Personalized Cancer Genome Sequencing Market: Overview
Identification of DNA and RNA sequence in cancer cell is referred as cancer genome sequencing. Personalized cancer genome sequencing is characterization and identification of abnormal gene sequence in particular cancer cells. Globally the prevalence rate of cancer is rapidly increasing. Abnormal gene identification assists in cancer treatment and thereby guides oncologists for better treatment.
Personalized cancer genome sequencing method is a relatively new technique and thus it is under clinical trial in some of the countries to check its efficacy and effectiveness. On the other hand, in some nations these methods are practiced with strict regulatory control followed by approvals from the U.S. Food and Drug Administration (FDA) to perform personalized cancer genome sequencing.
Personalized Cancer Genome Sequencing Market: Technological and Regulatory Overview
The U.S. FDA, Centers for Disease Control and Prevention (CDC), Centers for Medicare & Medicaid Services (CMS) are some of the regulatory bodies that are regulating personalized cancer genome sequencing market in the United States. Increasing incidences of cancer globally, rising awareness about the disease and available cancer treatments, continues development of new cancer cells and increased need of speeding up of cancer genome sequencing method are some of the driving forces for the growth of the global personalized cancer genome sequencing market.
Though the market scope of personalized cancer genome sequencing test is vast, stringent regulatory procedures permit very few market players to enter into the market. Moreover, high cost involved in the research and development of such tests and solutions is restraining the growth of the global personalized cancer genome sequencing market. Global market for personalized cancer genome sequencing is categorized on the basis of type of genome sequencing namely,
- Targeted genome sequencing
- Whole genome sequencing
Whole genome sequencing technology has developed tremendously in the past decade. Personalized cancer genome sequencing market is shifting rapidly from targeted genome sequencing to whole genome sequencing technology due to advancement in the technology that has enabled whole genome sequencing platform with bioinformatics platforms for better analysis of the data. In addition, market for whole genome sequencing technology is increasing due to lesser cost as compared to targeted genome sequencing technique.
Personalized Cancer Genome Sequencing Market: Region-wise Outlook
Geographically, the global personalized cancer genome sequencing market can be categorized into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America currently dominates this market and is followed by Europe due to factors such as highly developed technology, developed healthcare infrastructure and high disposable income. Asia-Pacific is a promising market for personalized cancer genome sequencing and is expected to undergo rapid market growth due to driving forces such as increasing purchasing power, rapidly improving healthcare infrastructure and increased awareness about the cancer and available treatment options.
In addition, the rapidly growing medical tourism industry in the Asia Pacific region especially countries such as India and China will attract global cancer patients and thus growth rate of personalized cancer genome testing market will be higher in India and China. Higher cost the personalized cancer genome test is limiting the adoption rate of personalized cancer genome testing in the Asia-Pacific region. Governments of Middle Eastern countries, gulf countries and African countries have initiated cancer awareness programs which are expected to fuel the growth of personalized cancer genome sequencing market in these countries.
Some of the market leaders contributing to the global personalized cancer genome sequencing market include Beckman Coulter Genomics, Ambry Genetics, BGI Americas Corporation, Illumina, Inc. and Cofactor Genomics.
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