According to the market intelligence by BIS Research, the global tumor genomics market was estimated at $ 8.13 Billion and is expected to grow 8.09% during the forecast period from 2019-2028.
Several 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 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.
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Market Segmentation
Market Outlook By Product
The global tumor genomics market by product is segmented on the basis of assays and kits, and instruments. Assays and kits segment accounted for maximum market share in 2019 and it is expected to contribute the most 2028 as well. The growth of assays and kits segment can be attributed to the rising utilization of assays and kits for the detection of tumor stages and genetic diseases.
By Technique
Based on technique the market is segmented into next generation sequencing technique (NGS), polymerase chain reaction (PCR), microarray, in-situ hybridization (ISH) immunohistochemistry (ICH), and others (mass spectrometry and flow cytometry). The growth of PCR segment due to its key properties such as ease of use, better results, faster turnaround time, and offering cost-effective solutions.
By Application
The application segment of the market is further sub-segmented into diagnostics and monitoring, drug discovery and development, and biomarker discovery. The growth of diagnostics and research segment can be attributed due to the increasing utilization of various genomic techniques (specifically NGS and ISH) in order to diagnose various forms of cancer (leukemia and colorectal cancer). However, the drug discovery and development segment is expected to register an impressive CAGR during the forecast period 2020-2028.
By End User
The end user segment of the tumor genomics market is further categorized into 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)
By Region
On the basis of region, global tumor genomics market has been classified as four regions namely, North America, Europe, Asia-Pacific, and Rest-of-the-World (Latin America and Middle East & Africa). The market has been divided based on the present market status and future market potential of a geographical region. Among all the geographical regions of the world, North America demonstrates the highest potential for the expansion and growth of the genomics market which is estimated to grow exponentially in the upcoming years.
Key Questions Answered in this Report
• 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?
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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.
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