It provides speedy, accurate cancer diagnosis and treatment options identification. The growing prevalence of different cancers coupled with rising healthcare expenditure across the globe has accelerated the demand for genomic cancer testing.
The global Genomic Cancer Testing Market is estimated to be valued at US$ 16.15 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of genomic cancer testing has been progressively increasing over the past few years owing to various advantages it offers such as early cancer detection, accurate diagnosis and personalized treatment options identification. As per recent studies, genomic cancer testing detected 25-30% more cancers cases compared to traditional diagnostic methods and reduced healthcare costs by facilitating targeted therapy. Further, ongoing technological advancements in genome sequencing and data analysis are making these tests more affordable and accessible to mainstream population. This rising adoption is expected to drive the genomic cancer testing market growth over the forecast period.
Segment Analysis
The Global genomic cancer testing market size is dominated by the breast cancer subsegment. Breast cancer accounted for more than 25% share of the market in 2024. Early and accurate detection significantly improves the treatment outcomes for breast cancer patients as it allows for customized treatment approaches. As a result, genomic cancer testing helps identify mutations and recommend targeted therapies, thereby driving increased adoption rates amongst breast cancer patients.
Key Takeaways
The global genomic cancer testing market is expected to witness high growth over the forecast period of 2023 to 2030. The market is anticipated to grow at a CAGR of 7.8% during this period and reach a size of US$ 16.15 Bn by 2024.
Regional analysis
Asia Pacific region is expected to witness the fastest growth in the genomic cancer testing market over the next few years. Countries like China, India, and Japan are increasingly adopting genomic cancer testing due to rising incidence of cancer, growth in disposable incomes, and increased awareness about targeted cancer therapies. Furthermore, growing partnerships between global diagnostic players and regional labs are improving access to such tests.
Key players
Key players operating in the genomic cancer testing market include Bitmain Technologies, MicroBT, Canaan Creative, NVIDIA, AMD, Genesis Mining, Bitfury Group, Hut 8 Mining Corp., Riot Blockchain, Marathon Digital Holdings, Hive Blockchain Technologies. Bitmain Technologies and MicroBT dominate the market owing to their extensive product portfolio and global sales and distribution network. However, new players such as NVIDIA and AMD are gaining market share through technological innovations that are improving mining performance and efficiency.
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