Genomic Cancer Testing Market: Pioneering Personalized Medicine and Targeted Therapies

"Genomic Cancer Testing Market" in terms of revenue was estimated to be worth $16.06 Bn in 2023 and is poised to reach $53.86 Bn by 2031, increasing at a CAGR of 16.5% from 2024 to 2031 according to a new report by Insight Ace Analytic.

Market Analysis:

The rising prevalence of cancer across different age groups is the primary factor driving the growth of the genomic cancer testing market over the forecast period. Changes in people's lifestyles, along with increasing levels of stress, are responsible for the increasing prevalence of cancer, which will ultimately upsurge the growth of the genomic cancer testing market.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global Genomic Cancer Testing Market are:
• The rising prevalence of cancer globally is a significant driver for the genomic cancer testing market.
• The growing emphasis on personalized medicine approaches is driving the demand for genomic cancer testing.
• Genomic cancer testing generates vast amounts of genomic data. Integrating this data with advanced analytics, big data technologies, and artificial intelligence (AI) algorithms can enhance data interpretation, improve treatment prediction models, and optimize patient stratification.

The following are the primary obstacles to the Genomic Cancer Testing Market's expansion:
• The high costs associated with testing can pose a significant barrier to widespread adoption, limiting accessibility for patients and healthcare providers. These cost considerations can hinder market growth,
• Navigating the reimbursement process and obtaining adequate reimbursement for genomic testing can be challenging, creating uncertainty for healthcare providers and reducing the incentive for adoption.
• The need for large-scale clinical trials and real-world evidence to validate the effectiveness and value of genomic testing can slow down market growth.

Future expansion opportunities for the global Genomic Cancer Testing Market include:
• The genomic data generated from cancer testing contributes to ongoing research efforts identifying new drug targets and developing innovative therapies that drive investment in both basic research and drug development initiatives.
• Integration of genomic testing into mainstream healthcare systems presents opportunities for improved patient care coordination, clinical decision-making, and healthcare resource allocation.
• As cancer incidence rates rise globally, there is a growing demand for genomic testing in emerging markets. Expansion into these regions offers significant growth opportunities for companies.

Key Industry Insights & Findings from the Report:

• The genomic cancer testing market has been experiencing significant growth due to increasing cancer incidence rates worldwide and the increasing demand for personalized medicine.
• The increase in cancer and other infectious diseases is expected to drive industry growth.
• North America ruled the market and accounted for a revenue share of global revenue in 2023.
• The high costs associated with testing can pose a significant barrier to widespread adoption and hinder market growth.

List of Prominent Players in the Genomic Cancer Testing Market:
• Cleveland Clinic
• Fortis Healthcare
• KIMS Hospitals
• Rush University Medical Center
• The Johns Hopkins Hospital
• Bridgeport Hospital
• Greenwich Hospital
• Lawrence Memorial Hospital
• Westerly Hospital
• Yale New Haven Hospital
• Northeast Medical Group

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Recent Developments:
• In July 2023, Guardant Health, Inc., a leading precision oncology company, announced that it would receive national reimbursement approval from the Japanese Ministry of Health, Labor and Welfare (MHLW), effective July 24, 2023, for its Guardant360 CDx liquid biopsy test for comprehensive genomic profiling (CGP) for patients with advanced or metastatic solid tumor cancers. This announcement follows the regulatory approval of the Guardant360 CDx test by the MHLW in March 2022.
• In October 2023, Arima Genomics, a U.S.-based Biotechnology company, and Protean BioDiagnostics, a biotechnology company, formed a joint venture, Aventa Genomics, to launch what the new firm calls Aventa FusionPlus, a next-generation sequencing test for the detection of gene fusions, translocations, and rearrangements across 361 genes from formalin-fixed, paraffin-embedded tumor tissue.
• In June 2023, Devyser, which provides analysis services to clinical laboratories, announced the launch of two new products, Devyser LynchFAP, and Devyser BRCA PALB2. These kits offer efficient, targeted, and confident analysis of genes associated with increased cancer risk.

Genomic Cancer Testing Market Dynamics:
Market Drivers: Breast Cancer Accelerating Demand for Genomic cancer testing
The rising demand for genomic cancer testing is driven by breast cancer awareness and advancements in genetic research. The emotional and psychological influence of a breast cancer diagnosis, either personally or within one's family, can motivate individuals to seek genetic testing as a means of gaining a sense of control over their health outcomes.

Knowledge of genetic risk factors can also facilitate proactive decision-making and lifestyle changes. Growing awareness campaigns around breast cancer and the importance of early detection have led to more individuals seeking genetic testing services. As a result, the demand for genomic cancer testing, particularly in the context of breast cancer, has accelerated. As the field of genetics continues to evolve and become more integrated into routine clinical practice, genetic testing is expected to play an increasingly prominent role in cancer prevention, diagnosis, and treatment decision-making.

Challenges: Significant Implications of Reimbursement Reductions Impacting Growth of the Genomic Cancer Panel and Profiling Market
Despite a diverse range of aesthetic applications, some limiting constraints are projected to hamper global market expansion over the forecast period. One of the key factors contributing to the global market's slowing growth is the implications of reimbursement reductions.

Reimbursement reductions in the genomic cancer panel and profiling market have significant implications for both healthcare providers and patients. These reductions often lead to reduced financial support for these valuable diagnostic tests. As a result, healthcare providers may face challenges in offering these tests to patients, potentially limiting their accessibility. Navigating the reimbursement process and obtaining adequate reimbursement for genomic testing can be challenging, creating uncertainty for healthcare providers and reducing the incentive for adoption.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period

The North America Genomic Cancer Testing Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. With a strong healthcare infrastructure and a high level of precision medicine knowledge, North America has become a market leader for genomic cancer diagnostics. Significant progress has been made, and genetic testing is now widely used in clinical practice, especially in the United States. With a 37.5% market share in 2023, it is anticipated to rule the industry. A number of important players, a high cancer incidence rate, and growing investments in genomic cancer diagnostic technology are driving the region's rise.

By Type:
• Genomic Profiling Tests
• Liquid Biopsy Tests
• Companion Diagnostic Tests
• Pharmacogenomic Tests
• Hereditary Cancer Tests
• Other specialized genomic tests

By Cancer Type:
• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Ovarian Cancer
• Melanoma
• Leukaemia
• Lymphoma
• Other specific cancer types

By Technology:
• Next-Generation Sequencing (NGS)
• Polymerase Chain Reaction (PCR)
• Fluorescence In Situ Hybridization (FISH)
• Microarray
• Immunohistochemistry (IHC)
• Other genomic testing technologies

By End-User:
• Hospitals
• Diagnostic Laboratories
• Academic and Research Institutions
• Cancer Centers
• Other healthcare providers

By Biomarker Type:
• Genetic Biomarkers
• Protein Biomarkers
• Molecular Biomarkers
• Epigenetic Biomarkers

By Service Provider:
• Diagnostic Laboratories
• Biotechnology Companies
• Pharmaceutical Companies
• Contract Research Organizations (CROs)

By Application:
• Targeted Therapy Selection
• Disease Monitoring
• Prognostic Testing
• Companion Diagnostics
• Risk Assessment
• Pharmacogenomic Testing

By Testing Setting:
• In-House Testing
• Outsourced Testing

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.