What is Somatic Genetic Testing Market Scope?
The Global Increase in Cancer Prevalence will help to boost the global Somatic Genetic Testing market in the forecasted period. Somatic genetic tests look for gene changes only. Somatic testing is done on cancer cells. It can help doctors learn more about your cancer. Germline testing is done on non-cancer cells. It can show if a genetic change is in all of the cells in your body. Somatic testing is done on cancer cells. It can help doctors learn more about your cancer. Germline testing is done on non-cancer cells. It can show if a genetic change is in all of the cells in your body. Somatic mutation analysis is a standard of practice for tumors in order to identify therapeutic sensitizing and resistance mutations. This allows a finer assessment of the diagnosis and prognosis and targeted therapies directed towards the individual patient's tumor profile.
The Somatic Genetic Testing market study is being classified by Type (Product (Kits and Assays, Instruments, and Software) and Services), by 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)) and major geographies with country level break-up. According to AMA, the Global Somatic Genetic Testing market is expected to see growth rate of 9.8% and may see market size of USD1701.0 Million by 2026.
Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Somatic Genetic Testing market throughout the predicted period.
ARUP Laboratories (United States), ASURAGEN Inc. (United States), Beijing Genomics Institute (BGI) Genomics Co., Ltd (China), bioMerieux S.A. (France), CENTOGENE N.V. (Germany), F. Hoffmann-La Roche Ltd. (Switzerland), Guardant Health, Inc. (United States), Illumina, Inc. (United States) and Invivoscribe, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Laboratory Corporation of America Holdings, Mission Bio, NeoGenomics Laboratories, Inc., OmniSeq, Oxford Nanopore Technologies Ltd. and Pacific Biosciences of California, Inc..
Analyst at AMA have segmented the market study of Global Somatic Genetic Testing market by Type, Application and Region.
On the basis of geography, the market of Somatic Genetic Testing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Influencers and their development strategies
On 31st May 2021, Illumina, Inc., the global leader in DNA sequencing and array-based technologies and Next-Generation Genomics Co., Ltd. (NGG Thailand), the Association of Southeast Asian Nations (ASEAN) leaders in laboratory services and reproductive science, has announced the launch of VeriSeq™ NIPT Solution v2 in Thailand, a CE-IVD, next-generation sequencing (NGS)-based approach to noninvasive prenatal testing (NIPT).
On 22 May 2020 - Roche has announced that it has acquired Stratos Genomics, an early-stage sequencing technology company to advance the development of Roche’s nanopore sequencer. The acquisition provides Roche access to Stratos Genomic's unique chemistry, Sequencing by Expansion (SBX™).
Influencing Market Trend
- Decreasing Cost of Sequencing
- Increasing Adoption of Inorganic Growth Strategies
- Global Increase in Cancer Prevalence
- Increasing Consumer Awareness for Tailored Cancer Therapy
- Technological Advancements in the Field of Cancer Genomics
- Massive Scope for Adoption of NGS-based Somatic Genetic Testing in the Emerging Markets
- Uncertain Regulatory and Reimbursement Policies
- Lack of Trained Professionals in the Field of Oncology
Key Target AudienceSomatic Genetic Testing Providers, Government Regulatory Bodies, Private Research Organizations, Government Research Organizations and Others
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):
1. At what growth rate would the Somatic Genetic Testing market expands?
The Global Somatic Genetic Testing market is expected to see a growth of 9.8% during projected year 2020 to 2026.
2. Who are the prominent players of the Global Somatic Genetic Testing market?
The prominent players of Global Somatic Genetic Testing market are ARUP Laboratories (United States), ASURAGEN Inc. (United States), Beijing Genomics Institute (BGI) Genomics Co., Ltd (China), bioMerieux S.A. (France), CENTOGENE N.V. (Germany), F. Hoffmann-La Roche Ltd. (Switzerland), Guardant Health, Inc. (United States), Illumina, Inc. (United States) and Invivoscribe, Inc. (United States), to name a few.
3. What are the top priorities to focus for Somatic Genetic Testing market’s growth?
In this highly competitive & fast evolving Somatic Genetic Testing industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.