New York, Dec. 15, 2020 (GLOBE NEWSWIRE) -- The global genomics in cancer care market is forecast to reach USD 39.94 Billion by 2027, according to a new report by Reports and Data. The genomics in cancer research market is observing high demand attributed to the increasing awareness about early cancer diagnosis. Detection of cancer at an early stage can considerably increase the chances for survival. Creating awareness to encourage early diagnosis and screening are the crucial steps responsible for early detection of disease which include colorectal, lung, breast, blood, and cervical, among others. Identifying warning symptoms of cancer and undertaking rapid measures is necessary for early diagnosis. Greater awareness of probable symptoms of the disease amongst physicians, nurses, and other healthcare providers, as well as the general public, would positively impact the survival rate of patients and hence would be instrumental in augmenting the genomics in cancer care market share.
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The COVID-19 impact:
The COVID-19 pandemic has made it essential to repurpose operating rooms for surgeries into intensive care units (ICUs) and pushed hospitals to accommodate patients beyond their full capacity of beds. This caused cancer patients to be categorized as non-urgent in many cases. In addition, the psychological effect of the delayed diagnosis of the disease as a consequence of the COVID-19 pandemic cannot be compromised because when patients' psychological, physical, and social wellbeing are viewed favorably, the chances of survival of patients have been shown to increase from a state of illness to recovery from the disease. COVID-19 has had an important and detrimental effect on cancer care and science, making it possible to create a new health emergency for the management of cancer patients.
Further key findings from the report suggest
- Genomics in cancer treatment offers knowledge that in different ways facilitates modern drug discovery. Valuable insights into the discovery of novel drug targets are provided by the human genome. In addition, more opportunities for drug development are provided by individual differences in the human genome.
- The decline in the cost of sequencing, along with advancement in technology in informatics, is expected to propel the research in pharmaceutical and biotechnology companies. Genetic solution is commonly used in small labs in clinical settings. The increase in genetic research is boosting genomics in cancer care market demand.
- In the forecast period, the microarray is likely to expand at a significant rate. With the aid of microarray analysis, numerous studies in cancer profiling have used multiple tumor versus control strategies, where the tumor gene expression profile is compared with its corresponding control sample to measure the similarities and differences between both phenotypes.
- In the Asia Pacific region, genomics in the cancer care market is projected to expand at the fastest pace in the forecast period due to the presence of a wide pool of patients, rising awareness of cancer diagnostics, and improving the region's healthcare infrastructure.
- Key participants include Agilent Technologies, Qiagen, GE Healthcare, Bio-Rad Laboratories, Sigma Aldrich, Roche Diagnostics, Illumina Inc., Abbott Laboratories, Cancer Genetics Inc., and Perkin Elmer, among others.
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For the purpose of this report, Reports and Data has segmented the global genomics in cancer care market on the basis of product type, technology, application, end-user, and region:
- Product Type Outlook (Revenue, USD Million; 2017-2027)
- Instruments
- Consumables
- Services
- Technology Outlook (Revenue, USD Million; 2017-2027)
- PCR
- Genome Sequencing
- Nucleic Acid Extraction & Purification
- Microarray
- Others
Application Outlook (Revenue, USD Million; 2017-2027)
-
- Diagnostics
- Personalized Medicine
- Drug Discovery & Development
- Others
- End-User Outlook (Revenue, USD Million; 2017-2027)
- Hospitals
- Research Institutes
- Others
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- Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
- North America
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