Genomic cancer testing refers to the examination of genetic abnormalities at molecular level to diagnose cancer and personalize cancer treatment. It helps in detecting various mutations, alterations and gene expression patterns associated with cancer development. The tests assists in understanding prognostic and predictive markers for individualized therapies.

The global genomic cancer testing market is estimated to be valued at US$ 18.61 billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increasing incidences of cancer presents a lucrative opportunity for growth of genomic cancer testing market size. It is estimated that over 1.9 Mn new cancer cases are diagnosed and over 600,000 cancer deaths occur in the US annually. In addition, over 18 Mn new cancer cases and 9.9 Mn cancer deaths are reported worldwide each year. Genomic cancer testing plays a vital role in improved cancer diagnosis, prognosis and optimization of treatment regimens. The rising cancer burden has increased focus on precision medicine approach for better clinical outcomes. This is expected to drive the demand for genomic cancer testing over the forecast period.

Porter's Analysis
Threat of new entrants: Low barrier for new players to enter cancer testing market due to rising demand but presence of established players.

Bargaining power of buyers: Moderate as there are multiple players providing cancer testing services but high treatment cost puts pressure.

Bargaining power of suppliers: Low as suppliers of testing kits and instruments are different than service providers.

Threat of new substitutes: Low as there isn't substitute for cancer diagnostic testing.

Competitive rivalry: High due to presence of large number of players offering price discounts and additional services.

SWOT Analysis
Strength: Early cancer detection increases survival rate. Growing cancer incidence rate drives market growth.

Weakness: High cost of testing limits access. Require skilled labor and advanced infrastructure.

Opportunity: Untapped emerging markets offer growth scope. Advances in genomic testing widen applications.

Threats: Stringent regulations hinder approvals and adoptions. Data privacy and security concerns.

Key Takeaways
The global Genomic Cancer Testing Market is expected to witness high growth at a CAGR of 7.8% during the forecast period of 2024 to 2031.

North America currently dominates due to presence of major players and increasing healthcare expenditure. The regional market is projected to reach US$ 8.21 billion by 2031.
Asia Pacific market is the fastest growing region going forward due to rising healthcare awareness, improving diagnostic infrastructure and growing cancer burden. Genomic Cancer Testing Market in the region is estimated to progress at a CAGR of around 10.5% during the forecast period.

Key players operating in the Genomic Cancer Testing market are Bitmain Technologies, MicroBT, Canaan Creative, NVIDIA, AMD, Genesis Mining, Bitfury Group, Hut 8 Mining Corp., Riot Blockchain, Marathon Digital Holdings, Hive Blockchain Technologies. They focus on expanding service portfolios and facilities to tap rising global demand.

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