Genomic cancer testing enables comprehensive analysis of cancer susceptibility and progression at the molecular level. These tests examine genetic variations and mutations to determine risk of cancer development and select optimal targeted therapies. They aid in early detection of cancer and development of customized treatment plans based on patient's genetic profile.
The global Genomic Cancer Testing Market is estimated to be valued at US$ 18.61 million in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of genomic cancer testing is mainly driven by the trend of precision medicine. Genomic profiling enables personalized cancer care by identifying targeted drugs and immunotherapy options best suited for a patient's unique genetic mutations and tumor characteristics. This personalized approach has significantly improved treatment outcomes. Technical advancements have made these tests more affordable and accessible. Ongoing R&D to discover new cancer biomarkers is also expanding clinical applications of genomic cancer testing.
Segment Analysis
Genomic Cancer Testing Market
The global genomic cancer testing market size is dominated by the breast cancer sub-segment, owing to the increasing prevalence and incidence rates. Breast cancer accounts for nearly one-fourth of all new cancer cases in women worldwide. Early and accurate diagnosis plays a major role in breast cancer management. Genomic testing helps oncologists design personalized treatment plans and monitor cancer recurrence.
Key Takeaways
The global Genomic Cancer Testing market is expected to witness high growth over the forecast period.
Regional analysis North America currently dominates the Genomic Cancer Testing market owing to supportive government initiatives focused on precision medicine research and presence of major market players. For instance, in 2015 the National Cancer Institute and National Human Genome Research Institute launched The Cancer Genome Atlas to enable comprehensive mapping of major cancer types.
Key players operating in the Genomic Cancer Testing market are 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, MicroBT and Canaan Creative currently dominate the market owing to their expertise and experience in the field of genomic cancer testing equipment manufacturing.
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