In addition, increasing demand for personalized medicines in molecular characterization of cancer to identify therapeutic targets is the factor attributing towards the market growth. Similarly, factors such as cost reduction in genome sequencing, growing healthcare expenditure levels and development of effective diagnostics & therapeutic procedures for cancer are responsible for the potential growth of genomics in cancer care.
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Further key findings from the study suggest:
- Instrument segment dominated the overall market in terms of revenue share as of 2014 and accounted for 33.4% of market owing to high cost associated with it. Whereas, consumables are most widely used product segment in genome testing as they are indispensible component and frequently required to perform the test.
- Demand for services such as next generation sequencing, PCR and other such as cancer risk management & genetic testing are expected to grow over the forecast period due to increasing outsourcing activities to perform genome analysis. High cost of performing genetic tests and growing awareness pertaining to associated benefits with the use of these technologies are high impact rendering drivers for this segment.
- Drug discovery and development segment is expected to show lucrative CAGR of 17.6% during the forecast period owing to increasing demand for effective treatment for cancer and growing investment in biomedicines by manufacturers for the development of novel products.
- Genome sequencing held the dominant share of technology segment as it is most prominently used for diagnosis due to associate benefits such as faster and accurate method. It is expected to show significant growth rate of 17.5% in coming years owing to remarkable decrease in the cost for genome sequencing and increasing adoption rates.
- The cancer research segment held the largest share of 34.1% in 2014 due to increasing demand for faster & accurate diagnostic methods to treat variety of cancer. Other use such as commercial adoption of genetic testing is expected to be fastest growing segment owing to increasing demand of cancer genomic testing to fulfill unmet needs in healthcare sector.
- Some key players operating in this market include Beckman Coulter Inc., Illumina, Inc, Affymetrix, Roche Diagnostics, Agilent Technologies, Cancer Genetics Inc., Danaher Corporation, Bio-Rad Labs, Pacific Biosciences, Quest Diagnostics, Sigma Aldrich, Luminex, Thermo Fisher scientific, Oxford Gene Technology., PerkinElmer, Qiagen, and GE Healthcare.
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