The market for Genomics In Cancer Care Market is projected to experience a growth rate of 16.3% from USD 11.89 billion in 2019 to USD 39.94 billion in 2027. This growth is driven by the increasing demand for genomics in various areas such as diagnostics, personalized medicine, and drug discovery development within the field of cancer care. Several factors contribute to this market growth, including the rising incidence of cancer, greater awareness about early disease detection, a growing elderly population, and advancements in technology. According to the World Health Organization's Global Health and Aging report, the number of individuals aged 65 years or older is expected to rise from 524 million in 2010 to approximately 1.5 billion by 2050, with a substantial increase in developing economies. Cancer, among other chronic conditions, significantly impacts the elderly population, particularly in high-income countries. Consequently, the increasing prevalence of diseases in the expanding elderly population is expected to drive the growth of the genomics in cancer care market during the forecast period.
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Companies considered and profiled in this market study
Agilent Technologies, Bio-Rad Laboratories, Qiagen, GE Healthcare, Roche Diagnostics, Abbott Laboratories, Illumina Inc., Cancer Genetics Inc., Sigma Aldrich, and Perkin Elmer, has been profiled in the report.
The players operating in the market have undertaken several strategies related to the genomics in cancer care market in the period 2018-2020.
The key highlight is: In September 2018, Cancer Genetics, Inc. made an announcement about the signing of a non-exclusive supply contract with Agilent Technologies Inc., allowing Agilent to produce proprietary FISH probe reagents of Cancer Genetics.
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Driving Factors:
- Increasing incidence of cancer: The rising number of cancer cases globally is a major driving factor for the genomics in cancer care market. The demand for advanced genomic technologies and solutions is increasing to improve cancer diagnosis, treatment, and patient outcomes.
- Advancements in technology: The continuous advancements in genomics technologies, such as next-generation sequencing (NGS), have significantly enhanced our understanding of cancer genetics and personalized medicine. These technological advancements are driving the adoption of genomics in cancer care.
- Growing awareness about early disease diagnosis: There is a growing emphasis on early detection and diagnosis of cancer, as it can significantly improve patient outcomes. Genomics plays a crucial role in identifying genetic mutations and biomarkers associated with cancer, enabling early diagnosis and targeted therapies.
- Increasing demand for personalized medicine: Genomics allows for a personalized approach to cancer treatment by analyzing an individual's genetic profile. This tailored approach improves treatment efficacy and minimizes adverse effects. The demand for personalized medicine is fueling the growth of the genomics in cancer care market.
- Growing geriatric population: The elderly population is more susceptible to cancer and other chronic diseases. As the global geriatric population continues to grow, there is a higher demand for advanced genomic solutions in cancer care to address the specific needs of this population segment.
Restraints:
- High costs: Genomics technologies and tests can be expensive, limiting their accessibility and adoption, particularly in developing regions. The high costs associated with genomic testing and infrastructure are a significant restraint for the market growth.
- Ethical and privacy concerns: Genomics in cancer care involves the collection and analysis of an individual's genetic information. This raises ethical and privacy concerns regarding the storage, sharing, and potential misuse of sensitive genetic data. These concerns can hinder the widespread adoption of genomics in cancer care.
- Regulatory challenges: The field of genomics is rapidly evolving, and regulatory frameworks may struggle to keep up with the pace of innovation. Stringent regulatory requirements and lengthy approval processes can impede the development and commercialization of new genomics-based cancer care products and services.
- Limited awareness and expertise: Despite the growing awareness about genomics, there is still a lack of understanding and expertise among healthcare professionals and patients regarding its applications in cancer care. Limited awareness and knowledge can be a barrier to the adoption of genomics in cancer care.
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