Global Genomics in Cancer Care Market to Grow at ~22% CAGR During 2022-2031 on the Account of Tremendous Initiatives and Funding by Government

Kenneth Research published a report titled “Genomics in Cancer Care Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global genomics in cancer care market in terms of market segmentation by type, application, technology, end users, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply, and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global genomics in cancer care market generated a revenue of about USD 27 billion in the year of 2021. The market is estimated to grow at a CAGR of ~22% over the forecast period, i.e., 2022-2031. On the basis of technology, the market is segmented into microarray, genome sequencing, PCR, and others. Among these segments, the genome sequencing segment is anticipated to hold the largest market share in the upcoming years. The advancement in modern technology is considered to be the major factor adding in the growth of the market.

A genome is the entire set of genetic instructions found in a cell. The popularity of genomics in cancer care is increasing since the study of genomes unfolds the development and growth of many types of cancer. The growth of the market can be attributed to the initiatives taken by government to invest in the field and create awareness about early treatment among people. Further, the ever-growing advancements in the field of biotechnology is also anticipated to drive the market growth.

The market is segmented on the basis of region including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Among these regions, the market in North America region witnessed a modest growth in the year of 2021 owing to the provision of enhanced technology and well-mounted healthcare facilities. The market in Asia Pacific region is expected to develop at the highest CAGR during the forecast period. The growth of the market in this region can be associated with the improvement in the infrastructure of healthcare departments and growing number of cancer patients.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Rising Incidences of Cancer to Boost the Market Growth

According to the data published by National Cancer Institute (NCI), 18.1 million cases of cancer were reported worldwide in the year 2018. The unhealthy lifestyle adapted by people over the years is a major contributor in the rising number of cancer cases. Although, the growth in number of cancer cases is undeniable, it is encouraging the study of genomes and adding to the market growth.

However, high price of genomics devices and lack of trained professionals are expected to operate as key restraint to the growth of global genomics in cancer care market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global genomics in cancer care market which includes company profiling Abbott, Agilent Technologies, Inc., QIAGEN, F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Illumina, Inc., General Electric, PerkinElmer Inc., and BGI Genomics Co., Ltd., Thermo Fisher Scientific Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global genomics in cancer care market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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