Dublin, March 29, 2021 (GLOBE NEWSWIRE) -- The "Global Somatic Genetic Testing Market: Focus on Product Type, Sample, Technology, Applications, End Users, Country Data (15 Countries), and Competitive Landscape - Analysis and Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
Global Somatic Genetic Testing Market to Reach $16.79 Billion by 2030
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.
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.
Key Topics Covered:
1 Product Definition
2 Market Scope
3 Research Methodology
4 Market Overview
4.1 Market Definition
4.2 Market Footprint and Growth Potential, $Million, 2019-2030
4.3 Commercialized Assays and Applications
4.4 COVID-19 Impact: Global Somatic Genetic Testing Market
5 Industry Insights
5.2 Legal Requirements and Framework in U.S.
5.2.1 FDA Regulation
5.2.2 CMS Regulation
5.3 Legal Requirements and Framework in Europe
5.4 Legal Requirements and Framework in Asia-Pacific
5.5 Reimbursement Analysis
6 Market Dynamics
6.2 Iceberg Analysis
6.3 Impact Analysis
6.4 Market Drivers
6.4.1 Global Increase in Cancer Prevalence
6.4.2 Increasing Consumer Awareness for Tailored Cancer Therapy
6.4.3 Decreasing Cost of Sequencing
6.4.4 Increasing Adoption of Inorganic Growth Strategies in the Market
6.5 Market Restraints
6.5.1 Uncertain Reimbursement and Regulatory Policies
6.5.2 Lack of Trained Professionals in the Field of Oncology
6.5.3 Lack of Established Treatment Protocols for High-Valued Cancer Tests in Emerging Economies
6.6 Market Opportunities
6.6.1 Technological Advancements in the Field of Cancer Genomics
6.6.2 Massive Scope for Adoption of NGS-based Somatic Genetic Tests in Emerging Markets
7 Competitive Landscape
7.1 Product Launches and Upgradations
7.2 Product Approvals
7.3 Synergistic Activities
7.5 Market Share Analysis, by Company, 2018-2019
7.6 Growth Share Analysis
8 Global Somatic Genetic Testing Market (by Product Type), $Million, 2019-2030
8.2.1 Kits and Assays
9 Global Somatic Genetic Testing Market (by Sample), $Million, 2019-2030
9.4 Bone Marrow Aspirates
9.5 Other Samples
10 Global Somatic Genetic Testing Market (by Technology), $Million, 2019-2030
10.2.1 Next-Generation Sequencing (NGS)
10.2.1.1 Sequencing by Synthesis
10.2.1.2 Other Next-Generation Sequencing Technologies
10.2.2 Traditional Sequencing
10.3 Polymerase Chain Reaction (PCR)
10.3.1 Real-Time Polymerase Chain Reaction (RT-PCR)
10.3.2 Digital Polymerase Chain Reaction (dPCR)
10.5 Other Technologies
11 Global Somatic Genetic Testing Market (by Application), $Million, 2019-2030
11.2 Solid Tumors
11.2.1 Breast Cancer
11.2.2 Prostate Cancer
11.2.3 Colorectal Cancer (CRC)
11.2.4 Lung Cancer
11.2.5 Liver Cancer
11.2.6 Ovarian Cancer
11.2.7 Other Solid Tumors
11.3 Hematological Malignancies
12 Global Somatic Genetic Testing Market (by End User), $Million, 2019-2030
12.2 Academic and Research Institutions
12.3 Hospitals and Diagnostic Laboratories
12.4 Pharmaceutical and Biotechnology Companies
12.5 Contract Research Organizations (CROs)
12.6 Other End Users
13 Global Somatic Genetic Testing Market (by Region), $Million, 2019-2030
14 Company Profiles
Agilent Technologies, Inc.
Beijing Genomics Institute (BGI) Genomics Co., Ltd
CIRCULOGENE Theranostics, LLC
F. Hoffmann-La Roche Ltd.
Guardant Health, Inc.
Laboratory Corporation of America Holdings
NeoGenomics Laboratories, Inc.
Oxford Nanopore Technologies Ltd.
Pacific Biosciences of California, Inc.
Quest Diagnostics Incorporated
Thermo Fisher Scientific Inc.
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