Genomics in Cancer Care Market Valuable Growth Prospects and Upcoming Trends Till 2024
The DNA enclosed in the cell makes up our genome. Genomics is basically a study of sequence of letters in the DNA and how each thread transfers information to help cells in the body system to work properly. In cancer, minor changes in these genetic letters can change the meaning of what a genomic word means. A change in single letter can propel the cell to make a protein that won’t allow the cell to work properly. The study of cancer genome has revealed many abnormalities in genes that has driven the growth of many various types of cancers.
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The Genomics in Cancer Care market is segmented by application, technology and end users. On the basis of application, the genomics cancer care market is divided into diagnostics, personalized machines, drug discovery, development and research. Based on technology, the market is divided into genome sequencing, purification and nucleic acid extraction, microarray, bioinformatics and flowcytometry. Based on end users, the genomics cancer care market is segmented into hospitals, academic researches and clinical procedures. Factors such as growing need for personalized medicines, increased R&D activities and growing investments in pharma industry are some of the positive factors for the growth of this market.
Genome sequencing is witnessing considerable growth due to advancement in modern technology and excessive use of genomics in diagnostic sector. Increasing demand for cost effective and rapid output treatment is elevating the genomic penetration rate in this segment. PCR and microarrays are also witnessing rapid growth due to introduction of advanced instruments as such instruments are used to perform genomics processes and are indispensable component in the target disease market.
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Microarray devices are used to measure an analyte in blood and body tissues and are expected to provide further opportunities for this segment. Consumable sector is growing as well due to varied applications in the target disease management. Consumables like sample preparation kits, biomarkers and reagents are widely used in genomics. Service offered by the genomic companies include genetic counseling, risk assessment and genetic susceptibility testing.
The genomics in cancer care market has a number of applications in cancer diagnostics due to high occurrence of target disease and demand for accurate and rapid diagnostic procedures and also increasing cancer incidences are expected to impel product demand. On the basis of end users, the research segments holds the largest market share due to wide application and accurate detection and diagnosis of the disease. North America is dominating the market due to developing biotech industry coupled with high level of patient awareness.
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Following is Asia Pacific due to continuous government support, untapped market opportunities and improved healthcare infrastructure. Complete study of cancer genomes have shown large range in the genetic abnormalities found in single type of cancer. Discovery of uncommon genetic alterations is hence a challenge in this field. Other challenge is to obtain fine-quality biological sample required for genomic studies, mainly for tumors that are rare or uncommon and are treated by surgeries.
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The major companies in genomics in cancer care market are Abbott Molecular, Affymetrix and Illumina, Inc., Agilent Technologies, Beckman Coulter, Inc., Bio-Rad Labs, Cancer Genetics, Inc., Danaher Corporation, General Electric Healthcare, Luminex, Oxford Gene Technology, Pacific Biosciences, PerkinElmer, Roche Diagnostics, and Thermo Fisher Scientific. The market has number of applications in cancer diagnosis and is highly competitive and companies are adopting various strategies such as mergers and acquisitions and collaborative agreements in order to gain competitive advantage. Companies are also investing in the research and development to provide better treatment in target disease.
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