Tumor Genomics Market Trend- Increasing Application of NGS and PCR Techniques in Tumor Genomics
Increasing awareness about early cancer diagnosis, rising prevalence of various types of cancers, and growing demand for precision medicine are some factors expected to drive global tumor genomics market growth.
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 steady CAGR of 12.8% during the forecast period, 2021-2028.
Market Dynamics:
Tumor genomics uses technologies such as sequencing for identifying alternations in DNA and RNA and defining molecular subtypes. It is the study of totality of sequences and gene expression differences between normal cells and tumor cells. Tumor genomics focuses on understanding the genetic basis of tumor cell proliferation and the evolution of tumor genomics under mutation and selection by body environment and therapeutic interventions. Many companies are heavily investing in cancer genomics research as there has been a significant increase in the prevalence of various cancer types across the globe over the recent years.
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Factors such as increasing investments in research and development of more effective and novel cancer therapies and drugs, rapid advancements in sequencing techniques, and high usage of computational data analysis in tumor genomics are expected to drive global tumor genomics market revenue growth between 2021 and 2028. In addition, rising number of collaborations between leading companies and academic and research organizations and growing demand for minimally invasive cancer diagnosis methods are expected to fuel tumor genomics market growth going ahead.
However, high cost of cancer genomic equipment, lack of well-developed research infrastructure in many developing and underdeveloped economies, and stringent regulatory norms are some key factors that can hamper revenue growth of the tumor genomics market to a certain extent during the forecast period.
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 Segment to Account for Significantly Larger Revenue Share:
The next generation sequencing (NGS) segment is expected to account for significantly larger revenue share between 2021 and 2028. Factors such as rapid advancements in next generation sequencing technology, growing demand for cost-effective and high-throughput sequencing tools, and high usage of NGS technology in cancer genomics owing to rising awareness about its advantages over other sequencing technologies are expected to drive revenue growth of the segment during the forecast period.
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Academics and Research Organizations Segment To Register Rapid Revenue Growth:
The academics and research organizations segment is expected to register rapid revenue CAGR over the forecast period. This can be attributed to rising prevalence of various cancer types, increasing investments in cancer research, growing demand for highly efficient and affordable cancer diagnosis kits, and high focus on developing targeted drugs to cater to rising demand for precision medicines.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global tumor genomics market during the forecast period owing to increasing prevalence of types of cancers, presence of well-established healthcare infrastructure and research facilities, and growing demand for personalized medicine. In addition, presence of leading companies, increasing awareness about early cancer detection and diagnosis, and rising availability of funds by private and public organizations for cancer detection and genomic research are expected to drive North America tumor genomics market growth during the forecast period.
Major Companies in the tumor genomics Market Include:
- Thermo Fisher Scientific Inc.
- Illumina, Inc.
- QIAGEN
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- F. Hoffmann-La Roche Ltd.
- Merck KGaA
- Pacific Biosciences of California, Inc.
- NeoGenomics Laboratories, Inc.
- Myriad Genetics, Inc.
- PerkinElmer
Scope of Tumor Genomics Research
|
Report Details |
Outcome |
|
Market size in 2020 |
USD 21.42 Billion |
|
CAGR (2021–2028) |
12.8% |
|
Revenue forecast in 2028 |
USD 56.54 Billion |
|
Base year for estimation |
2020 |
|
Historical data |
2017–2020 |
|
Forecast period |
2021–2028 |
|
Quantitative units |
Revenue in USD Billion and CAGR in % from 2021 to 2028 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Technique, Application, End user and region |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Saudi Arabia, South Africa, Turkey |
|
Key companies profiled |
Thermo Fisher Scientific Inc., Illumina, Inc., QIAGEN, Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd, Merck KGaA, Pacific Biosciences of California, Inc., NeoGenomics Laboratories, Inc., Myriad Genetics, Inc., and PerkinElmer. |
|
Customization scope |
10 hours of free customization and expert consultation |
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For the purpose of this report, Emergen Research has segmented the global tumor genomic market on the basis of technique, application, end-use, and region:
Technique Outlook (Revenue, USD Billion; 2018–2028)
- Next Generation Sequencing Technique (NGS)
- Polymerase Chain Reaction (PCR)
- Microarray
- In-Situ Hybridization (ISH)
- Immunohistochemistry (ICH)
- Others (Mass Spectrometry and Flow Cytometry)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Diagnostics and Monitoring
- Drug Discovery and Development
- Biomarker Discovery
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Academics and Research Organizations
- Hospitals and Ambulatory Clinics
- Clinical and Diagnostic Laboratories
- Biotechnology and Pharmaceutical Company
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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