New York City, 23 Sep 2019:The global genomics in cancer care market size
is anticipated to reach USD 14.6 billion by 2025 growing at a CAGR of 17.7%
from 2019 to 2025 according to a new report published by Polaris Market
Research. The report ‘Genomics in Cancer Care Market Share, Size,
Trends, & Industry Analysis Report, By Product type (Consumables,
Instruments, Services); By Technology, By Application; By End Use; and By
Region: Segment Forecast, 2019–2025’ provides insights on the current
market scenario and the future prospects.
In 2018, by product type, instrument segment captures the largest
market shares in terms of revenue and hold major share in the market.
Regionally, North America accounted for the major share in the global market.
The market is primarily driven by increasing prevalence of cancer
patients globally, and rising demand for diagnostic coupled with the
availability of cost effective and technologically advanced technology.
Additionally, awareness and growing preference for personalized medicines is
also influencing the market growth. Moreover, continuous investment on research
and developments by the biotechnology & pharmaceutical companies would also
fuel the market growth.
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Product segment is further sub-segmented into consumables and reagents,
instruments, and services. Instruments market holds the major share in the
market owning to the rapid technological advancements, and continuous efforts
by the manufacturers for providing digitalization in the instruments for its
easy use. While consumables and reagents hold second largest position for
market followed by the service sub segment.
Based on technology, the market is segmented as genome sequencing, PCR,
microarray nucleic acid extraction and purification. Genome sequencing holds
the major market share in 2017, and would continue to experience growth during
the forecast period. The growth in this segment is majorly driven by the
effective and precise diagnosis results, and rising awareness for its use in
cancer diagnosis. Moreover, advantages like growing demand for cost-effective
technologies, and flexibility in this technique would also influence the growth
of genome sequencing market.
On the basis of application, the market is further segmented as
diagnostics, personalized medicines, drug discovery, and Research. This
application is majorly used for diagnosis of cancer. Diagnostics holds the
largest market share which is majorly attributed to the growing number of
cancer patients worldwide.
Research institute is the largest segment as an end user for the
market, and would hold dominating position during the forecast period. The
growth of genomics market in cancer care is primarily driven by the need for
accurate screening techniques that gives to the point diagnosis of cancer.
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Geographically, North America holds a dominating position in the global
genomics in cancer care market followed by Europe and Asia Pacific. The market
growth in North America is driven by the presence of refined research &
development infrastructure for the researchers, large pool of patients
suffering from cancer, and high healthcare expenditure by the individuals.
Whereas, Asia Pacific is expected to reach remarkable growth owning to the
increased penetration rate of these technologies and improving research and
development expenditure by the biopharma industries.
The leading companies operating in this industry include Agilent
Technologies, Roche Diagnostics, Beckman Coulter, Illumina, Inc., Affymetrix,
Cancer Genetic Inc., Bio-Rad Labs, Pacific Bio-science, Sigma Aldrich
Corporation, GE Healthcare, Quest Diagnostics, Abbott Laboratories,
PerkinElmer, and Luminex.
Key Findings from the study suggest technology available in the market
are continuously concentrating on the technological advancements that will
reduce the efforts and provide with accurate diagnosis of cancer. The leading
companies while developing new technologies considers the factors such as
increasing awareness for the use of this technology, and reaching the untapped
market. North America is presumed to dominate the global market over the
forecast years and Asia Pacific region shows signs of high growth owing to the
booming economies of India, and China.
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