Global Cancer-focused Genetic Testing Service Market Size To Exceed USD 16.51 Billion By 2033 | CAGR of 7.81%
Category: HealthcareGlobal Cancer-focused Genetic Testing Service Market Size To Exceed USD 16.51 Billion y 2033
According to a research report published by Spherical Insights & Consulting, the Global Cancer-focused Genetic Testing Service Market Size Expected to Grow from USD 7.78 Billion in 2023 to USD 16.51 Billion by 2033, at a CAGR of 7.81% during the forecast period 2023-2033.
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Browse key industry insights spread across 260 pages with 120 Market data tables and figures & charts from the report on the "Global Cancer-focused Genetic Testing Service Market Size, Share, and COVID-19 Impact Analysis, By Test Type (Chromosome Testing, DNA Testing, Direct DNA Testing, Indirect DNA Testing, Biochemical Genetic Testing), By Cancer Type (Breast Cancer, Colorectal Cancer, Lung Cancer, Bladder Cancer, Kidney Cancer, Other), By End-user (Hospitals and Clinics, Diagnostic Laboratories, Specialty Cancer Clinics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/cancer-focused-genetic-testing-service-market
The cancer-focused genetic testing service market includes specialist diagnostic services that examine genetic material for cancer-related alterations. This market uses modern technologies, such as next generation sequencing (NGS) and liquid biopsies, to provide accurate early cancer detection and individualized treatment programs for patients. Given the rising global cancer burden and the utilization of personalized medicines, this market can be viewed as a critical player in improving patient outcomes and promoting precision oncology. Furthermore, developments in genetic testing technologies, rising cancer rates, and a shift toward customized care are boosting market expansion. However, raising ethical concerns, such as privacy violations and discrimination based on privacy, in addition to regulatory restrictions and reimbursement constraints, may limit patient access to cancer-focused genetic testing markets, limiting further expansion.
The DNA testing segment is expected to hold the largest share of the global cancer-focused genetic testing service market during the projected timeframe.
Based on test type, the global cancer-focused genetic testing service market is categorized as chromosome testing, DNA testing, direct DNA testing, indirect DNA testing, and biochemical genetic testing. Among these, the DNA testing segment is expected to hold the largest share of the global cancer-focused genetic testing service market during the projected timeframe. Advancements in NGS technology have increased the accuracy and efficiency of DNA tests, making them more accessible to healthcare practitioners and patients. The concept of personalized medicine, which tailors treatment based on genetic profiles, boosts the demand for DNA testing.
The breast cancer segment is expected to grow at the fastest CAGR during the projected timeframe.
Based on the cancer type, the global cancer-focused genetic testing service market is categorized as breast cancer, colorectal cancer, lung cancer, bladder cancer, kidney cancer, and other. Among these, the breast cancer segment is expected to grow at the fastest CAGR during the projected timeframe. This growth is due to growing knowledge and demand for genetic testing to discover abnormalities in genes such as BRCA1 and BRCA2, which dramatically raises the risk of developing breast cancer.
The diagnostic laboratories segment is expected to hold the largest share of the global cancer-focused genetic testing service market during the projected timeframe.
Based on end-user, the global cancer-focused genetic testing service market is categorized as hospitals and clinics, diagnostic laboratories, and speciality cancer clinics. Among these, the diagnostic laboratories segment is expected to hold the largest share of the global cancer-focused genetic testing service market during the projected timeframe. The sector's growth is being driven by advances in NGS technology that provide complete genetic analysis for use in building personalized treatment strategies. The government's initiatives, led by the CMS, expanded coverage to include NGS testing, allowing patients additional options and encouraging diagnostic laboratories to offer more services in this sector.
North America is projected to hold the largest share of the global cancer-focused genetic testing service market over the projected timeframe.
North America is projected to hold the largest share of the global cancer-focused genetic testing service market over the projected timeframe. The region's healthcare system is robust, making advanced genetic testing methods more accessible. Government programs such as the Cancer Moonshot program support funding for cancer research and improve access to genetic testing.
Asia Pacific is expected to grow at the fastest CAGR growth of the global cancer-focused genetic testing service market during the projected timeframe. The rising prevalence of cancer, enhanced genetic testing technology, and heightened public awareness of the benefits of early detection. Governments are pushing cancer screening and diagnostic programs, improving healthcare infrastructure, and investing in R&D to bring breakthrough diagnostic solutions.
Major vendors in the global cancer-focused genetic testing service market are The Johns Hopkins Hospital, Bridgeport Hospital, Greenwich Hospital, Lawrence Memorial Hospital, Westerly Hospital, Yale New Haven Hospital, Cleveland Clinic, Fortis Healthcare, KIMS Hospitals, Rush University Medical Center, Northeast Medical Group, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In January 2024, The European Commission granted important approval for the Roche Tecentriq SC, paving the way for therapeutic accessibility. In addition, QIAGEN Digital Insights introduced an improved next-generation sequencing approach for detecting somatic mutations in order to improve cancer diagnosis.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cancer-focused genetic testing service market based on the below-mentioned segments:
Global Cancer-focused Genetic Testing Service Market, By Test Type
- Chromosome Testing
- DNA Testing
- Direct DNA Testing
- Indirect DNA Testing
- Biochemical Genetic Testing
Global Cancer-focused Genetic Testing Service Market, By Cancer Type
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Bladder Cancer
- Kidney Cancer
- Other
Global Cancer-focused Genetic Testing Service Market, By End-user
- Hospitals and Clinics
- Diagnostic Laboratories
- Specialty Cancer Clinics
Global Cancer-focused Genetic Testing Service Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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