Somatic genetic testing is a process that assess the presence of acquired mutations in patients suffering from solid tumors and hematological malignancies. Somatic tests detect a wide variety of somatic alterations, including copy number changes, single nucleotide variations (SNVs), insertions and deletions (InDels), and gene rearrangement and fusions. Somatic genetic testing is highly beneficial for improving prognosis, diagnosis, and quality-of-life of patients suffering from cancer.It also helps the physicians in deciding therapeutic options for individual patients to reduce the rate of cancer recurrence, further enabling precision medicine in the field of oncology. With advancements in sequencing technologies in the past few years, somatic genetic testing is becoming a standard of practice in the field of cancer diagnostics for the identification of resistant and therapeutic sensitizing mutations.
The BIS Research study on somatic genetic testing market highlights that the market was estimated at $6.90 billion in 2020 and is projected to reach $16.79 billion by the end of 2030. The growth of the market is influenced by several factors, including ambiguous regulatory and reimbursement policies and lack of trained professionals in the oncology field.
The market is favored by the developments in the field of cancer genomics and its attributes such as somatic mutation analysis. The global somatic genetic testing is witnessing significant growth due to the increase in cancer prevalence, increasing consumer awareness for tailored cancer therapy, decreasing cost of sequencing, and increasing adoption of inorganic growth strategies in the market. Additionally, rapid adoption of sequencing instruments by the researchers to conduct cancer genomic research and increasing emphasis on precision medicine are some of the critical factors, which are expected to bolster the market growth.
The BIS Research report on the global somatic genetic testing market segments the market on the basis of product type (products and services), sample (blood-based, tissue-based, bone marrow aspirates, and other samples), technology (sequencing, polymerase chain reaction, microarray, and other technologies), applications (solid tumors and hematological malignancies), end users
(academic and research institutions, hospitals and diagnostic laboratories, pharmaceutical and biotechnology companies, contract research organizations, and other end users), and regions (North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World).
The global somatic genetic testing market is undergoing a significant change with regard to the advancements that have already taken place and are currently invading the market space. Additionally, with the emergence of sequencing technologies, there is immense potential for these emerging sub-markets to continue fueling the overall somatic genetic testing market. Further, with highly opportunistic trends coming into play with the rapid incorporation of sequencing-based genetic testing in cancer diagnostics in routine healthcare settings, there is immense potential for growth in this market.
Growth Drivers
• Global Increase in Cancer Prevalence
• Increasing Consumer Awareness for Tailored Cancer Therapy
• Decreasing Cost of Sequencing
• Increasing Adoption of Inorganic Growth Strategies in the Market
Market Challenges
• Uncertain Regulatory and Reimbursement Policies
• Lack of Trained Professionals in the Field of Oncology
• Lack of Established Treatment Protocols for High-Valued Cancer Tests in Emerging Economies
Market Opportunities
• Technological Advancements in the Field of Cancer Genomics
• Massive Scope for Adoption of NGS-based Somatic Genetic Testing in the Emerging Markets
Competitive Landscape
The exponential rise in the number of cases associated with cancer has created a buzz among the biotechnology companies, compelling them to further invest in the development of cancer diagnostic solutions for somatic mutation analysis, thereby aiding clinicians to offer precision therapeutics for cancer treatment. Due to the presence of a diverse product portfolio and intense market penetration, Thermo Fisher Scientific Inc. has been a pioneer in this field and has been a significant competitor in this market.
On the basis of region, North America holds the largest share of the somatic genetic testing market due to high infusion of funding from the government organizations for conducting cancer research, growing prevalence of cancer, rising awareness about precision medicine, and increasing awareness about early cancer detection, among others. Apart from this, Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period, 2020-2030.
Key Questions Answered in this Report:
• How is somatic genetic testing revolutionizing the field of cancer diagnostics?
• What are the major market drivers, challenges, and opportunities in the global somatic genetic testing market?
• What are the underlying structures resulting in the emerging trends within the global somatic genetic testing market?
• How did the COVID-19 pandemic impact the global somatic genetic testing landscape?
• What are the key development strategies that are being implemented by the major players in order to sustain in the competitive market?
• What are the key regulatory implications in developed and developing regions pertaining to somatic genetic testing?
• What are the potential entry barriers, which are expected to be faced by the companies willing to enter in a particular region?
• How is each segment of the market expected to grow during the forecast period from 2020 to 2030 and what is the anticipated revenue to be generated by each of the segments? Following are the segments:
o Product Type (Products and Services)
o Sample (Tissue-Based, Blood-Based, Bone Marrow Aspirates, and Others)
o Technology (Sequencing, PCR, Microarray, and Others)
o Application (Solid Tumors and Hematological Malignancies)
o End User (Academic and Research Institutions, Hospitals and Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies, Contract Research Organizations, and Others)
o Region (North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World)
• What are the growth opportunities for the companies in the region of their operation?
• Who are the leading players with significant offerings in the global somatic genetic testing market?
• Which companies are anticipated to be highly disruptive in the future, and why?
• What are the current unmet needs that are being faced?
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The scope of this report is focused on the analysis of the somatic genetic testing market by product type, sample, technology, application, end user, and region. The market value may vary from 5-7% as the data has been collected from different sources at the regional and country level.
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