Market Analysis - Journal of Medical Oncology and Therapeutics (2020) Volume 5, Issue 1
2020 Market analysis for 18th World Congress on Cancer Genomics
Cancer being a life-threatening disease has the emergency to be cured to save lives. However, it was very challenging to deal with the disorder as no appropriate cure was available to cure the same. 2 decades ago, the accomplishment in the Human Genome Project led the scientists and oncologists to find a different direction to fight the disease giving rise to the branch of Oncogenomics. Within a span of very few years this technique has accomplished huge identification with its achievement in determining the individual tissue related mutations that are causing cancer and the efficient personalised medicines that have established to be a boon in curing cancer.
The expanding studies and productive researches in the field have given rise to its market value and is advancing on its way to grab the entire market and prevent it from the fatal cancer disease. The global cancer genomics size was valued to be $9220 million in 2014 and grew to be $15.9 billion in 2018. The increasing investments by governments in biotech, growth in number of genomics projects, reducing sequencing cost and the improving R&D activities for the development of novel therapies are acting as the major supports for the growth of the Oncogenomics market.
Oncogenomics is the analysis of the alterations in the human genes that hasten the progression of mutation to make the cell to not work appropriately by shifting its proteins which leads to the creation of tumour cells. The examination of the malignancy gene helps in directing towards the mutation directly in order to heal the disease or avoid it from growth. Advanced genomic testing is beneficial in identifying the DNA variations which can cause in the gene modifications resulting in the formation of cancer cells. Genomic testing assist oncologists to study about the individual genomic variations that are unique for each individual, hence formulating personalised medicine to target such mutation cells will be forever beneficial in treating the disease.
Oncogenomics global market report is divided on the basis of product, application, technology, and country/region level which helps in better understanding of the market.
• Product basis
• The survey of 2018 revealed that consumables represented the maximum share of the market while there is a possible opportunity of growth in the service sector for the future.
• Application basis
• Personalised Medicines
• Drug delivery
• The declining cost of sequencing and growing researches on
• diseases have aided in making the diagnostic segment to be the
• largest and fastest expanding segment in the genomics market.
• Technology basis
• Gene Sequencing
• Nucleic acid extraction and purification
Technological advancements, mounting exploration on cancer genomics, & low price of DNA magnification are playing a major role in making PCR the main player and the largest shareholder in the technology field of Oncogenomics.
• Region Basis
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
The expanding quantity of patients and the rising sum of funds from the biopharmaceutical company and government for promotion of new drugs have rendered North America the key player in the market of Oncogenomics. The presence of R&D foundation and environment attracts a lot of international patients into the region for the treatment of cancer. The trend is also pursued by Europe and Asia Pacific. Asia Pacific is estimated to grow in a fast rate due to the increase in understanding of advanced technologies, investments made by biopharmaceuticals industries of regions involving India & China and assistance of government that has estimated significant market opportunities in these areas.
The key players in the Industry of cancer genomics consist of
• Agilent Technologies
• Roche Diagnostics
• Beckman Coulter
• Cancer Genetic Inc.
• Bio-Rad Labs
• Pacific Bioscience
• Sigma Aldrich Corporation
• GE Healthcare
• Quest Diagnostics
• Abbott Laboratories
• Oxford Nanopore Technologies
These industries are constantly working on improving the technologies in order to decrease the efforts and provide with precise diagnosis of cancer and concentrating on making people aware of the technologies and reaching the unexploited markets.
The international single cell analysis market size was evaluated at USD 1.4 billion in 2016 and is likely to grow at a CAGR of 17.4% over the estimate period. Expanding treatments of single cell analysis in genomics, transcriptomic, proteomics, and epigenetic studies are expected to drive market growth. Evaluating the practice of genomics which is working to bring a radical change in the cancer field processes due to instantaneous advancements in genomics and personalized medicine the global genomics in cancer care market size was valued at USD 4,702.1 million in 2018 and is anticipated to grow at a CAGR of 17.7% between 2019 and 2025. The intensifying trend of targeted therapies show the steady growth of usage of genomics in the clinical fields.
The result of genomic estimation helps in better diagnosis of diseases and identification of underlying problems that generally remain undetected by typical screening procedures. This facilitates evidence-based decision-making and development of personalised treatment. The scientific advancement in data analysis is propelling the researchers of cancer nursing community to revolutionize precision-based therapies from the further amount of DNA data available. This inquisitiveness of the health-care professionals to exploit the existing genomic information in innovation of better and target based personalised medicines is pondering to stunningly affect the genomics market. In addition, the reducing cost of sequencing has aided the researchers to merge the sequencing created information with diagnostic information to enrich the arena of personalised treatment.
The companies that play a key role in the innovation of such medical practices has additionally planned to intensification of their global association along with the regional coalitions in order to reach the Direct to Customers labs in various areas to increase their revenue production and enhance the market share. The necessity of such target-based medicines is projected to remain strong as the patients are concentrating majorly on healthy lifestyles.
The commitment in Distributed Transaction Coordinator laboratories is being enlarged globally in order to empower consumers to access information about their genetics without essentially including healthcare professionals in the process.