Global Somatic Genetic Testing Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Somatic Genetic Testing Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Somatic testing assesses genetic material from the tumor and reports the variants present in cancer cells. Labs use existing databases and bioinformatics methods to identify likely germline variants, which they filter out of the results. This approach cannot definitively determine if a variant is germline or somatic. This type of testing requires a tumor sample. The goal of somatic testing is to identify options for genome-informed treatment. This report studies the global somatic genetic testing market.

Market Overview:

The latest research study on the global Somatic Genetic Testing market finds that the global Somatic Genetic Testing market reached a value of USD 2712.97 million in 2022. It’s expected that the market will achieve USD 6955.08 million by 2028, exhibiting a CAGR of 16.99% during the forecast period.

Influence of Covid-19 outbreak on somatic genetic testing industry

Since 2020, the COVID-19 epidemic has continued to affect the whole world. In order to contain the COVID-19 epidemic, most countries have introduced many policies, including border blockades and social distancing. Epidemic prevention and control measures will affect the flow and activities of people, and then affect logistics, making the production of products affected by the supply of raw materials and labor shortage. If the epidemic situation in the main production and operation place of Somatic Genetic Testing company changes, the government will take measures to prevent and control it, such as stopping work, restricting population movement and isolating relevant personnel, which may have a certain impact on the normal production and operation of Somatic Genetic Testing company. In addition, since the outbreak of COVID-19, the normal operation of downstream customers, including academic and research institutions, hospitals and diagnostic laboratories, pharmaceutical and biotechnology companies, contract research organizations has been affected to some extent, and the demand for Somatic Genetic Testing products and services has fluctuated in a certain period of time.

The increasing demand for detecting genome variation related to cancer.

Somatic or acquired genome variation is the most common cause of cancer, which occurs in a person's lifetime due to gene damage in a single cell. Cancer caused by somatic cell mutation is called sporadic cancer. Somatic cell variants are not found in every cell of the body, and they are not passed from parents to children. Some common carcinogens that can cause pathogenic variations include tobacco use, ultraviolet or radiation, viruses, chemical exposure and aging. Identifying biomarkers existing in cancer cells can influence treatment decisions, including whether patients are eligible for targeted therapy. For most cancer patients, the genomic variation that exists only in cancer cells (somatic cells) but not in non-cancer cells (germ lines) is more likely to promote cancer growth, so it is the best target for treatment. Somatic Genetic Testing can be used to evaluate the genomic variation of cancer cells to determine potential therapeutic targets.

Fluctuation of raw material prices

Somatic genetic testing product consists of different raw materials. The cost of raw materials accounts for a large proportion of the total cost. The fluctuation of raw material prices will directly affect the cost of raw materials. The price of raw materials rises, and the cost of enterprises increases. The price of raw materials decreases, and the cost of enterprises decreases. Due to the fluctuation of market supply and demand and the promotion of capital markets, the prices of different raw materials show different trends. Generally speaking, this will be a fluctuating state.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (43.53% in 2021).

Company Overview:

Foundation Medicine, Inc. is one of the major players operating in the Somatic Genetic Testing market, holding a share of 11.87% in 2022.

Foundation Medicine, Inc.

Foundation Medicine is a molecular information company dedicated to a transformation in cancer care in which treatment is informed by a deep understanding of the genomic changes that contribute to each patient's unique cancer. The company offers a full suite of comprehensive genomic profiling assays to identify the molecular alterations in a patient's cancer and match them with relevant targeted therapies, immunotherapies and clinical trials. Foundation Medicine's molecular information platform aims to improve day-to-day care for patients by serving the needs of clinicians, academic researchers and drug developers to help advance the science of molecular medicine in cancer.

Laboratory Corporation of America Holdings

Laboratory Corporation of America Holdings, more commonly known as Labcorp, is an American S&P 500 company headquartered in Burlington, North Carolina. It operates one of the largest clinical laboratory networks in the world, with a United States network of 36 primary laboratories. Before a merger with National Health Laboratory in 1995, the company operated under the name Roche BioMedical. Labcorp performs its largest volume of specialty testing at its Center for Esoteric Testing in Burlington, North Carolina, where the company is headquartered.

Segmentation Overview:

By type, Services segment accounted for the largest share of market in 2021.

Product

Product refers to specific products, such as reagent kit.

Services

Services refer to somatic genetic testing solutions other than specific products.

Application Overview:

The market's largest segment by application is the segment Hospitals and Diagnostic Laboratories, with a market share of 71.52% in 2021.

Somatic genetic testing is widely used for academic and research institutions, hospitals and diagnostic laboratories, pharmaceutical and biotechnology companies, contract research organizations, etc.

Key Companies in the global Somatic Genetic Testing market covered in Chapter 3:

ARUP Laboratories
Foundation Medicine, Inc.
BGI Genomics
Centogene N.V
Illumina
Fulgent Genetics
Mission Bio
Agilent Technologies
Myriad GeneticsInc.
Laboratory Corporation of America Holdings
NeoGenomics Laboratories
QIAGEN N.V.
Quest Diagnostics Incorporated
Thermo Fisher Scientific
Guardant Health
Invivoscribe
Circulogene Theranostics

In Chapter 4 and Chapter 14.2, on the basis of types, the Somatic Genetic Testing market from 2018 to 2029 is primarily split into:

Product
Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Somatic Genetic Testing market from 2018 to 2029 covers:

Academic and Research Institutions
Hospitals and Diagnostic Laboratories
Pharmaceutical and Biotechnology Companies
Contract Research Organizations
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)