The global tumor genomics market size is projected to reach USD 56.54 billion in 2028 and register a CAGR of 12.8% during the forecast period. Private and public companies worldwide are initiating various projects for new drug developments due to rising incidence of cancer in the past decade. Extensive use of advanced biomarkers for tumor profiling is also contributing to robust revenue growth of the global tumor genomics market.
Rapid technological developments such as Next-Generation Sequencing (NGS) and Polymerase Chain reaction (PCR) has made tumor detection more feasible for high and low targets. Vast implementation of microarray technique for cancer detection is expected to support growth of the tumor genomics market. Moreover, high demand for customized medicines and point-of-care diagnostics is expected to drive revenue growth of the global tumor genomics market throughout the forecast period.
Market growth is also driven by involvement of existing key players that are strategizing to develop novel drugs and diagnostic techniques. Companies are also focusing on developing more cost-effective early cancer detection kits. New market players have joined existing competition for developing cost-effective kits and reduced sequencing costs. Additionally, governments are providing support for research and development of advanced sequencing techniques and drug discoveries that is expected to continue to support revenue growth of the tumor genomics market going ahead. Rising awareness about cancer severity, growing need for early cancer detection, and requirement for cancer specialty centers for diagnosis are some major factors driving growth of the tumor genomics market.
However, high genomic instrumentation costs and stringent regulatory norms and guidelines are expected to hamper market growth to a certain extent.
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Some key highlights of the report:
- The next-generation sequence technique segment accounted for largest revenue share in the global tumor genomics market in 2020 and this is projected to continue during the forecast period.
- The diagnostics and monitoring segment revenue is expected to register a significantly rapid CAGR between 2021 and 2028.
- Asia Pacific is expected to register at a rapid revenue CAGR throughout the forecast period. Increasing funding from governments for detecting cancer and rising awareness about state-of-the-art institutes and testing is driving market growth in the region.
- North America accounted for largest revenue share among the other regional markets in 2020 and is likely to register considerably high revenue growth during the forecast period.
- Academic and research organization segment revenue is projected to expand at a significantly high CAGR during the forecast period owing to technological advancements for detecting cancer, efforts by governments and NGOs to make cancer treatment easily accessible to patients, and availability of cost-effective detection kits for genetic diseases.
- Key players in genomic biomarkers are 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.
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)
- 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
Regional Outlook (Revenue, USD Billion; 2018–2028)
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
Middle East & Africa
- Saudi Arabia
- Rest of MEA
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