The global genomics in cancer care market size is expected to reach USD 72.87 billion by 2032, according to a new study by Polaris Market Research. The report “Genomics in Cancer Care Market Share, Size, Trends, Industry Analysis Report, By Product (Consumable, Instrument and Services); By Technology; By Application; By End-use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is primarily driven by the increasing prevalence of cancer patients globally, and rising demand for diagnostics coupled with the availability of cost-effective and technologically advanced technology. Additionally, awareness and growing preference for personalized medicines is also influencing the market growth. Moreover, continuous investment in research and developments by the biotechnology & pharmaceutical companies would also fuel the market growth.
The Covid-19 epidemic has drastically altered the healthcare business as a whole, and its effects may be seen in many areas of the industry. To create an effective vaccine or cutting-edge therapy for COVID-19, both the government and commercial pharmaceutical and biotechnology businesses have intensified their research operations and raised their funding.
Monitoring the coronavirus genome sequence can assist determine how an infection spreads and what effects it has on the human genome. With this knowledge, an infectious treatment strategy may subsequently be created. Researchers are tracing the genesis of COVID-19 infection in their nations and the start of community transmission using the viral genome data.
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Genome sequencing has enormous potential, which has led to an increase in start-ups in recent years. Several businesses have begun offering sequencing services for a range of purposes, including nutrition, ancestry, genetic illnesses, and others, as a result of the enormous potential presented by genome sequencing. It is anticipated that start-up companies would receive more capital, which will help the industry expand.
For instance, consumer genomics business Ancestry is expected to provide a new product with next-generation sequencing in August 2020. Ancestry Health, a new solution driven by Next Generation Sequencing (NGS) that promises to give clients insights into their health and risk factors, may check for genes linked to blood diseases, colon cancer, breast cancer, and heart disease.
Genomics in Cancer Care Market Report Highlights
Polaris Market Research has segmented the Genomics in Cancer Care market report based on product, technology, application, end-use, and region:
Genomics in Cancer Care, Product Outlook (Revenue - USD Billion, 2019 - 2032)
Genomics in Cancer Care, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Genomics in Cancer Care, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Genomics in Cancer Care, End-use (Revenue - USD Billion, 2019 - 2032)
Genomics in Cancer Care, Regional Outlook (Revenue - USD Billion, 2019 - 2032)