Technological Advancements in Molecular Cytogenetics and Increasing Prevalence of Cancer is Driving the Growth of Cytogenetics Market
Hyderabad, India - July 12, 2021 /MarketersMedia/ —
Cytogenetics Market size was estimated at $2.6 billion in 2020, projected to grow at a CAGR of 9.2% during the forecast period 2021-2026. Cytogenetics industry has witnessed huge demand owing to the technological advancements along with increasing usage of pharmaco-genomics for several personalised disease and medicine development.
The pairing of homologous chromosomes is known as karyotyping or chromosome analysis. An abnormality where in a chromosome breaks and a portion of it attaches to a different chromosome is known as chromosomal translocation. It is detected by analysing karyotypes of the affected cells.
Rising prevalence of cancer and other genetic disorders each year is significantly driving the market growth. According to WHO, in the year 2018 around 18.1 million new cases were diagnosed and 9.6 million individuals died out of cancer. For screening genetic disorders and cancers, various techniques such as karyotyping, comparative genomic hybridization and Fluorescence in situ hybridization are currently used.
Cytogenetics Market Segment Analysis – By Technique:
Based on Deployment, Cytogenetics Market is segmented into Karyotyping, Comparative genomic hybridization, Fluorescence in situ hybridization (FISH), Immunohistochemistry and Others. Comparative genomic hybridization segment is accounted for the largest revenue market share in 2020 owing to its crucial role in significant cancer studies.
Fluorescence in situ hybridization segment is poised to grow with the fastest CAGR of 9.7% in the forecast period 2021-2026 owing to its benefits such as precision in identifying targeted DN or RNA sequences, high sensitivity, direct application on metaphase chromosome and also interphase.
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Cytogenetics Market Segment Analysis – By Application:
Based on Application, Cytogenetics Market is segmented into Cancer, Genetic Disorders, Personalised Medicine and others. Cancer segment held largest market share in 2020 owing to the ongoing developments and growing prevalence of cancer globally.
Personalised Medicine is predicted to grow with the fastest CAGR of 9.9% in the forecast period 2021-2026 as it is considered to be the most effective method for achieving better patient results. The use of molecular cytogenetic techniques is expected to expand lucratively over the forecast era, owing to a trend toward personalized medicine.
Cytogenetics Market Segment Analysis – Geography:
Based on Geography, North America Cytogenetics Market accounted for the 39% revenue share in 2020. This is majorly attributed to the technological advancement and presence of key market players and rising prevalence of Cancer in this region. For instance, according to ductal cancer organization, the U.S is estimated to have 281,550 new ductal cancer cases in 2021 among women and ductal cancer is considered as the most common cancer diagnosed.
Cytogenetics Market Drivers
Technological Advancements in Molecular Cytogenetics:
Over the forecast period, increasing acceptance of molecular cytogenetics is expected to drive the global molecular cytogenetics market. For example, Bionano Genomics, Inc. reported in October 2019 that Saphyr has been adopted by leading organizations such as PerkinElmer Genomics and the University of Iowa for use in their clinical genomics laboratories. Furthermore, the rising prevalence of cancer is expected to increase the use of molecular cytogenetics.
Increasing prevalence of Cancer:
As the number of cancer cases rises, various molecular cytogenetics methods are becoming more widely used for diagnostic purposes. Apart from that, the increase in cancer research is fueling the growth of the cytogenetics industry, as advanced techniques are needed to better understand cancer at the chromosomal level. FISH and CGH techniques, for example, provide critical knowledge about cancer-related molecular signatures, resulting in market development.
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Cytogenetics Market Challenges
Undesirable Reimbursement Policies:
Unflattering reimbursement policies are a big stumbling block to the global molecular cytogenetics market's expansion. Molecular diagnostic tests are not being reimbursed by insurance providers. These tests are considered the most effective technologies for early detection, with prices ranging from $300 to $3,000 per test.
Cytogenetics Market Segment Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Cytogenetics Market. Cytogenetics Market top 10 companies are Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Agilent Technologies, Applied Spectral Imaging, Abbott Laboratories., Illumina, Inc., Oxford Gene Technology, PerkinElmer, Inc.
Acquisitions/Product Launches:
In March 2020, Agilent Technologies Inc., has introduced three new microarrays to meet the requirement of cytogenetics laboratories that conduct prenatal and postnatal research.
Key Takeaways
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Related Reports :
A. Genome Editing/Genome Engineering Market
https://www.industryarc.com/Report/16719/genome-editinggenome-engineering-market.html
B. Molecular Cytogenetics Market
https://www.industryarc.com/Research/Molecular-Cytogenetics-Market-Research-504021
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