Somatic Genetic Testing Market Report Helps To Predict Investment In An Emerging Market

According to Our healthcare experts have found somatic genetic testing industry to be one of the most rapidly evolving and dynamic markets and the global market for somatic genetic testing is predicted to grow at a CAGR of 9.30% over the forecast period of 2020-2030. The market is driven by certain factors, which include, global increase in cancer prevalence, increasing consumer awareness for tailored cancer therapies, decreasing cost of sequencing, and increasing adoption of inorganic growth strategies in the market.

The market is favored by the developments in the field of cancer genomics and its attributes such as somatic mutation analysis. The global somatic genetic testing is witnessing significant growth due to the increase in cancer prevalence, increasing consumer awareness for tailored cancer therapy, decreasing cost of sequencing, and increasing adoption of inorganic growth strategies in the market. Additionally, rapid adoption of sequencing instruments by the researchers to conduct cancer genomic research and increasing emphasis on precision medicine are some of the critical factors, which are expected to bolster the market growth.

Furthermore, biotechnology companies are focusing on the development of robust somatic genetic testing solutions for a wide range of applications to support clinicians for conducting in-depth somatic mutation analysis.

The exponential rise in the number of cases associated with cancer has created a buzz among the biotechnology companies, compelling them to further invest in the development of cancer diagnostic solutions for somatic mutation analysis, thereby aiding clinicians to offer precision therapeutics for cancer treatment. Due to the presence of a diverse product portfolio and intense market penetration, Thermo Fisher Scientific Inc. has been a pioneer in this field and has been a significant competitor in this market.

On the basis of region, North America holds the largest share of the somatic genetic testing market due to high infusion of funding from the government organizations for conducting cancer research, growing prevalence of cancer, rising awareness about precision medicine, and increasing awareness about early cancer detection, among others. Apart from this, Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period, 2020-2030.

The market is segmented on the basis of product type, sample, technology, application, end users, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.

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