Somatic Genetic Testing Market Size, Share, Growth, And Industry Analysis, By Type (Product and Services), By Application (Academic and Research Institutions, Hospitals and Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies, Contract Research Organizations, and Others) Regional Forecast to 2031

Updated On: 22 April 2024

Somatic Genetic Testing Market Report Overview 

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The global Somatic genetic testing market size was valued at USD 2305.97 million in 2021. As per our research, the market is expected to reach USD 5915.19 million by 2027, exhibiting a CAGR expansion of 17% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the Somatic genetic testing market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Somatic genetic testing, also known as tumor or cancer genetic testing, is a medical procedure that involves the analysis of a patient's DNA to identify genetic mutations and alterations specifically in their somatic (non-inherited) cells. This type of testing is primarily used in the field of oncology to understand the genetic changes within cancer cells.

The Somatic genetic testing market is closely tied to the broader battery industry and the increasing demand for various types of batteries, especially in consumer electronics, electric vehicles, renewable energy systems, and industrial applications.  They play a vital role in ensuring the proper function, safety, and reliability of these devices by establishing a secure electrical connection between the battery and the device's circuitry.

COVID-19 Impact: Market Faced a Fall in Demand Due to Delayed Diagnoses and Treatment During the Pandemic

There was no single sector unaffected by COVID-19. The Somatic genetic testing market was affected as well. Consumer preferences shifted during the pandemic.  Many patients faced delays in cancer diagnoses and treatments, as non-urgent medical appointments and procedures were postponed or canceled. This could have impacted the demand for somatic genetic testing, as these tests are often used to guide cancer treatment decisions.

Latest Trends 

"Inclusion of Precision Oncology to Bring Precision and Accuracy in the Market  "

The Somatic genetic testing market is as dynamic as any market. In the market, there are everyday developments in the market to add more benefits to it. Precision medicine remained a dominant trend in the somatic genetic testing market. Advances in genomic profiling allowed for more precise cancer diagnoses and the selection of targeted therapies based on the genetic characteristics of a patient's tumor. This trend continues to evolve as new biomarkers and therapies are discovered.

Segmentation

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By Type Analysis

According to type, the market can be segmented into Product and Services.

In terms of services, Product is the largest segment, as it holds the maximum share of the market.

By Application Analysis

Based on application, the market can be divided into Academic and Research Institutions, Hospitals and Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies, Contract Research Organizations, and Others.

Driving Factors

"Cancer Incidence Has Increased Demand in the Market"

The increasing incidence of cancer globally has been a major driver of the somatic genetic testing market. As cancer rates rise, there is a growing need for accurate diagnostic tools and personalized treatment strategies, which somatic genetic testing can provide. The increasing incidence of cancer means that more individuals are being diagnosed with cancer. Somatic genetic testing is essential in confirming cancer diagnoses, determining the type and stage of cancer, and distinguishing between different subtypes of cancer. As cancer incidence rises, so does the need for accurate and comprehensive diagnostic tools like genetic testing.

"Precision Medicine and Targeted Therapies has Influenced the Demand in the Market"

The shift toward precision medicine in healthcare, particularly in oncology, has driven the demand for somatic genetic testing. Identifying specific genetic mutations or alterations within tumors allows for the development of targeted therapies, which can be more effective and have fewer side effects compared to traditional treatments like chemotherapy. This contributes to the Somatic genetic testing market growth.  

Restraining Factors

"Limited Accessibility and Infrastructure Could Lead to a Declining Trend in the Market "

In some regions, especially in low-resource settings, there may be limited access to advanced healthcare facilities and infrastructure necessary for genetic testing. This includes the availability of genetic counselors, specialized laboratories, and sequencing equipment. As a consequence, there can be a declining trend in the market. 

Regional Insights

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"North America Region Dominates the Market Has Advanced Healthcare Infrastructure"

North America has the largest Somatic genetic testing market share as it boasts a highly developed and advanced healthcare infrastructure. This includes well-established medical research institutions, world-class hospitals, and a robust pharmaceutical and biotechnology industry. These factors create an ideal environment for the development and adoption of genetic testing technologies. The U.S. is a global leader in medical research and innovation. Many groundbreaking discoveries in genomics and genetic testing technologies have originated from research conducted in North American institutions.

This culture of innovation attracts scientists, entrepreneurs, and investors, fostering the growth of genetic testing companies. The U.S. has a clear regulatory framework for genetic testing, with the U.S. Food and Drug Administration (FDA) playing a central role in approving and regulating genetic tests and diagnostic products. A well-defined regulatory pathway provides clarity for companies seeking to bring genetic tests to market. North America has access to significant funding for healthcare research and innovation. This includes both public and private investment in genetic testing technology development and clinical trials. Investment from venture capital firms, private equity, and government agencies further supports the growth of genetic testing companies.

Key Industry Players

"Key Players Focus On Innovation, Marketing, and Quality Assurance For Global Expansion "

Key players invest in research and development to create and improve somatic genetic testing assays and technologies. They work on identifying new genetic markers, optimizing testing processes, and developing innovative testing platforms. This includes the design of tests for various cancer types and genetic alterations. Key players are responsible for bringing genetic tests to the market. This involves developing marketing strategies, promoting the clinical utility of tests, and establishing distribution channels. They also work on pricing strategies and reimbursement negotiations to make testing more accessible. Quality control and assurance are vital in genetic testing to maintain the accuracy and reliability of results. Key players implement quality control processes and adhere to industry standards to ensure the quality of their testing services and products.  Some key players aim to expand their presence internationally by entering new markets and partnering with healthcare providers and laboratories in other regions.

List of Market Players Profile

• NeoGenomics Laboratories (U.S.)
• Agilent Technologies (U.S.)
• Fulgent Genetics (U.S.)
• Guardant Health (U.S.)
• Myriad Genetics Inc. (U.S.)

Report Coverage

The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others.

Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.