GENOMIC CANCER TESTING MARKET ANALYSIS

Market Challenges And Opportunities

• High Costs
• Reimbursement Challenges
• Limited Clinical Evidence

Global Genomic Cancer Testing Market Drivers:

• Increasing Cancer Incidence: The rising prevalence of cancer globally is a significant driver for the genomic cancer testing market. As the number of cancer cases continues to increase, there is a growing need for accurate and comprehensive genomic testing to understand the molecular characteristics of tumors and guide personalized treatment strategies. For instance, according to data published by World Health Organization (WHO) in July 2023, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally, in 2020.
• Advancements in Genomic Technologies: Technological advancements in genomic sequencing and analysis techniques, such as next-generation sequencing (NGS), have revolutionized the field of genomics. These advancements have made genomic cancer testing more accessible, cost-effective, and efficient, driving its adoption in clinical practice. For instance, in March 2022, Illumina, Inc., an U.S.-based biotechnology company, announced the launch of TruSight Oncology (TSO) Comprehensive (EU), a single test that assesses multiple tumor genes and biomarkers to reveal the specific molecular profile of a patient's cancer. With its global launch first taking place in Europe, the in vitro diagnostic (IVD) kit will help inform precision medicine decisions for cancer patients across the continent.
• Shift towards Personalized Medicine: Genomic cancer testing plays a crucial role in the shift towards personalized medicine. It enables healthcare professionals to tailor treatment plans based on the genetic profile of each patient's tumor, leading to more targeted and effective therapies. The growing emphasis on personalized medicine approaches is driving the demand for genomic cancer testing.
• Improved Treatment Outcomes: Genomic cancer testing has shown promising results in improving treatment outcomes. By identifying specific genetic alterations in tumors, healthcare providers can select targeted therapies that are more likely to be effective, thereby enhancing patient outcomes and reducing unnecessary treatments or adverse effects.

Global Genomic Cancer Testing Market Opportunities:

• Expanded Clinical Applications: While genomic cancer testing is already being used in various stages of cancer care, there is an opportunity for further expansion in its clinical applications. As per understanding of the genomic basis of cancer advances, there is potential to identify new biomarkers and genetic targets that can guide treatment decisions and improve patient outcomes. Exploring and validating these additional clinical applications can open up new avenues for genomic cancer testing.
• Integration with Big Data and Artificial Intelligence: Genomic cancer testing generates vast amounts of genomic data. Integrating this data with advanced analytics, big data technologies, and artificial intelligence (AI) algorithms can enhance data interpretation, improve treatment prediction models, and optimize patient stratification. The utilization of AI and machine learning algorithms can enable more accurate identification of actionable genetic alterations and facilitate the development of precision oncology.
• Liquid Biopsy and Non-Invasive Testing: Liquid biopsy, a non-invasive method of detecting circulating tumor DNA (ctDNA) and other biomarkers in blood samples, holds significant promise in the genomic cancer testing market. It offers a less invasive alternative to traditional tissue biopsies and allows for real-time monitoring of tumor dynamics and treatment response. Further research and technological advancements in liquid biopsy techniques can expand its utility and accessibility, opening up new opportunities for genomic cancer testing. Moreover, key players operating in the market focusing on product launches, which is expected to propel market growth over the forecast period. For instance, in May 2023, Labcorp, a leading global life sciences company, launched Labcorp Plasma Focus, a new liquid biopsy test enabling targeted therapy selection for patients with advanced or metastatic solid tumors. The test allows treating oncologists to evaluate circulating cell-free DNA (cfDNA) released by tumor cells and better manage the care of their patients through a personalized, targeted therapy plan.
• Emerging Markets: There are untapped opportunities for genomic cancer testing in emerging markets, particularly in regions with a high burden of cancer and growing healthcare infrastructure. As these regions develop their healthcare systems and increase access to advanced diagnostics, there is a potential for increased adoption of genomic cancer testing. Developing tailored strategies and solutions for these markets can unlock new growth opportunities.