Vancouver, British Columbia, Feb. 15, 2021 (GLOBE NEWSWIRE) -- The global tumor genomic market size was USD 21.42 Billion in 2020 and is expected to reach a market size of USD 56.54 Billion by 2028 and register a CAGR of 12.8%, over the forecast period, according to latest analysis by Emergen Research. Demand for non-invasive treatments for cancer has led to further development of new non-invasive approaches and therapy such as use of MRI-guided ultrasound surgery. Increasing research, technological advancements and low cost of DNA amplification are other factors driving growth of the market. Decreasing cost of sequencing techniques has also been contributing to market growth. Increasing number of cancer cases globally is also leading to increasing utilization of new genomic techniques. The core area of research in the healthcare industry is personalized medicine, which is at an all-time high in terms of demand. Major companies are focusing on developing more cost-effective kits for detecting cancer as opposed to development of traditional instruments and software for the purpose.
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Key Highlights of Report
- In January 2019, Japanese Pharmaceuticals and Medical Device Agency (PMDA) approved QIAGEN on therascreen EGFR RGQ PCR kit for diagnosis of lung cancer patients.
- In November 2019, Thermo Fisher Scientific launched the Ion Torrent Genexus System, which is a fully integrated next generation sequencing platform.
- In 2019, Illumina Inc. entered in a partnership with AnchorDX Systems to develop cost-effective in-vitro diagnosis kits.
- In September 2018, Cancer Genetics Inc. and NovellusDx Ltd. Signed a merger agreement in order to combine their data associated to tumor anatomy.
- Biomarkers play an important role in the detection of cancer and may be used to detect early cancer symptoms or to perform differential diagnosis of cancerous tumors.
- The number of product approvals and launches has increased due to rising government funding and high cancer cases over the years.
- North America registered the largest revenue share contribution to the global tumor genomics market in 2020. Revenue from the market in region is expected to increase significantly over the forecast period. This steady growth can be attributed to support of FDA in biomarker development, increasing aging population, and increasing prevalence of cancer, which is driving demand for new diagnostic techniques.
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Emergen Research has segmented the global tumor genomic market in terms of technique, application, end-use, and region:
- Technique Outlook (Revenue, USD Billion; 2021–2028)
- Next Generation Sequencing Technique (NGS)
- Polymerase Chain Reaction (PCR)
- Microarray
- In-Situ Hybridization (ISH)
- Immunohistochemistry (ICH)
- Others (Mass Spectrometry and Flow Cytometry)
- Application Outlook (Revenue, USD Billion; 2021–2028)
- Diagnostics and Monitoring
- Drug Discovery and Development
- Biomarker Discovery
- End-use Outlook (Revenue, USD Billion; 2021–2028)
- Academics and Research Organizations
- Hospitals and Ambulatory Clinics
- Clinical and Diagnostic Laboratories
- Biotechnology and Pharmaceutical Company
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- Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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