Genomics In Cancer Care Market Is Projected To Witness Growth Based On Increasing Demand For Personalized Medicines In Molecular Characterization Of Cancer Till 2022:Grand View Research, inc.
Global genomics in cancer care market is expected to
reach USD 9.22 billion by 2022, according to a new report by Grand View
Research, Inc. Increasing prevalence of cancer coupled with adoption of next
generation sequencing for the diagnosis & treatment is expected to fuel the
market with future growth opportunities. Increasing incidences of cancer
triggers the demand for cost effective and accurate diagnostics in coming
years.
In addition, increasing demand
for personalized medicines in molecular characterization of cancer to identify
therapeutic targets is the factor attributing towards the market growth.
Similarly, factors such as cost reduction in genome sequencing, growing
healthcare expenditure levels and development of effective diagnostics &
therapeutic procedures for cancer are responsible for the potential growth of
genomics in cancer care.
U.S. genomics in cancer care
market share, by technology, 2012-2022 (USD Million)
Browse full research report on
Genomics
In Cancer Care Market
Further key findings from
the report suggest:
- Instrument
segment dominated the overall market in terms of revenue share as of 2014
and accounted for 33.4% of market owing to high cost associated with it.
Whereas, consumables are most widely used product segment in genome
testing as they are indispensible component and frequently required to
perform the test.
- Demand for
services such as next generation sequencing, PCR and other such as cancer
risk management & genetic testing are expected to grow over the
forecast period due to increasing outsourcing activities to perform genome
analysis. High cost of performing genetic tests and growing awareness
pertaining to associated benefits with the use of these technologies are
high impact rendering drivers for this segment.
- Drug
discovery and development segment is expected to show lucrative CAGR of
17.6% during the forecast period owing to increasing demand for effective
treatment for cancer and growing investment in biomedicines by
manufacturers for the development of novel products.
- Genome
sequencing held the dominant share of technology segment as it is most
prominently used for diagnosis due to associate benefits such as faster
and accurate method. It is expected to show significant growth rate of 17.5%
in coming years owing to remarkable decrease in the cost for genome
sequencing and increasing adoption rates.
- The cancer
research segment held the largest share of 34.1% in 2014 due to increasing
demand for faster & accurate diagnostic methods to treat variety of
cancer. Other use such as commercial adoption of genetic testing is
expected to be fastest growing segment owing to increasing demand of
cancer genomic testing to fulfill unmet needs in healthcare sector.
- Some key
players operating in this market include Beckman Coulter Inc., Illumina,
Inc, Affymetrix, Roche Diagnostics, Agilent Technologies, Cancer Genetics
Inc., Danaher Corporation, Bio-Rad Labs, Pacific Biosciences, Quest
Diagnostics, Sigma Aldrich, Luminex, Thermo Fisher scientific, Oxford Gene
Technology., PerkinElmer, Qiagen, and GE Healthcare.
For
more information: http://www.grandviewresearch.com
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