Our healthcare experts have found somatic genetic testing industry to be one of the most rapidly evolving and dynamic markets and the global market for somatic genetic testing is predicted to grow at a CAGR of 9.30% over the forecast period of 2020-2030. The market is driven by certain factors, which include, global increase in cancer prevalence, increasing consumer awareness for tailored cancer therapies, decreasing cost of sequencing, and increasing adoption of inorganic growth strategies in the market.
The market is favored by the developments in the field of cancer genomics and its attributes such as somatic mutation analysis. The global somatic genetic testing is witnessing significant growth due to the increase in cancer prevalence, increasing consumer awareness for tailored cancer therapy, decreasing cost of sequencing, and increasing adoption of inorganic growth strategies in the market. Additionally, rapid adoption of sequencing instruments by the researchers to conduct cancer genomic research and increasing emphasis on precision medicine are some of the critical factors, which are expected to bolster the market growth.
Furthermore, biotechnology companies are focusing on the development of robust somatic genetic testing solutions for a wide range of applications to support clinicians for conducting in-depth somatic mutation analysis.
Within the research report, the market is segmented on the basis of product type, sample, technology, application, end users, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
The exponential rise in the number of cases associated with cancer has created a buzz among the biotechnology companies, compelling them to further invest in the development of cancer diagnostic solutions for somatic mutation analysis, thereby aiding clinicians to offer precision therapeutics for cancer treatment. Due to the presence of a diverse product portfolio and intense market penetration, Thermo Fisher Scientific Inc. has been a pioneer in this field and has been a significant competitor in this market.
On the basis of region, North America holds the largest share of the somatic genetic testing market due to high infusion of funding from the government organizations for conducting cancer research, growing prevalence of cancer, rising awareness about precision medicine, and increasing awareness about early cancer detection, among others. Apart from this, Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period, 2020-2030.
Market Report Coverage - Somatic Genetic Testing
- Product Type – Products (Kits and Assays, Instruments, and Software) and Services
- Sample– Tissue-Based, Blood-Based, Bone Marrow Aspirates, and Others
- Technology – Sequencing (NGS and Traditional Sequencing), Polymerase Chain Reaction (RT-PCR and dPCR), Microarray, and Other Technologies
- Application – Solid Tumors (Breast Cancer, Prostate Cancer, Colorectal Cancer, Lung Cancer, Liver Cancer, Ovarian Cancer, and Other Solid Tumors), and Hematological Malignancies (Leukemia, Lymphoma, and Myeloma)
- End User – Academic and Research Institutions, Hospitals and Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies, Contract Research Organizations, and Other End Users
- North America – U.S., and Canada
- Europe – Germany, U.K., France, Italy, Spain, Netherlands, and Rest-of-Europe
- Asia-Pacific – China, Japan, India, Australia, South Korea, and Rest-of-Asia-Pacific
- Latin America – Brazil, Mexico, and Rest-of-Latin America
- Global Increase in Cancer Prevalence
- Increasing Consumer Awareness for Tailored Cancer Therapy
- Decreasing Cost of Sequencing
- Increasing Adoption of Inorganic Growth Strategies in the Market
- Uncertain Regulatory and Reimbursement Policies
- Lack of Trained Professionals in the Field of Oncology
- Lack of Established Treatment Protocols for High-Valued Cancer Tests in Emerging Economies
- Technological Advancements in the Field of Cancer Genomics
- Massive Scope for Adoption of NGS-based Somatic Genetic Testing in the Emerging Markets
Key Companies Profiled
Agilent Technologies, Inc., ARUP Laboratories, ASURAGEN INC., Beijing Genomics Institute (BGI) Genomics Co., Ltd, bioM?rieux S.A., CENTOGENE N.V, CIRCULOGENE Theranostics, LLC, F. Hoffmann-La Roche Ltd., Guardant Health, Inc., Illumina, Inc., Invivoscribe, Inc., Laboratory Corporation of America Holdings, Mission Bio, NeoGenomics Laboratories, Inc., OmniSeq, Oxford Nanopore Technologies, Ltd., Pacific Biosciences of California, Inc., QIAGEN N.V., Quest Diagnostics Incorporated, and Thermo Fisher Scientific Inc.
Key questions answered in this report:
- How is somatic genetic testing revolutionizing the field of cancer diagnostics?
- What are the major market drivers, challenges, and opportunities in the global somatic genetic testing market?
- What are the underlying structures resulting in the emerging trends within the global somatic genetic testing market?
- How did the COVID-19 pandemic impact the global somatic genetic testing landscape?
- What are the key development strategies that are being implemented by the major players in order to sustain in the competitive market?
- What are the key regulatory implications in developed and developing regions pertaining to somatic genetic testing?
- What are the potential entry barriers, which are expected to be faced by the companies willing to enter in a particular region?
- How is each segment of the market expected to grow during the forecast period from 2020 to 2030 and what is the anticipated revenue to be generated by each of the segments? Following are the segments:
- Product Type (Products and Services)
- Sample (Tissue-Based, Blood-Based, Bone Marrow Aspirates, and Others)
- Technology (Sequencing, PCR, Microarray, and Others)
- Application (Solid Tumors and Hematological Malignancies)
- End User (Academic and Research Institutions, Hospitals and Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies, Contract Research Organizations, and Others)
- Region (North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World)
- What are the growth opportunities for the companies in the region of their operation?
- Who are the leading players with significant offerings in the global somatic genetic testing market?
- Which companies are anticipated to be highly disruptive in the future, and why?
- What are the current unmet needs that are being faced?