Cancer Microbiome Sequencing Market: Current Analysis and Forecast (2021-2027)
Global Cancer Microbiome Sequencing Market is anticipated to grow with an elevated CAGR of around 20% over the forecast period (2021-2027). The microbiome is the collection of all the gene sequences from a microbial community in the human body that contributes to human health and the body. Sequencing allows the profiling of microbial communities that may be targeted for developing new therapeutic approaches to cancer.
The cancer microbiome sequencing market has been growing on account of various factors including the growing emphasis on the microbiome's potential in the field of cancer and surging incidences of cancer across the globe. For instance, the number of cancer cases in the US will increase 49% each year, from 1,534,500 in 2015 to 2,286,300 in 2050, with the largest percentage increase among adults aged ≥75 years, as per the predictions by CDC. This exponential increase in cancer prevalence has created a buzz among biotechnology companies for investing in the development of novel diagnostic tools based on the microbiome that will offer early cancer detection.
Additionally, promulgating strategic alliances among industry players for accelerating microbiome research is another prominent factor that is significantly driving the cancer microbiome sequencing market globally. For example, in June 2021, Illumina and Microba Life Sciences came into a partnership to advance their understanding of the human gut microbiome in human health and disease. Illumina's revolutionary NGS tools and Microba's high-quality proprietary gut microbiome analysis platform will generate the accurate metagenomic data that researchers require to fuel discoveries.
Thermo Fisher Scientific Inc., CD Genomics, Eurofins Scientific, Illumina, Inc., Prescient Medicine Holdings, Inc., QIAGEN N.V., Micronoma Inc., Oxford Nanopore Technologies, Zymo Research Corporation, OraSure Technologies, Inc., are some of the prominent players operating in the cancer microbiome sequencing market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with cancer microbiome sequencing products.
Insights Presented in the Report
"Amongst Offerings, products segment holds the major share"
Based on offerings, the cancer microbiome sequencing market is divided into products & services. The products segment accounted for the leading market share in 2020 it is estimated that it will exhibit the highest CAGR during the forecast. The products segment is further sub-segmented into kits & assays and software. The growth of this segment can be attributed to the rising number of sequencing procedures and the launch of new and advanced assay kits and software. However, the services segment is expected to grow considerably during the projected timeframe.
"Amongst Technology, next-generation sequencing segment holds the major share"
Based on technology, the cancer microbiome sequencing market is segmented into next-generation sequencing (NGS) and polymerase chain reaction. The next-generation sequencing segment occupied a substantial share of the cancer microbiome sequencing market in 2020 and it is expected to grow considerably in the upcoming years as NGS allows clinicians to test various cancer genes simultaneously. Furthermore, the growing adoption of next-generation sequencing in clinical oncology to advance personalized cancer treatment is also contributing to the growth of the segment.
"Amongst Application, colorectal cancer segment holds the major share"
Based on application, the market is fragmented into colorectal cancer, cervical cancer, oral cancer, and others. In 2020, the colorectal cancer segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the rising incidences of colorectal cancer globally. For instance, according to the report by the International Agency for Research on Cancer, the incidences of colon cancer were nearly 1.1 million in 2019 and it is expected to increase to over 1.5 million by 2030.
"Amongst End-Users, hospitals & diagnostic laboratories segment holds the major share"
Based on end-users, the market is fragmented into academic & research institutes, pharmaceutical & biotechnology companies, hospitals & diagnostic laboratories, and others. In 2020, the hospitals & diagnostic laboratories segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period as the majority of the sequencing test takes place in laboratories for detecting various diseases. However, the academic & research institutes segment is expected to grow significantly in the upcoming years.
"North America represents one of the largest markets of cancer microbiome sequencing market"
For a better understanding of the market dynamics of the cancer microbiome sequencing market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the cancer microbiome sequencing market industry and generated revenue of USD XX Million in 2020 owing to growing healthcare expenditure and the presence of industry players in the region. Reasons to buy this report:
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Deep dive regional level analysis of the industry
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