Cancer Profiling Market Size & Share to Surpass $19.28 Billion by 2030 | Vantage Market Research

WASHINGTON, April 27, 2023 (GLOBE NEWSWIRE) -- Global Cancer Profiling Market is valued at USD 9.4 Billion in 2022 and is projected to reach a value of USD 19.28 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 10.8% over the forecast period 2023-2030.

Market Overview

Growing demand from doctors for Cancer Profiling methods to identify or treat cancer and forecast responses to targeted therapy is driving growth in the global market. Moreover, rising cancer biomarker usage for Cancer Profiling, rising cancer incidence globally, and expanding use of next-generation sequencing for Cancer Profiling all contribute to the market's expansion.

We forecast that the immunoassays category in Cancer Profiling market sales will account for more than 42% of the market share by 2030. Immunoassays are useful for determining the concentration and presence of analytes in a sample. Furthermore, by identifying and assessing illness progression and resulting in better therapeutic options, the data gathered from these clinical settings studies contribute to shorter hospital stays and a reduction in the severity of the condition.

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Market Dynamics

Growing Demand for Personalized Medicine will Support Market Expansion
Personalized medicine, a significant area of research in the healthcare industry, is transforming how diseases are identified, categorized, and treated. A variety of genetic or molecular markers typically influences the behavior of cancer. Fast advancements in cancer genomic profiling have substantially improved knowledge of cancer activity and aided in the formulation of patient-specific chemotherapy regimens. As a result, precision oncology and personalized medicine are increasingly used in society and medicine to treat cancer. As a result, the growing demand for effective, customized therapy is expected to increase the usage of Cancer Profiling methodologies as diagnostic and therapeutic development tools, propelling the expansion of the global Cancer Profiling market.

Growing Use of Biomarkers to Boost Market Expansion
Much progress has been made in the last ten years in discovering oncology biomarkers, which are essential for understanding the molecular and cellular pathways that underlie the initiation, maintenance, and progression of cancers. Oncology clinical molecular diagnostics and biomarker discoveries are evolving quickly, driving the creation of novel drug targets and innovative therapeutic approaches. Biomarkers are frequently used in clinical research to diagnose diseases, create customized treatments, and measure surrogate outcomes. Potential new biomarkers that are more sensitive and specific than existing ones have come under scrutiny due to the recent expansion of basic and clinical research in several therapeutic fields. Hence, it is anticipated that the market for Cancer Profiling will use biomarkers more frequently due to their demonstrated efficacy in accurate cancer diagnosis.

Top Players in the Global Cancer Profiling Market

  • Illumina Inc. (U.S.)
  • QIAGEN (Germany)
  • NeoGenomics Laboratories Inc. (U.S.)
  • HTG Molecular Diagnostics Inc. (U.S.)
  • Genomic Health Inc. (U.S.)
  • Caris Life Sciences (U.S.)
  • Helomics Corporation (U.S.)
  • NanoString Technologies Inc. (U.S.)
  • Sysmex Corporation (Japan)
  • Ribomed Biotechnologies Inc. (U.S.)
  • Guardant Health Inc. (U.S.)
  • Foundation Medicine (U.S.)
  • Roche Diagnostics (Switzerland)
  • GenScript Biotech Corporation (China)
  • Tempus Labs (U.S.)
  • Boreal Genomics Inc (Canada)
  • Perthera (U.S.)
  • Agendia (U.S.)
  • Omniseq (U.S.)
  • Histogene X (Belgium)

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Top Trends in Global Cancer Profiling Market

  • One trend that Vantage Market Research (VMR) expects to see in the Cancer Profiling industry is an increase in cancer incidence. One of the main causes of the market's expansion is the rising incidence of cancer worldwide. Oncologists in developing nations increasingly use Cancer Profiling techniques, paving the road for industry expansion.

  • Another trend that VMR predicts will continue in the Cancer Profiling industry is government spending on healthcare facilities. The federal government's increased support will likely accelerate market expansion. Additionally, the development and expansion of the healthcare sector, pushed by both public and private actors, particularly in developing nations, will provide an attractive potential for market expansion.

Top Report Findings

  • The Next-Generation Sequencing category controls most of the Cancer Profiling market's revenue based on Technology. This expansion is attributable to the advantages of thoroughly examining genetic changes in various cancers and the discovery of several differentially expressed genes and genetic/epigenetic variants as potential targets to help develop new biomarkers for early disease diagnosis.

  • Based on the Cancer Type, most of the Cancer Profiling market's revenue is controlled by Breast Cancer category ascribed to the increasing prevalence of breast cancer worldwide and growing research collaborations on the diagnosis of the disease.

  • Based on Biomarker Type, most of the Cancer Profiling market's revenue is controlled by Genomic Biomarker categories. Due to the tremendous potential for identifying markers that inform patients' decision-making on targeted medicines, this research will help develop personalized medicine.

  • Based on Application, most of the Cancer Profiling market's revenue is controlled by clinical application categories due to doctors' increased emphasis on individualized cancer care, leading to better treatment options with fewer side effects. Furthermore, customized medications give medical professionals a greater knowledge of how a person's genetic makeup can affect how responsive they are to a certain treatment or how susceptible they are to developing cancer.

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Recent Developments in the Global Cancer Profiling Market

  • June 2022: A four-year strategic partnership between Avesthagen Ltd and Wipro Limited was formed to commercialise Avesthagen's genetic testing portfolio.
  • January 2022: NeoGenomics, Inc., a top provider of global oncology contract research services and services for cancer-focused genetic testing, recently announced a strategic alliance with the Biomarker Collaborative to assist cancer patients who test positive for particular biomarkers in finding support groups that also include individuals who have the same results.

Breast Cancer Category of the Cancer Type Segment Forecast to Generate Substantial Revenue in the Global Cancer Profiling Market in Projected Timelines
For better understanding, based on the Cancer Type, the Cancer Profiling market is divided into Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Melanoma Cancer, and Other Cancer.

It is expected that the breast cancer segment will dominate market for Cancer Profiling. The primary driver of the market is the rising incidence of breast cancer worldwide. WHO estimates that 627,000 women died from breast cancer in 2018, accounting for 15% of all cancer-related deaths in females. Major players have greatly raised their efforts in creating cutting-edge technologies for Cancer Profiling due to the fast-rising number of cancer patients, which is predicted to promote market revenue growth.

On the other hand, it is anticipated that the Colorectal cancer category will be the fastest growing category in the Cancer Profiling market. The main drivers of market growth are the rise in chronic diseases including colorectal cancer, advances by leading market participants, and an increase in government activities related to the disease. The rising incidence of colorectal cancer and the high mortality rate associated with it create a demand for screening tests that aid in early detection, propelling the market's expansion throughout the forecast period.

North America Region in Cancer Profiling Market Anticipated to Generate More a Good Proportion of the Global Revenue
North America dominates the market throughout the projection period due to the presence of significant players and the quick development of technology. Furthermore, the growing prevalence of cancer and increased oncology research to find and develop novel therapies for treatment would help the market grow. Another important element that significantly contributes to the huge market share in the region is the companies that manufacture these diagnostics kits' quick adoption of cutting-edge technologies.

The Asia Pacific is expected to be the fastest growing region in the Cancer Profiling market because of rising public policies for cancer prevention, incidence, and health care spending. More than 1.4 million cancer cases were reported in India in 2016, and the number is expected to rise to 1.7 million by 2020, according to the Indian Medical Research Council (ICMR). The number of Cancer Profiling kits needed by healthcare providers will probably increase due to this increase in cancer cases. It is anticipated that this would ultimately result in the market in the region developing quickly.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Cancer Profiling Market Forecast Report (2023-2030).

Global Cancer Profiling Market Segmentation

By Technology

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

By Cancer Type

  • Breast Cancer
  • Lung Cancer
  • Colorectal Cancer
  • Prostate Cancer
  • Melanoma Cancer
  • Other Cancer

By Biomarker Type

  • Genomic Biomarker
  • Protein Biomarker
  • Other Biomarker

By Application

  • Research Application
  • Clinical Application

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 9.4 Billion
Revenue Forecast by 2030USD 19.28 Billion
CAGR10.8% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersIllumina Inc., QIAGEN, NeoGenomics Laboratories Inc., HTG Molecular Diagnostics Inc., Genomic Health 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
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

Key Questions Answered in the Cancer Profiling Market Report are:

  • What is the current size and growth potential of the cancer profiling market?
  • What are the various types of technologies and platforms used in cancer profiling?
  • What are the major applications of cancer profiling, and what are the most promising emerging applications?
  • What are the main drivers and challenges in the cancer profiling market?
  • Who are the key players in the cancer profiling market, and what are their strategies for growth and market dominance?
  • What are the major trends in the cancer profiling market, and how are they shaping the competitive landscape?
  • What are the regulatory and reimbursement frameworks governing cancer profiling in different regions?
  • What are the major research and development activities in the cancer profiling market, and what are the most promising new technologies and products?
  • What are the major mergers and acquisitions, partnerships, and collaborations in the cancer profiling market?
  • What are the future growth prospects and potential opportunities for new entrants in the cancer profiling market?

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