by The genomic cancer testing market involves various molecular diagnostic products and services to analyze DNA and RNA collected from cancer tissue samples. This helps in detecting cancer-related genes and mutations that play a critical role in the development and progression of cancer. Genomic testing techniques such as DNA sequencing and PCR help in analyzing changes in genes that contribute to the onset or spread of cancer. This provides useful insights into cancer development mechanisms, prognosis, and treatment options.
The global genomic cancer testing market is estimated to be valued at US$ 18.61 billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of precision medicine has emerged as one of the key trends in the global genomic cancer testing market size. Precision medicine involves tailoring medical treatment to an individual’s specific genetic makeup and molecular diagnostic tests are crucial for guiding precision cancer therapies. Several governments across the globe have initiated large-scale precision medicine programs to support genomic research aimed at developing more targeted treatment approaches. For instance, the National Cancer Institute in the US has launched several initiatives such as The Cancer Genome Atlas and Precision Medicine Initiatives to leverage genomic data for precision oncology. The increasing investment and focus of governments on precision cancer care is expected to propel the demand for genomic testing over the forecast period.
Porter’s Analysis
Threat of new entrants: The genomic cancer testing market requires high capital investment for R&D and technology. Stringent regulations also pose entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative treatment options. However, genomic cancer testing is gaining widespread acceptance.
Bargaining power of suppliers: A few major players dominate the supply market. However, opportunities exist for niche players with innovative solutions.
Threat of new substitutes: No close substitutes exist currently. However, continual innovation may lead to new testing methods in the future.
Competitive rivalry: The market is consolidated with the top players accounting for a major share. M&As and partnerships remain common as companies seek growth opportunities.
Key Takeaways
The global genomic cancer testing market is expected to witness high growth. Between 2024-2031 it is projected to rise at a CAGR of 7.8% to reach a value of US$ 32.42 Mn by 20301 from US$ 18.61 Mn in 2024.
North America currently dominates due to large cancer research budgets and advanced healthcare infrastructure. Various initiatives to increase cancer screening are also boosting the regional market. However, Asia Pacific is poised to emerge as the fastest growing market owing to growing healthcare expenditure, increasing cancer incidence, and improving access to diagnostics.
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, and Hive Blockchain Technologies. These companies are focusing on new product launches and acquisitions to enhance their portfolios and market shares. For instance, NVIDIA launched advanced cancer genome analysis solutions while Bitfury recently acquired digital asset trading and investment firm Anthropic.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
