Global Cancer/Tumor Profiling Market Size to Hit $25.3 Billion by 2028 with 11.5% CAGR by Healthcare Industry Analysis

Washington, DC, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Global Cancer/Tumor Profiling Market By Technology (Immunoassays, Next-Generation Sequencing, Polymerase Chain Reaction, Mass Spectrometry, In-Situ Hybridization, Microarrays, And Others), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Melanoma Cancer, And Others), By Biomarker Type (Genomic Biomarker, Protein Biomarker, And Others), By Application (Research And Clinical) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” in its research database.

“According to the latest research study, the demand of global Cancer/Tumor Profiling Market size & share in terms of revenue was valued at USD 9.5 billion in 2021 and it is expected to surpass around USD 25.3 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 11.5% during the forecast period 2022 to 2028.”

What are Cancer/Tumor Profiling? How big is the Cancer/Tumor Profiling Industry?

Cancer/Tumor Profiling Report Coverage & Overview:

Cancer/tumor profiling commonly referred to as "biomarker testing," is a laboratory test or method used to find particular proteins, genes, or gene mutations (changes) in a tumor tissue sample. It helps oncologists determine whether the tumor's pathways match those of the available targeted medicines. Based on an individual's illness severity and genomic make-up, it also helps with routine diagnostics, therapeutic decision-making, and the creation of tailored treatment plans and therapies. Cancer/tumor profiling has a wide range of uses in research, personalizing medicine, finding biomarkers, and creating screening & diagnostic methods.

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Global Cancer/Tumor Profiling Market: Growth Dynamics

Cancer/tumor profiling is frequently utilized in oncology research and biomarker discovery throughout the design, discovery, and development of new drugs. As a result, the high prevalence of cancer around the world serves as the main driver of global cancer/tumor profiling market expansion. In addition, the public's evolving preferences toward customized therapy and the increased focus on biomarkers for tumor profiling and diagnostics are boosting product demand.

Additionally, there has been a notable increase in government funding and support for cancer research to create cutting-edge methods that will shorten the time it takes to detect and identify cancers. Along with this, the acceptance of cancer/tumor profiling is growing due to recent developments in molecular biology techniques like next-generation sequencing (NGS). Additionally, the market expansion is being fueled by pharmaceutical and biotechnology companies' growing investments in research and development (R&D) operations for the introduction of novel medicines and new drug-developing approaches.

Other aspects that are fostering an optimistic outlook for the market include the increase in clinical trials, the expansion of immunoassay techniques, advantageous reimbursement policies, bettering healthcare infrastructure, and technical breakthroughs. However, the high cost associated with the research and development proficiencies, limited infrastructural facilities, and technical issues in sample collection & storage is expected to obstruct market growth.

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Report Scope

Cancer/Tumor Profiling Market: Segmentation Analysis

The global cancer/tumor profiling market is segmented based on technology, cancer type, biomarker type, application, and region.

The market is classified into immunoassays, next-generation sequencing, polymerase chain reaction, mass spectrometry, in-situ hybridization, microarrays, and others based on technology. The next-generation sequencing segment is expected to grow at the highest CAGR during the forecast period. The segment growth is attributed to the advantages of efficiently investigating genetic modifications in a wide range of malignancies, as well as the identification of various differentially expressed genes and genetic/epigenetic variants as possible targets to aid in the development of new biomarkers for early disease detection.

The global cancer/tumor profiling market, based on biomarker, is classified into genomic, protein, and other biomarkers. The genomic biomarkers segment held the highest share of cancer/tumor profiling market in 2021. The high use of these biomarkers during cancer diagnosis and prognosis, as well as in the biomarker development process, accounts for a large share of this segment.

The global Cancer/Tumor Profiling market is segmented as follows:

By Technology

• Immunoassays
• Next-Generation Sequencing
• Polymerase Chain Reaction
• Mass Spectrometry
• In-Situ Hybridization
• Microarrays
• Others

By Cancer Type

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Melanoma Cancer
• Others

By Biomarker Type

• Genomic Biomarker
• Protein Biomarker
• Others

By Application

• Research
• Clinical

Browse the full “Global Cancer/Tumor Profiling Market By Technology (Immunoassays, Next-Generation Sequencing, Polymerase Chain Reaction, Mass Spectrometry, In-Situ Hybridization, Microarrays, And Others), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Melanoma Cancer, And Others), By Biomarker Type (Genomic Biomarker, Protein Biomarker, And Others), By Application (Research And Clinical) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” Report at https://www.zionmarketresearch.com/report/cancer-tumor-profiling-market

Competitive Landscape

Some of the main competitors dominating the global Cancer/Tumor Profiling market include - 

• QIAGEN
• Illumina Inc.
• NeoGenomics Laboratories Inc.
• Genomic Health Inc.
• HTG Molecular Diagnostics Inc.
• Caris Life Sciences
• Helomics Corporation
• NanoString Technologies Inc.
• Sysmex Corporation
• Ribomed Biotechnologies Inc.
• Guardant Health Inc.
• Foundation Medicine
• Roche Diagnostics
• GenScript Biotech Corporation
• Tempus Labs
• Boreal Genomics Inc
• Perthera
• Agendia
• Omniseq
• Histogene X

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Cancer/Tumor Profiling market is likely to expand at a CAGR of around 11.5% during the forecast period (2022-2028).                  
• In terms of revenue, the Cancer/Tumor Profiling market size was valued at around US$ 9.5 billion in 2021 and is projected to reach US$ 25.3 billion by 2028.
• A large increase in government funding and support for cancer research to create cutting-edge methods that will speed up the process of finding and identifying cancer/tumors are expected to drive market expansion.
• Based on the technology, the immunoassays segment accounted for the largest revenue share in 2021.
• Based on the cancer type, the lung and breast cancer segment is expected to dominate the market over the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Cancer/Tumor Profiling industry?
• What are the main driving factors propelling the Cancer/Tumor Profiling Market forward?
• What are the leading companies in the Cancer/Tumor Profiling Industry?
• What segments does the Cancer/Tumor Profiling Market cover?
• How can I receive a free copy of the Cancer/Tumor Profiling Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Technology, By Cancer Type, By Biomarker Type, By Application and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Regionally, North America is expected to account for the largest revenue share of the global cancer/tumor profiling market because of the existence of big competitors and quick technological advancements. Furthermore, the growing prevalence of cancer and enhanced oncology research to find and discover novel treatment options will assist market growth. Another key element contributing to the regional market's substantial share is rapid adoption of sophisticated technology by enterprises manufacturing these diagnostics kits. Besides, Asia Pacific is a lucrative region that is predicted to grow significantly during the forecast period due to low penetration, the availability of enormous unexplored markets, and a large population pool.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In May 2019, NeoGenomics Laboratories collaborated with QIAGEN to offer a companion diagnostic test for HR+/HER2 for advanced breast cancer patients to detect PIK3CA mutation using QIAGEN’s therascreen PIK3CA RGQ PCR test.
• In May 2019, QIAGEN, launched the therascreen PIK3CA RGQ PCR Kit after it received (USFDA) regulatory approval as a companion diagnostic to aid in identifying breast cancer patients.

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Cancer/Tumor Profiling Market: Opportunities

Increasing preference for personalized medicine

The identification, classification, and treatment of diseases are changing as a result of personalized medicine, which has emerged as a major topic of research in the healthcare sector. Numerous genetic or molecular markers frequently influence tumor behavior. Rapid developments in tumor genetic profiling have greatly increased understanding of tumor behavior and helped design individualized chemotherapy regimens for patients. As a result, there is a drive-in societal structure and medicine to treat cancer using precision oncology and personalized medicine. Thus, the increased use of tumor profiling approaches as diagnostic and therapeutic development tools is anticipated to increase in response to the rising need for efficient tailored treatment, driving the global cancer/tumor profiling market's growth.

FREQUENTLY ASKED QUESTIONS

• Which key factors will influence cancer/tumor profiling market growth over 2022-2030?
• What will be the value of cancer/tumor profiling market during 2022-2030?
• Which region will contribute notably towards cancer/tumor profiling market value?
• Which are the major players leveraging cancer/tumor profiling market growth?

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