Global Tumor Genomics Market: Analysis and Forecast, 2019-2028
Global Tumor Genomics Market to Reach $16,287.2 Million by 2028
Market Report Coverage - Tumor Genomics
- By Product: Assays and Kits, and Instruments
- By Technique: Next Generation Sequencing Technique (NGS), Polymerase Chain Reaction (PCR), Microarray, In-Situ Hybridization (ISH), Immunohistochemistry (ICH), Others (Mass Spectrometry and Flow Cytometry)
- By Application: Diagnostics and Monitoring, Drug Discovery and Development, and Biomarker Discovery
- By End User: Academics and Research Organizations, Hospitals and Ambulatory Clinics, Clinical and Diagnostic Laboratories, and Biotechnology and Pharmaceutical Company
- By Cancer Type: Leukemia, Breast Cancer, Melanoma, Colon Cancer, Lung Cancer, Prostate Cancer, Head and Neck Cancer, and Others (Ovarian, Pancreatic, and Testicular)
- North America U.S., Canada
- Europe Germany, U.K., France, Italy, Spain, Netherlands, Rest-of-Europe
- Asia-Pacific Japan, China, Australia, India, Rest-of-Asia-Pacific
- Rest-of-the-World Latin America and Middle East & Africa
- Rising Government Initiatives and Projects
- Increasing Incidence of Cancer
- Increasing Number of Product Approvals and Launches
- Ever Expanding Application Areas for Genomics
- Increasing Use of Biomarkers in Cancer Profiling
- High Cost of Genomic Equipment
- Lack of Unified Framework for Data Integration
- Growing Prominence for Precision Medicine
- Increasing Demand for Point-of-Care Diagnostics
Key Companies Profiled
- Thermo Fisher Scientific Inc., Illumina, Inc., QIAGEN, Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd, Merck KGaA, Pacific Biosciences of California, Inc., Myriad Genetics, Inc., and PerkinElmer.
Key Questions Answered:
- What is tumor genomics? How the different tumor genomic techniques have evolved over the years?
- What are the major market drivers, challenges, and opportunities in the global tumor genomics market?
- What was the global tumor genomics market size in terms of revenue in 2019? How is the market expected to evolve in the upcoming years? What is the market size expected to be in 2028?
- How is each segment of the global tumor genomics market expected to grow during the forecast period between 2020 to 2028 and what is the revenue expected to be generated by each of the segments by the end of 2028?
- What are the developmental strategies implemented by the key players to sustain in the competitive market?
- What is the growth potential of the tumor genomics market in each region, namely, North America, Europe, Asia-Pacific, and the Rest-of-the-World?
- Which product among the two (assays and kits & instrument) are offered by key players such as Thermo Fisher Scientific, Illumina Inc., Qiagen N.V., and F. Hoffmann-La Roche Ltd.?
- Which technique is leading the market in 2018 and expected to dominate the market in 2028 and why?
- Which application and end user type are leading the market in 2019 and are expected to dominate the market in 2028 and why?
- Which region dominated the global tumor genomics market in 2019 and what are the expected trends from each of the regions in the forecast period 2020-2028?
In order to meet the growing product demand and need, companies are investing in the assays, kits, and instruments used in tumor genomics. Nowadays, large number of kits and reagents are used to test the profiling of mutated genes. For instance, companies such as Thermo Fisher Scientific, Illumina, Inc., and QIAGEN N.V. have focused on the development of variety of kits for the detection of rare genetic diseases due to cost-effectiveness of the kit as compared to instrument and software, which in turn is causing widespread utilization of kits globally.
The market is also witnessing the launches of various products by receiving FDA approvals such as assay for the study of genes and molecular characterization of DNA. For instance, on, January 16, 2019, QIAGEN received approval from Japanese Pharmaceuticals and Medical Device Agency (PMDA) on therascreen EGFR RGQ PCR Kit which is used as a companion diagnostic for lung cancer patients on treatment with Dacomitinib.
Similarly, several manufacturers are also launching innovative products to expand their offerings in the market. For instance, on November 6, 2019, Thermo Fisher Scientific launched Ion Torrent Genexus System, which is a fully integrated next generation sequencing platform used for profiling of genomes.
The market is favored by multiple factors, which include rising government initiatives, increasing incidence of cancer, therefore increasing the utilization of sequencing to identify the mutant DNA segments, increasing number of product approvals and launches pertaining to genomics market. Moreover, increasing use of biomarkers in cancer profiling is also one of the key driving factors for tumor genomics market.
Government funding is also one of the major growth factors for tumor genomics market, because increasing funding by the government help the research institutes to develop sequencing systems useful for the diagnosis of genetic diseases. Increasing funding shall lead to liquidity of the genomics market and thus companies shall develop various sequencing systems to identify the mutation in the segments of DNA. All these factors are thus expected to contribute to the market growth during the forecast period.
Within the research report, the market is segmented on the basis of product type, techniques, application, end user, cancer type, and region, which highlight value propositions and business models useful for industry leaders and stakeholders. The research also comprises country-level analysis, go-to-market strategies of leading players, future opportunities, among others, to detail the scope and provide a 360-coverage of the domain.
Major players including QIAGEN N.V., Illumina, Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd. Thermo Fisher Scientific, and BGI, among others, led the number of synergistic developments (partnerships and alliances) witnessed by the market. On the basis of region, North America is expected to retain a leading position throughout the forecast period 2019-2029, followed by Europe. This is a result of the presence of leading industry players in these regions, and a higher adoption rate of sequencing system to detect the mutation in genes and DNA segments. Moreover, growing research in the field of sequencing technologies including next-generation sequencing technologies (NGS) is one of the drivers that promote the growth of the tumor genomics market.
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