Vancouver, British Columbia, February 15, 2021 (GLOBE NEWSWIRE) – Global tumor genomic market size was USD 21.42 Billion in 2020 and is expected to reach a market size of USD 56.54 Billion by 2028 and record a CAGR of 12.8%, over the forecast period, according to the latest analysis by Emergen Research. Demand for non-invasive treatments for cancer has led to the further development of new non-invasive procedures and treatment such as the use of MRI-guided ultrasound surgery. More research, technological advances and the low cost of DNA expansion are other factors driving market growth. Reducing the cost of ordering methods has also contributed to the growth of the market. More and more cancer cases across the globe are also leading to more use of new genomic techniques. The main area of research in the healthcare industry is personalized medicine, which is at an ever-high level of demand. Leading companies are focusing on developing more cost-effective devices for cancer detection rather than developing traditional instruments and software for the purpose.
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Main points of the report
- In January 2019, QIAGEN Japan Pharmaceutical and Medical Equipment Association (PMDA) agreed to develop an EGFR RGQ therascreen PCR package for lung cancer patients.
- In November 2019, Thermo Fisher Scientific launched the Genexus Torrent Ion System, which is a fully integrated next-generation series platform.
- In 2019, Illumina Inc. entered into a partnership with AnchorDX Systems to develop cost-effective in-vitro monitoring tools.
- In September 2018, Cancer Genetics Inc. launched. and NovellusDx Ltd. sign a union agreement to bring together their data related to tumor anatomy.
- Biomarkers play an important role in the detection of cancer and could be used to detect early signs of cancer or to differentiate the diagnosis of cancerous tumors.
- The number of product licenses and launches has gone up due to an increase in government funding and high cancer cases over the years.
- North America recorded the largest revenue share contribution to the global tumor genomics market in 2020. Market revenue in the sector is expected to increase significantly over the expected period. This steady growth may be due to FDA support in biomarker development, an aging population increase, and more and more cancers, which is driving demand for new diagnostic methods.
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Emergen Research has segmented the global tumor genomic market in terms of invention, application, end use, and segment:
- Technology Outlook (Revenue, billion USD; 2021–2028)
- Next Generation Sequencing Technology (GNA)
- Polymerase chain reaction (PCR)
- Microarray
- In-Situ Hybridization (ISH)
- Immunohistochemistry (ICH)
- Others (Mass Spectrometry and Flow Cytometry)
- Demand Forecast (Revenue, Billion USD; 2021–2028)
- Diagnostics and Analysis
- Detection and development of drugs
- Find Biomarker
- End-use forecast (Revenue, billion USD; 2021–2028)
- Academic and Research Agencies
- Hospitals and Ambulatory Clinics
- Clinical and diagnostic laboratory
- Biotechnology and Pharmaceutical Company
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- Regional forecast (Revenue, Billion USD; 2021–2028)
- North America
- Europe
- Germany
- RA
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- The rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- The rest of MEA
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About Emergen Research
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