Cancer genome sequencing refers to the specialized field of genetic engineering focusing on the identification of genetic sequence in cancer cells. A more specialized sub-segment of this niche area is the field of personalized cancer genome sequencing, which refers to the identification and characterization of abnormal DNA and RNA sequencing in a particular cancer cell. Across the globe, the vast rise in prevalence of a variety of cancers has led to a significant rise in research activities aimed at the formulation of effective and accurate diagnostic and treatment methods.
Over the past few years, intense research and technological developments in genetic engineering have made the personalized cancer genome sequencing technology a reliable technique for the treatment of several kinds of cancers. This report on the global Personalized Cancer Genome Sequencing Market presents a detailed overview of the market with the help of in-depth quantitative and qualitative details and verifiable forecast about market’s future growth prospects.
The vast rise in prevalence of cancer across the glove, rising awareness regarding the available treatment methods in the market, and a rising openness towards the adoption of promising futuristic treatment methods are the key factor driving the global personalized cancer genome sequencing market. The market is also driven due to the vast developments observed in gene sequencing techniques and the high accuracy in results.
Being a relatively new method of cancer treatment, personalized cancer genome sequencing method is presently under clinical trials in several countries. In some countries across regions such as North America and Europe, these methods are practiced but are dealt through stringent regulatory control and taxing approval procedures from regulatory bodies. In the United States alone, the personalized cancer genome sequencing market is regulated by bodies such as Centers for Medicare & Medicaid Services (CMS), Centers for Disease Control and Prevention (CDC), and the U.S. FDA.
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From a geographical perspective, the personalized cancer genome sequencing market has been examined in the report for regional markets such as Asia-Pacific, Europe, North America, and Middle East and Africa. Of these, the North America market presently dominates, followed by the Europe market. Factors such as the highly developed healthcare infrastructures, high prevalence of cancer, presence of some of the world’s leading biotechnology companies, and high expenditure on healthcare present vast development opportunities for the market in these regions.
Asia-Pacific is also expected to emerge as a promising destination for development of the personalized cancer genome sequencing market in the next few years. This regional market is expected to exhibit growth at a healthy pace in the next few years. Factors such as the rising disposable incomes, increased expenditure on healthcare and wellness, and an improving healthcare infrastructure across developing economies such as India and China will drive the market. The thriving medical tourism industry in these countries is also expected to be a key driving factor. However, high costs of personalized cancer genome testing could limit the rate of adoption of this technique across the region to a certain extent.
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Although the scope of growth of the global personalized cancer genome sequencing market is huge, the market has witnessed the entry of very few companies owing to the stringent regulatory scenario governing the development prospects of new solutions and their marketing across regional markets with differing sets of approval processes. In the next few years as well, this factor is expected to permit few new players to foray into the global personalized cancer genome sequencing market.
Some of the leading players operating in the market are Ambry Genetics, Beckman Coulter Genomics, Illumina, Inc., Cofactor Genomics, and BGI Americas Corporation.