Genomic cancer testing helps to identify specific genetic mutations associated with different types of cancer which helps physicians to determine the most effective treatment plan for patients. It holds advantages like high accuracy, early detection of cancer and personalized treatment. With rising healthcare expenditures and growing awareness about early cancer detection in developing countries, the demand for genomic cancer testing is increasing robustly.
The global Genomic Cancer Testing Market is estimated to be valued at US$ 16.15 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The genomic cancer testing market is expected to witness significant growth owing to rising diagnostic procedures in developing nations. Various developing countries are witnessing increased healthcare expenditures to strengthen their healthcare infrastructure and provide affordable diagnostic facilities to citizens. This has led to higher cancer screening and early diagnosis through tests like genomic cancer testing in these regions. According to World Bank data, healthcare spending as a percentage of GDP is increasing consistently in developing economies of Asia Pacific and Latin America. This is reflecting positively on the demand for advanced diagnostic tests and driving the genomic cancer testing market growth over the forecast period.
SWOT Analysis
Strength: Global genomic cancer testing market size enables personalized treatment. It offers early detection and diagnosis which increases survival rate and leads to better prognosis.
Weakness: High cost of sequencing and data analysis limits wide adoption. Shortage of skilled workforce to perform complex genomic tests poses challenges.
Opportunity: Rising cases of cancer globally increases demand for genomic testing. Advancements in sequencing technologies reduce costs and widen access to testing.
Threats: Privacy and security issues surrounding genomic data storage limits patient willingness. Stringent regulatory guidelines for approvals delays market entry of new assays.
Key Takeaways
The global genomic cancer testing market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 16.15 Bn by 2024 at a CAGR of 7.8%.
Regional analysis comprises- North America currently dominates the global market due to availability of favorable reimbursement policies and presence of key market players in the US. Asia Pacific is expected to be the fastest growing region on account of rising healthcare expenditure, increasing awareness regarding early detection of cancer, and growing penetration of diagnostic labs in China and India.
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. These market players are focusing on new product launches, collaborations, and geographic expansion to strengthen their market position. Strategic partnerships between testing laboratories and genomic data analyzers are also expected to drive growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
