Next-Generation Cancer Diagnostics Using Cell-Free DNA is Estimated to Witness High Growth Owing to

Author : naufan cmi | Published On : 12 Jan 2024

Next-generation cancer diagnostics using cell-free DNA (cfDNA) analyzes genetic material outside of cells to detect cancer and monitor treatment response. Such diagnostics offer non-invasive alternatives to biopsies and enable comprehensive genomic profiling from a simple blood draw to guide personalized treatment decisions. The technology has applications across various cancer types including breast, colorectal, lung, and prostate cancers.

The global Genomics Market is estimated to be valued at US$46.2 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Advances in genome sequencing technologies have enabled analysis of cfDNA circulating in blood with high sensitivity and specificity. This has facilitated the development and commercialization of liquid biopsy tests for early cancer detection as well as monitoring disease progression and recurrence. Further, rising prevalence of cancer worldwide coupled with growing demand for minimally invasive screening and diagnostics is fueling investments in genomics research and adoption of cfDNA analysis in clinical settings. However, regulatory and reimbursement challenges continue to restrict the wide clinical application of cfDNA-based tests. Companies are focused on demonstrating clinical utility and value proposition to drive coverage and reimbursement for their liquid biopsy platforms.

SWOT Analysis
Strength: The genomics market has witnessed significant technological advancements in recent years. Advancements such as next generation sequencing, bioinformatics tools, and decreased genome sequencing costs have increased accessibility. The increasing applications of genomics across various disease areas such as cancer and rare diseases have also boosted the market growth.

Weakness: However, the lack of skilled professionals and ethical & legal issues related to genomic data still persist in the industry. Data privacy regulations also vary significantly across regions, posing challenges. Additionally, the high costs associated with infrastructure for genomic analysis remains an impediment, especially in price-sensitive developing markets.

Opportunity: The rising focus on pharmacogenomics and precision medicine provides lucrative opportunities. Growing demand for direct-to-consumer genetic testing is another key opportunity. Emerging economies also offer scope for market expansion due to improving healthcare infrastructure and increasing healthcare spending in these regions.

Threats: Strict regulatory norms and non-alignment of regulations across borders can negatively impact the market. Security issues pertaining to genomic data storage and transmitting patient information also pose threats. The market also faces threats from limited clinical validity and uncertain relevance of many genomic tests.

Key Takeaways
The Global Genomics Market Size is expected to witness high growth in the coming years. According to estimates, the market size is projected to reach US$ 46.2 Bn by 2024, expanding at a robust CAGR of 10% during the forecast period of 2023 to 2030.

Regional analysis: North America currently dominates the global genomics market, attributed to the presence of leading companies and availability of research funding. However, Asia Pacific is expected to show strong growth fueled by increasing healthcare spending, supportive government policies, and expansion of key players in the region. Countries such as China, India, South Korea, and Japan are emerging as lucrative markets.

Key players: Key players operating in the genomics market are Signify Holding (PHILIPS), Illumina, Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Inc., PerkinElmer, Inc., QIAGEN N.V, BGI Group, Eurofins Scientific, F. Hoffmann-La Roche Ltd, Danaher Corporation. These companies have strong geographic presence and offer a wide range of genomic products and services. They are focusing on new product launches, acquisitions, and partnerships to strengthen their market position.

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