analysis in cancer genomics, major advancements in these technologies, rising focus on personalized or precision medicine, and increasing collaborations between leading biotechnology companies and academic & research organizations worldwide are other major factors driving the global market revenue growth.

Application of next-generation sequencing techniques in cancer genomics projects has led to the discovery of novel information about several underlying genomic drivers in cancer drug development. Increasing applications of genomics-based assays in clinical and diagnostic medicine, rising demand for minimally invasive cancer diagnosis techniques, rising awareness of early diagnosis and treatment of cancer, and development of advanced and cost-effective diagnostic solutions are expected to further drive the global market revenue growth.

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COVID-19 Impact Analysis:

  • Social distancing and restrictions severely disrupted businesses and operations
  • Lockdowns caused disruptions in transportation and logistics
  • Impacted manufacturing activities and mining operations globally
  • Took a toll on economy of various countries
  • Caused sudden and drastic downturn in economic activity
  • Disrupted agriculture, fisheries, dairy, and other sectors
  • Caused loss of employment and financial crisis
  • Supply impacts were further compounded owing to reduced disposable income
  • Emergence of variants  continue to cause concerns and impact normal routines

Next-generation Sequencing Technique Segment Accounted for Largest Revenue Share in 2020:

Among technique segments, the next-generation sequencing technique segment dominated other segments in terms of revenue share in 2020. Significant advancements in gene sequencing technologies, increasing applications of next-generation sequencing (NGS) in cancer genomics, rising demand for precision medicine, and growing awareness of the advantages that  NGS offers over traditional sequencing technologies, such as high-throughput sequencing and cost-effectiveness, are key factors driving revenue growth of this segment.

Academic & Research Organizations Segment to Account for Fastest Revenue CAGR:

Based on end-use, the global tumor genomics market is segmented into academic & research organizations, hospitals & ambulatory clinics, clinical & diagnostic laboratories, biotechnology & pharmaceutical companies, and others. The academic & research organizations segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Rapid development of highly efficient and cost-effective kits for cancer diagnosis, rising focus on development of targeted drugs and therapies, and increasing government investments to cancer research are expected to bolster revenue growth of this segment.

North America Accounted for Largest Revenue Share in 2020:

Among regional markets, the North America tumor genomics market accounted for the largest revenue share in the global market in 2020, owing to some favorable factors. Rising prevalence of cancer, growing demand for personalized medicine, technological advancements in cancer diagnostics, and increasing investments in cancer research and new drug discovery & development by public and private organizations are among the major factors driving the North America market revenue growth.

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Major Companies in the Global Tumor Genomics Market Include:

  • Thermo Fisher Scientific, Inc.
  • Illumina, Inc.
  • Agilent Technologies, Inc.
  • Bio-Rad Laboratories, Inc.
  • Hoffman-La Roche, Ltd.
  • Merck KGaA
  • Pacific Biosciences of California, Inc.
  • NeoGenomics Laboratories Inc.
  • Myriad Genetics, Inc.

For the purpose of this report, Emergen Research has segmented the global tumor genomics market based on technique, application, end-use, and region:

Technique Outlook (Revenue, USD Billion; 2018-2028)

  • Next-generation Sequencing Technique (NGS)
  • Polymerase Chain Reaction (PCR)
  • Microarrays
  • In-situ Hybridization (ISH)
  • Immunohistochemistry (IHC)
  • Others (Mass Spectrometry and Flow Cytometry)

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Diagnostic and Monitoring
  • Drug Discovery & Development
  • Biomarker Discovery

End-use Outlook (Revenue, USD Billion; 2018-2028)

  • Academics & Research Organizations
  • Hospitals & Ambulatory Clinics
  • Clinical & Diagnostic Laboratories
  • Biotechnology & Pharmaceutical Companies
  • Others

Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/tumor-genomics-market

Region Outlook (Revenue, USD Billion; 2018-2028)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • U.A.E.
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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About Emergen Research

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